Swiss insurer Baloise increases profit and announces job cuts

Swiss insurance group Baloise increased first half earnings compared to last year. The company also announced restructuring that threatens 250 jobs. + Get the most important news from Switzerland in your inbox Baloise increased its consolidated profit by 7.6% to CHF219.1 million in the months from January to June, it announced on Thursday. The reasons for the increase were higher profit contributions from Germany and Belgium. Its life insurance business increased operating profit (EBIT) by 40% to CHF145.5 million. In contrast, EBIT in non-life insurance fell by more than a fifth to CHF123.2 million. The early summer storms in various parts of Switzerland had an above-average impact of around CHF80 million net on the results and led to a deterioration in the combined ratio in this segment by 3.1% to 90.4%. If this value is below 100%, the business is operationally profitable. Meanwhile, the insurance group's business volume fell slightly by 0.9% to CHF5.29 billion, although this ...