Swiss insurer enjoys pan-European growth
Switzerland-based insurer Helvetia Group has posted solid growth in 2013 driven largely by its Swiss home market, which saw 9.9% growth, but with Germany, Austria and France also recording positive growth.
Overall, the company increased its business volume by 6.3% in 2013. The majority of this was organic growth except in France where it was acquisition-driven. It made an after-tax profit of SFr363.8 million ($414.3 million) a 9.2% increase compared with the SFr333.1 million ($379.3 million) it made in 2012.
The company noted that its profitability was supported by a broad geographical base: besides the robust Swiss home market, profit growth in the foreign markets was also solid. The earnings contribution from abroad also rose overall, despite continued challenging conditions in some southern European markets, such as Italy and Spain.
In the non-life business, its combined ratio fell to 93.6%, thanks primarily to lower claims ratios. All country markets achieved a combined ratio of lower than 100%, despite a number of large claims for losses from severe weather events.
Stefan Loacker, CEO of Helvetia Group, said he was delighted with the 2013 financial year: “The impressive annual result underlines the successful development of the Helvetia Group. The broad-based growth and the increase in profit show that we are on the right path with our Helvetia 2015+ strategy,” he said.
