Swiss insurer increases dividend; posts strong results

Swiss insurer Baloise has proposed a 5.6 percent increase in its dividend to CHF4.75, for the first time in six years following solid 2013 results.

Net income for the insurer increased to CHF453 million ($514 million) in 2013, compared with CHF437 million in 2012.

The insurance business reported a combined ratio of 94.9 percent, despite wholesale and storm damage, while operating earnings in the life sector increased by almost 50 percent. This was driven by higher sales in Switzerland.

The company’s CEO Martin Strobel said that the results show that Baloise’s business model is solid and that the company has “one of the most profitable” insurance portfolios in Europe.