Mixed fortunes for the 2009 trading year (1)

Summary of the results published by the main insurance companies that operate on the Swiss market: Groupe Mutuel, Visana, Helsana, ZFS, Concordia, SwissRe, Groupe AXA and AXA Winterthur.
 

Groupe Mutuel – (figures in CHF)

  • All insurance sectors (basic, complementary, occupational pension plans and life) yielded results that were above expectations
  • Overall turnover: 3.10 billion (versus 3.08 billion in 2008)
  • The mandatory insurance turnover was up by 0.8% to 2.434 billion (versus 2.416 billion in 2008)
  • The complementary insurance turnover was up by 6.4% at 465.4 million (versus 440 million in 2008)
  • The health sector yielded positive earnings of around 80 million (versus + 59 million in 2008)
  • Provisional results for underlying insurance: a slight deficit is forecast (versus a loss of 112 million in 2008)
  • The life insurance turnover grew by 12.7% to 48.7 million (versus 43.2 million in 2008). The solvency margin exceeds 400% (versus 304% in 2008)
  • AOS shareholder equity (insurance company reserve): 17.5% (versus 18.4% in 2008)
  • Management fees were stable – a stringent monitoring of invoices enabled costs to be cut by around 260 million


Visana – (figures in CHF)

  • Profits for underlying insurance are down sharply at 300,000 (versus 700,000 in 2008)
  • The earnings of all of the insurance branches taken together fell to 15 million (versus 23 million in 2008)
  • Conversely, reserves are up at 23%, well in excess of the 10% required by law
  • The number of underlying insurance policyholders grew by 9% to 585,000.


Helsana – (figures in CHF)

  • Premiums collected: 5.49 billion (versus 5.44 billion in 2008)
  • Insurance services were up by 3% to 5.14 billion (versus 4.99 billion in 2008)
  • Loss of 58 million (versus a loss of 215 million in 2008)
  • The shareholder equity rate fell to 13.8% (versus 15% in 2008)
  •  The combined ratio amounted to 103.4% (versus 102.8% in 2008)
  • Changes occurred within the Board of Directors (in late March) and the Management (early July)


Zurich Financial Services – (figures in USD)

  • Damage insurance down by 8% to 34.2 billion USD
  • Life insurance – gross premiums are up by 19% to 26 billion USD
  • 1.3 point improvement in the combined ratio to 96.8%
  • The solvency ratio (Solvency I) now exceeds 180% (versus 164% in 2008)
  •  Net profits of 3.21 billion USD (3.4 billion CHF), up by 6% relative to 2008
  • Proposed dividend: 16 CHF per share (versus 11 CHF in 2008)
  •  The 2009 cost-cutting programme exceeded the target of 900 million USD, a similar cost-cutting target has been set for 2010 and 2011
  • The group’s headcount fell from 57,609 to 56,668 full-time jobs, and payroll costs fell from 5.5 to 5.1 billion USD
  • S&P rating: AA-/negative (no change).


Concordia – (figures in CHF)

  • Volume of premiums: around 1.9 billion (versus 1.8 billion in 2008)
  • Mandatory insurance reserves of 17% (versus 12% in 2008)
  • 682,000 policyholders (versus 670,000 in 2008)


SwissRe – (figures in CHF)

  • Premiums collected: down by 4% to 24.606 billion (versus 25.501 billion in 2008)
  • Property and Civil Liability premiums: down by 3% to 13.885 billion (versus 14.379 billion in 2008)
  • Life & Health premiums: down by 4% to 10.679 billion (versus 11.090 billion in 2008)
  • Net loss of 506 million (versus loss of 1 billion in 2008)
  • Improved combined ratio of 88.3% (versus 97.9% in 2008)
  • Cost-cutting doubled at 205 million (versus a target of 100 million). SwissRe is planning on cutting its costs by a further 400 million in 2010
  • Proposed dividend: 1 CHF (versus 0.10 CHF in 2008)
  •  S&P rating: A+/stable (downgraded from AA- on 04/09/09).


Groupe AXA – (figures in EUR)

  • Net earnings: 3.6 billion (versus 923 million in 2008)
  • Turnover down by 1% to 90.12 billion (versus 91.22 billion in 2008)
  • Turnover on life, savings and retirement pensions down by 4% to 8.6 billion
  • Combined ratio of damage insurance now 99% (versus 95.5% in 2008)
  • Solvency ratio now 171% (versus 127% in 2008)
  • Debt gearing: down at 26% (versus 35% in 2008)
  • Proposed dividend: 0.55 CHF per share (versus 0.40 in 2008)
  • The main factor of the turnaround in the net earnings is due to the improvement of the performance of the Life compartment, lower damages from natural causes as well as an increase in unrealised gains
  • S&P rating: AA.


AXA Winterthur – (figures in CHF)

  • Gross premiums collected: 10.233 billion (versus 10.344 billion in 2008)
  • Net profits: 624 million (versus a loss of 129 million in 2008)
  • Solvency ratio of the Life compartment: 200% (versus 184% at the end of 2008)
  • Damage insurance: 1.6% increase in gross premiums to 3.263 billion (versus 3.211 in 2008)
  • Combined ratio of the damage insurance compartment: 94% (versus 93.6% in 2008)
  • Life insurance: down by 2.4% to 6.970 billion (versus 7.133 billion in 2008)
  • Staff numbers cut by 1.7% to 4,006 full-time jobs
  • S&P rating: AA/negative.



Sources:

  • Groupe Mutuel (7 January)
  • Visana (27 January)
  • Helsana (28 January)
  • Zurich (4 February)
  • Concordia (10 February)
  • SwissRe (18 February)
  • Groupe AXA and AXA Winterthur (18 February)


Forthcoming results announcements:

  • Helvetia (16/03/2010)
  • Bâloise (18/03/2010)

 

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