Swiss insurance group Baloise on Thursday announced an 8.9 percent increase in annual net profit in 2009, just below analysts’ expectations despite strong business growth through the recession.
The European-focused insurer said in a statement that annual net profit reached 421 million Swiss francs (290.2 million euros, 399.5 million dollars) last year. Analysts surveyed by business news agency AWP had predicted annual net profit between 421.9 million and 472 million francs.
Baloise gave a cautious outlook on the years ahead because of the uncertain economic climate and financial volatility, despite its bullish mood after a “highly gratifying” growth in business volume last year.
“Baloise has performed well in a recessionary environment, said chief executive Martin Strobel in a statement. “We have invested while others have restructured. We have a healthy core business with efficient business divisions. Our balance sheet is one of Europe’s strongest.”
“These successes bring us a great deal closer to meeting our goal of becoming one of Europe’s most profitable and fastest growing insurers,” he added. Premium volume in 2009 grew by nearly a quarter over the previous year to 9.76 billion Swiss francs, well above analysts’ expectations.
“In the coming years, Baloise anticipates continued volatility in the financial markets and general economic uncertainty. Baloise is therefore cautious in its forecasts,” the firm added. The firm’s share price fell 3.5 percent in early trading on the Swiss exchange.
Geneva, March 18, 2010 (AFP)
