2023-11-16 08:50:04
Zurich (awp) – The title of the insurer Baloise fell sharply on Thursday morning on the Swiss Stock Exchange, following revealing almost stable results for the first nine months of 2023. The Rhine group also warned that it would suffer a cost of “high” loss in the second half of the year.
At 9:40 a.m., Baloise shares fell 3.2% to 129.90 Swiss francs, going once morest the trend of a broader SPI index up a tiny 0.02%.
Baloise indicated that “the high loss load resulting from damage due to natural events and major disasters will weigh on the result” to the tune of 200 million Swiss francs in the second half. The insurer has in fact “recorded a number of major claims significantly higher than average over the last three months”, he indicated as part of the presentation of its financial performance between January and the end of September.
This charge might reduce Baloise’s annual net profit by 25% to 30%, Vontobel analysts calculated. The impact of the claims “raises the question of the level of coverage by Baloise’s reinsurance”, added the specialists of the Zurich management bank in a note. They expect these figures to “displease” the market.
The evolution of premium volumes over nine months, with growth of 0.2% or 2.2% adjusted for exchange rate effects, roughly corresponds to expectations, for their part underlined the experts of the Cantonal Bank of Zurich in a comment. The weight of natural disasters, however, clearly exceeds what was previously announced.
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