2009 financial year: Nationale Suisse generates a pleasing annual result
(Thomson Reuters ONE) -
Nationale Suisse / 2009 financial year: Nationale Suisse generates a pleasing annual result processed and transmitted by Hugin AS. The issuer is solely responsible for the content of this announcement.
Despite difficult market conditions, the Nationale Suisse Group once again
reported a pleasing result in the 2009 financial year with good profitability in
most units and targeted growth in specialty lines. The business result is to be
published for the first time in accordance with IFRS (International Financial
Reporting Standards) with adapted figures from the previous year (restatement of
the figures for 2008 already released on 13 April 2010).
Key figures for 2009 at a glance:
- Increase in the profit for the year of 19.1 % to CHF 76.4 million
- Growth of gross premiums in original currency of 3.4 %
- Increase in shareholders' equity from CHF 607.2 million to CHF 728.6
million, and in the return on equity (RoE) to 11.5 % (2008: 11.3 %)
- Slightly improved combined ratio of 97.3 % (2008: 97.4 %)
- Increase in the Solvency 1 ratio from 159.9 % to 181.0 %
- Proposed dividend payment of CHF 1.25
Group result underpins overall strategy
The Nationale Suisse Group generated a profit of CHF 76.4 million in the 2009
financial year. This corresponds to an increase of 19.1 % compared to the
previous year's figure of CHF 64.1 million. "In view of the difficult economic
conditions with recessionary tendencies in virtually all European markets in the
2009 financial year, our Group result shows that we are on the right track in
terms of our overall strategy. We will, of course, continue to focus on growth
over the next few years, most notably with the new business model entitled
'Schlagkraft Schweiz,' which we will use to strengthen sales and increase client
satisfaction," says CEO Hans Künzle.
The total comprehensive income generated stood at CHF 120.7 million,
representing an increase of 351.2 % as against the previous year. The total
comprehensive income, which is now to be reported under IFRS, is based on the
profit for the year and also includes other comprehensive income.
Pleasing growth in premiums, especially in specialty lines
Despite financial market upheaval, most notably during the first quarter of
2009, Nationale Suisse recorded an increase in gross premiums to CHF 1,698.5
million (2008: CHF 1,667.9 million). In original currencies, the premium growth
was 3.4 %, while the same figure would stand at 1.8 % if currency effects were
taken into account.
In specialty lines in particular, premium growth in percentage terms was very
pleasing as it was once again in double-digit territory. At constant exchange
rates, premium volumes were increased by 16.0 % to CHF 386.0 million. This
steady growth clearly highlights that the specialty lines strategy, a core
element of Nationale Suisse's overall strategy since 2007, has been successful
and is having the desired impact.
Given these positive results, the quality-focused underwriting policy and the
logical decision not to carry out cash flow underwriting have also proven
well-founded.
Solid technical results in non-life and life
The technical result in the non-life segment stood at CHF 10.1 million, while
the combined ratio improved slightly from 97.4 % to 97.3 %. Apart from the
hailstorm on 23 July 2009, the net cost of which was CHF 7.5 million, major
incidents largely failed to materialize.
In life business, pre-tax earnings amounted to CHF 12.7 million, which
represents a rise of 279.7 %. This improvement was also a result of an increase
in net investment income.
Solid risk capacity of the Group
Shareholders' equity rose sharply by 20.0 % to CHF 728.6 million as at 31
December 2009, a performance that underpins the Group's financial solidity. At
181.0 % (2008: 159.9 %), the Solvency 1 ratio is at a good level based on an
international comparison. The return on equity climbed to 11.5 % (2008: 11.3 %).
Distribution of a cash dividend
The Board of Directors will propose to this year's Annual General Meeting that a
dividend of CHF 1.25 be distributed. The dividend yield calculated on the basis
of the year-end price for 2009 will therefore be 4.0 %.
Changes to the Board of Directors and Executive Board
At the forthcoming Annual General Meeting, Dr. René Theler will step down from
his post as Chairman of the Board of Directors and will then assume the role of
the company's Honorary Chairman. The Board of Directors has chosen Dr. Andreas
von Planta as Dr. Theler's successor. Dr. Bruno H. Letsch has been appointed as
the new Vice-Chairman.
Wolfgang Gemünd, Member of the Executive Board and Head of the Business Unit
"Specialty Lines & Foreign Countries" will retire on 30 September 2010, and is
to be succeeded by Mr. Stefan Zemp, who will join Nationale Suisse on 1 August
2010. Information on Stefan Zemp's professional career can be found at:
http://www.nationalesuisse.ch/380/507/1463/1297.asp
Group key figures
(See key figures in the attached PDF)
Disclaimer and cautionary statement:
All information on the individual events/presentations given by Nationale Suisse
can be downloaded as of the day of the event in question at
www.nationalesuisse.ch.
For forward-looking statements and projections contained in this media release
no liability can be assumed. It is pointed out expressly that the statements and
projections contained therein are selective in nature and may deviate materially
from real results or events.
Neither Nationale Suisse Group nor any of its members of the board, directors,
officers, employees or advisors nor any other person make representation or
warranty with regard to the accurateness or completeness of the information
contained in this media release, which is selective in nature and intends to
provide an overview over the business activities of Nationale Suisse Group. The
afore-mentioned persons assume no liability for possible damages or loss arising
directly or indirectly from any use of this media release.
Unless otherwise provided by applicable binding law Nationale Suisse Group is
under no obligation to update the statements contained in this media release.
This media release does not constitute an offer nor a solicitation to subscribe,
buy or exchange shares or other securities. It does not constitute an offering
circular as defined by Art. 652a Swiss Code of Obligations nor a listing
prospectus as defined by the listing rules of the SIX Swiss Exchange. It may not
be copied, altered, offered or sold or otherwise handed out or distributed to
any other person by any recipient without the prior written consent of Nationale
Suisse Group.
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Brief profile
Nationale Suisse is an innovative, The headquarters of Swiss National
international Swiss insurer providing Insurance Company Ltd is
first-rate risk and pension solutions and in Basel. Nationale Suisse is
tailored niche products. The Group has gross listed on the SIX Swiss Exchange
premiums of CHF 1.70 billion, about 30 % of (NATN). On 31 December 2009 the
which come from their subsidiaries in Group employed 1,862 persons
Germany, Belgium, Italy and Spain. (FTEs).
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Downloads Disclaimer
You can access this media release on our Swiss National Insurance Company
website www.nationalesuisse.ch under wishes to point out that any
Medien/Medienmitteilung. forward-looking statements in this
report are based on projections,
estimates and assumptions. The
influence of uncertain and
unforeseeable circumstances and
certain risks may mean that actual
performance deviates significantly
from our expectations.
All information on the individual
events/presentations given by
Nationale Suisse can be downloaded
as of the day of the event in
question at www.nationalesuisse.ch.
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Information
Sophia Schor Nationale Suisse
Media relations Steinengraben 41
Tel. +41 61 275 23 86 4003 Basel
Fax +41 61 275 22 21 www.nationalesuisse.ch
sophia.schor(at)nationalesuisse.ch
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Important dates
Publication of Annual Report 22.04.2010
Media conference to announce financial 22.04.2010
results at Hotel Widder, Zurich
Financial analysts' conference at Hotel 22.04.2010
Widder, Zurich
Annual General Meeting 07.06.2010
Publication of Semi-Annual Report 23.09.2010
[HUG#1406228]
--- End of Message ---
Nationale Suisse
Steinengraben 41 Basel null
WKN: 1081197;ISIN: CH0010811971;
Annual result 2009: http://hugin.info/100296/R/1406228/359818.pdf
Unternehmensinformation / Kurzprofil:
Datum: 22.04.2010 - 06:55 Uhr
Sprache: Deutsch
News-ID 19465
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contact information:
Town:
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Kategorie:
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