(RTTNews) – Baloise Holding AG (BLHEY), a banking and insurance firm, on Wednesday reported improved profit in the first half, backed by stronger insurance service revenue, despite weak business volume.
Profit attributable to shareholders rose 25.5% to 275.9 million Swiss Francs from 219.8 million Swiss Francs last year.
Earnings per share improved to 6.07 francs from 4.84 francs a year ago.
Profit before tax improved to 346.3 million francs from 260.2 million francs in the prior year.
EBIT increased 31.8% to 358.5 million francs from 271.9 million francs a year ago.
Insurance service result improved to 411.3 million francs from 332.4 million francs in the last year.
Insurance revenue increased to 2.80 billion francs from 2.74 billion francs in the prior year.
Meanwhile, business volume declined 1.1% to 5.24 billion francs from 5.29 billion francs a year ago.
The firm recorded a 2.5% improvement in return on equity to 15.5% from 13% a year ago.
In addition, the company reported that the approval process for the planned merger of Baloise with Helvetia to form Helvetia Baloise Holding Ltd is in progress. The merger transaction, as said earlier, is expected to close by the fourth quarter of 2025.
The merger is anticipated to generate annual synergies of around 350 million francs before taxes and before policyholders’ dividends.
On Wednesday, the shares were trading 0.10% lower at 199.10 francs in the Swiss market.
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