Nationale Suisse posts encouraging rise in annual profit and excellent premium growth in 2010
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Nationale Suisse /
Nationale Suisse posts encouraging rise in annual profit and excellent premium
growth in 2010
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The issuer is solely responsible for the content of this announcement.
In the 2010 financial year the Nationale Suisse Group achieved a very good
result in a challenging marketplace. The insurer also improved premium growth in
strategically central areas.
2010 key figures at a glance:
- Marked increase in annual profit of 20.6 % to CHF 92.1 million
- Excellent currency-adjusted gross premium growth of 7.8 % in a
competitive market
- High strategy-compliant organic growth in specialty lines of 32.5 %
(currency-adjusted)
- Combined ratio improves from 97.3 % to 96.6 % thanks to a lower
claims ratio
- Further strengthening of equity capital and increase in the solvency
1 ratio to 183.8 %
- Strategy on track
- Proposed 20 % dividend increase to CHF 1.50
These figures include Group Life Switzerland, which was sold on 1 January 2011.
Very encouraging consolidated result
In the 2010 financial year, Nationale Suisse Group posted an annual profit of
CHF 92.1 million, compared with CHF 76.4 million in the previous year. This
equates to a 20.6 % increase and a very pleasing net profit, even from a long-
term perspective.
"We performed extremely well in an intensely competitive market and in spite of
the appreciation of the Swiss franc against the euro in the 2010 financial year.
We have significant growth potential, which we will continue to exploit through
the consistent implementation of our strategy," said CEO Hans Künzle. "Our
priority is still the achievement of above-average growth in specialty lines and
a targeted differentation of classical private and corporate client segments."
Strategy on track: high premium growth
In 2010 Nationale Suisse increased gross written premiums by 4.8 % to CHF
1 780.8 million (prior year CHF 1 698.5 million). In original currencies, thus
excluding the negative effects of the weak euro, gross premium growth at Group
level reached an excellent 7.8 %.
The high premium growth was, for the most part, attributable to the
strategically important specialty lines, where premium growth proceeded as
planned in 2010, at an above-average rate to CHF 489.6 million (+26.8 %). In
original currencies, premiums even jumped by as much as 32.5 %. Accordingly, the
share of specialty lines premiums in the total volume once again increased
sharply in 2010.
Our differentiation by selected target groups and "Schlagkraft Schweiz" business
model made considerable advances. As a result, Nationale Suisse considerably
improved both quality and efficiency in Switzerland, by far our most important
market. This resulted in key successes in the private and corporate client
segments. The customer service centres, in operation since March 2010, and the
intensive training of the sales force played a big part in this success.
Strong earnings growth and improved combined ratio
The underwriting result in non-life business rose markedly in the reporting year
by CHF 10.1 million to CHF 24.3 million. The combined ratio improved accordingly
from 97.3 % to 96.6 % - and would have been better still had it not been for
higher investment in competitiveness and future growth. Life business posted a
big pre-tax rise in profits of 124.9 % to CHF 28.5 million. Investment income
made a key contribution to this positive result.
Investment result marked by movements in interest rates and exchange rates
Interest rate and exchange rate movements had a tangible effect on the
investment result of Nationale Suisse in 2010. Nevertheless net earnings on
capital investments rose by 20.5 % to CHF 264.1, which brought capital
investment returns to the extremely high level of 4.1 % (prior year 3.5 %).
Solid risk-bearing capacity
Equity capital rose again from CHF 728.6 million to CHF 746.5 million. The
solvency 1 ratio also improved from 181.0 % to 183.8 % and will rise
significantly in the first quarter of 2011 due to the sale of the Group life
business. On an international basis, the ratio is therefore at a good level. The
return on equity stands at a good 12.5 %, compared to 11.5 % in 2009.
Unchanged payout ratio and attractive dividend yield
Based on the highly encouraging Group profit for the year, together with the CHF
38 million profit reported by the parent company, the Board of Directors will
propose to the Annual General Meeting payment of a dividend of CHF 1.50 per
share, an increase of 20 % over 2009. The payout ratio will therefore remain
unchanged at 36 %. This equates to an attractive dividend yield of 4.6 %.
Elections to the Board of Directors and consultative vote on the compensation
report
At the next Annual General Meeting Balz Hösly and Peter A. Kaemmerer will stand
for reelection to the Board of Directors. Balz Hösly is a partner in the law
firm MME Partners, Zurich / Zug. Peter A. Kaemmerer was previously a Board
member at the Landesbank Baden-Württemberg LBBW. He is leaving LBBW in spring
2011 and will become President of DKSH Japan. The Board will also propose the
election of a new member, Hans-Jörg Vetter, Chairman of the Board of Managing
Directors at LBBW. At the same time, the articles of association are to be
amended and the term of office for all Directors reduced from four to three
years.
The Board of Directors will also put the compensation report to the Annual
General Meeting for a consultative vote. It contains the basic principles
governing the compensation of the Board of Directors and Executive Board, as
well as the reporting on compensation in 2010.
Cautiously optimistic outlook
The economic climate remains unstable. However, developments over the first few
months of 2011 make Nationale Suisse cautiously optimistic about the entire
year. By focusing on selected target groups and introducing tailored insurance
solutions, primarily in the Swiss market, it will continue to pursue its
differentiation strategy. Unit-linked life products that will help to preserve
capital and the Credit Life business are underpinning growth in individual life
business in Switzerland. Distribution capacities will be expanded further in
specialty lines. For example, the sales office opened in Miami in December 2010
will target the Latin American market and provide additional engineering
business for Basel through its regional presence.
New member proposed by the Board of Directors to the Annual General Meeting for
election to the Board:
--------------------------------------------------------------------------------
Hans-Jörg Vetter
Banker, born in 1952, German citizen
Over a long career, Hans-Jörg Vetter has held many management positions,
including Board member at the Bank für Gemeinwirtschaft AG (BFG) from 1990 to
1995, personally liable partner at M.M. Warburg & Co. KG a. A. in Hamburg from
1995-1997, Vice-Chairman of the Board of Managing Directors at Landesbank
Hessen-Thüringen from 1997-2000, Chairman of the Board of Managing Directors at
Bankgesellschaft Berlin AG and Landesbank Berlin Holding AG from 2002-2009, and
since 2009 Chairman of the Board of Managing Directors at Landesbank Baden-
Württemberg.
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The annual report 2010 and the financial report 2010 can be accessed via the
following link:
www.nationalesuisse.ch/annualreport2010
Key figures for the Group
(See attachement)
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Brief profile
Nationale Suisse is an innovative, Switzerland, Italy, Spain,
international and independent Swiss insurance Germany, Belgium, Liechtenstein,
group providing first-rate risk and pension Malaysia and Latin America.
solutions in non-life and life business as well
as a growing number of tailored specialty lines The headquarters of Swiss
products. Consolidated gross premiums came to National Insurance Company Ltd
CHF 1.8 billion (2010). The Group comprises the is in Basel. Nationale Suisse is
parent company and about 20 subsidiaries with listed on the SIX Swiss Exchange
focused product lines in (NATN). On 31 December 2010, the
Group employed 1,948 staff
(full-time equivalents).
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Your contact
Christina Hartmann Nationale Suisse
Media relations Steinengraben 41
Tel. +41 61 275 23 40 4003 Basel
Fax +41 61 275 22 21 www.nationalesuisse.ch
christina.hartmann(at)nationalesuisse.ch
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Key dates
Publication of the Annual Report 13.04.2011
Media conference to announce financial results 13.04.2011
at Hotel Widder, Zurich
Financial analysts' conference at Hotel Widder, 13.04.2011
Zurich
General Meeting 16.05.2011
Publication of the interim report 08.09.2011
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Disclaimer and exclusion of liability
This press release is intended to inform the general public about particular
events and developments related to the business performance of the company. The
information contained does not constitute a solicitation, an offer or a
recommendation for transactions concerning financial instruments or other
products of Nationale Suisse or any other type of legal transaction. This press
release may contain forward-looking statements. While these forward-looking
statements reflect the outlook and expectations of Nationale Suisse, a number of
risks, uncertainties and other important factors can lead to actual developments
and results significantly deviating from the expectations of Nationale Suisse.
Attention is furthermore explicitly drawn to the fact that statements and
projections contained in this press release by nature may be selective.
Nationale Suisse neither implicitly nor explicitly makes representation or
provides warranty for the correctness and completeness of statements and
projections contained in this press release. Neither Nationale Suisse nor its
directors, officers and members of its management assume liability for damages
or losses which may directly or indirectly arise from the use of information
contained in this press release. Unless in cases in which it is obliged to do so
by mandatory legislation, Nationale Suisse is under no obligation to revise or
change its forward-looking statements to take account of new information, future
events or for any other reason.
Updated information will be available on our website www.nationalesuisse.ch as
of the date of publication. This may include further details and projections
concerning the business performance of Nationale Suisse.
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--- End of Message ---
Nationale Suisse
Steinengraben 41 Basel
WKN: 1081197;ISIN: CH0010811971;
PR_Annualreport2010:
http://hugin.info/100296/R/1505579/440578.pdf
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originality of the information contained therein.
Source: Nationale Suisse via Thomson Reuters ONE
[HUG#1505579]
Unternehmensinformation / Kurzprofil:
Datum: 13.04.2011 - 07:01 Uhr
Sprache: Deutsch
News-ID 53448
Anzahl Zeichen: 13489
contact information:
Town:
Basel
Kategorie:
Business News
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