Non-life business boosts Helvetia's 2019 results
Swiss insurer Helvetia achieved a significant increase in earnings and business volume for 2019, with stronger investment performance and a non-life combined ratio within the target range set by the helvetia 20.20 strategy. The company said the implementation of the strategy is on the home stretch, with the acquisition of Spanish insurer Caser a significant milestone.
Earnings for 2019 increased by 24.9 percent to SFr538 million ($563 million), up from SFr451 million in 2018. Gross non-life premiums were SFr4.7 billion, up 6.4 percent from SFr4.4 billion in 2018, and the net combined ratio was 92.3 percent, compared to 91 percent in 2018.
The business volume amounted to SFr9.4 billion (2018: SFr9 billion). In original currency, this was an increase of 5.6 percent. The non-life business was the main growth driver with an increase of 8.3 percent in original currency. Here, Helvetia was able to post gains, in particular, in the property insurance business, in the engineering business line and in active reinsurance.
"In 2019, we were once again able to deliver on what we promised. Based on solid technical results as well as thanks to a tailwind on the capital markets and a one-off tax effect, our result has improved significantly. We have also recorded pleasing premium growth," said Philipp Gmür, CEO of the Helvetia Group.
Commenting on the implementation of the helvetia 20.20 strategy, he added: "Last year, Helvetia was once again able to take a major step forward. We currently expect to achieve the ambitious goals of the helvetia 20.20 strategy. We are thus keeping our promise to create added value for our customers, shareholders and employees. This has been made possible by our employees thanks to their expertise in the core business and their willingness to try new things."
