Baloise profit heads up
The Baloise insurance group has posted a 24 per cent rise in first-half net profit to SFr300 million ($170 million) and says it expects even better results for the full year.
Baloise says recent acquisitions should boost annual figures and it also expects to improve revenues in terms of premium volume to SFr6.9 billion by the end of the year.
The figures appear to be good news for the group’s shareholders.
“The very gratifying half-year results hold out the promise of a further substantial dividend increase at the end of 2000,” said a company statement.
Analysts said the company’s bottom line benefited from a sharp decline in taxes to SFr68.9 million francs from SFr120.1 million for the same period in 1999.
Baloise is restyling itself as an integrated financial services provider and has made several acquisitions this year.
In April, it took over Belgium’s HBK Spaarbank, and two months later bought the Belgian insurer, Amazon Insurance. Last month, it bought Switzerland’s Solothurner bank.
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