Insurance companies Mobiliar continues to grow and increases profit
Mobiliar continued to grow in the first half of 2024 and significantly increased its profit. While the severe storms in early summer had a negative impact on the result, the cooperative insurance company earned more money on the financial markets.
11.09.2024, 11:13
SDA
The profit climbed by almost 29 percent to CHF 293.0 million, as Mobiliar announced on Wednesday. The financial result increased by 44 percent to CHF 283.0 million and the return on average investments at book value rose by 0.4 percentage points to 1.4 percent.
Equities benefited from new highs in the first half of the year and made a significant contribution to the good investment result, according to the statement. Mobiliar holds more shares in percentage terms than other insurers and also owns larger gold positions, the prices of which also rose sharply.
Storms a burden
In operational terms, the June storms had a negative impact on Mobiliar. After flooding in Valais and Ticino, hail in the Jura and a landslide in Misox, the insurer is expecting natural hazard losses of over CHF 75 million, which is higher than the previous year. In 2023, severe weather only had a major impact on the bill from July onwards.
As a result, the combined ratio deteriorated by 3.9 percentage points to 95.4 percent. However, with the figure below the 100 percent threshold, the non-life business remained operationally profitable.
Further growth
Mobiliar continued the growth trend of recent years: the premium volume climbed by 5.8 percent to CHF 3.49 billion. In the non-life segment (+5.7% to CHF 2.88 billion), private customer business grew in the areas of mobility, household and legal protection. Among corporate customers, private and business insurance for SMEs grew well.
In the smaller pensions business, the premium volume even increased by 6.0% to CHF 610.6 million. Recurring premiums in the occupational pensions business in particular developed very positively.
