Advance information on the semi-annual results 2013: Nationale Suisse expects to post a good result in spite of a downturn in the growth in premiums
(Thomson Reuters ONE) -
Nationale Suisse /
Advance information on the semi-annual results 2013: Nationale Suisse expects to
post a good result in spite of a downturn in the growth in premiums
. Processed and transmitted by Thomson Reuters ONE.
The issuer is solely responsible for the content of this announcement.
Prior to publication of the semi-annual results on 5 September 2013, Nationale
Suisse informs that the insurance group will record a downturn in the growth in
premiums. However, the company still expects a good profit for the first half of
2013 that is in line with the medium-term objectives on a pro rata basis. From
today's point of view it will be higher than the half-yearly profit 2012 (taking
into account the positive effect from a change to the rules relating to the
pension fund in Switzerland in the first half of 2012, amounting to CHF 6.8
million after tax).
For reasons of transparency Nationale Suisse gives notice of the insurance
group's fall in premiums for the first half of 2013 prior to publication of the
semi-annual results on 5 September 2013. In contrast to the first half of 2012,
where growth of 3.4 % was reported, premiums in the original currency have
dropped by 3.8 %.
Economic factors and selective underwriting policy in the specialty lines
This fact can be attributed, among other things, to the decline in premiums of
7.2 % in the specialty lines business. Specifically, the cyclical Engineering
and Credit Life specialty lines, contrary to planning, were unable to show an
upturn in the first half of 2013. In Engineering, which is particularly
affected, this development stems from a slow down in project business due to the
difficult economic climate and from a selective underwriting policy. At the same
time, the engineering market is characterised by much greater capacities in the
reinsurance and the primary insurance market, which makes it significantly more
difficult to underwrite high quality business at reasonable prices. The
uncertainties in the economy and thus difficult credit markets in Italy,
Belgium, but equally in Switzerland, also have a negative impact on premium
growth in the Credit Life business.
Non-Life Foreign Countries also depressed as a result of the European economic
situation and restructuring
Moreover, the fall in premiums is particularly significant in the motor vehicle
liability insurance business in the Non-Life Foreign Countries segment. Here,
too, the tense economic climate in Italy, Spain and Belgium, has left its mark
in the first half of 2013. In addition, far-reaching portfolio restructuring has
been undertaken in this business.
Changes to the range of products in the traditional life business in Switzerland
Finally, Nationale Suisse has had to accept a lower volume of premiums in the
first half of 2013 in the traditional life business in Switzerland. This was in
accord with the strategy chosen to change to a less capital-intensive range of
products which was completed in 2012.
Good half-year profit expected in line with the medium-term objective on a pro
rata basis
The negative growth in premiums, however, has not had an impact on the Group's
profit. Nationale Suisse expects a good profit for the first half of 2013 that
is in line with the medium-term objectives on a pro rata basis. From today's
point of view it will be higher than the half-yearly profit 2012 (taking into
account the positive effect from a change to the rules relating to the pension
fund in Switzerland in the first half of 2012, amounting to CHF 6.8 million
after tax).
Publication of the semi-annual results 2013 on 5 September 2013
Further details on the results for the first half of 2013 will be published on
5 September 2013. A media and a financial analysts' conference will be held the
same day in Zurich.
Further information
www.nationalesuisse.com/semi-annual-report
Brief profile
Nationale Suisse is an innovative, international and independent Swiss insurance
group providing first-rate risk and pension solutions in non-life and life
business as well as a growing number of tailored specialty lines products.
Consolidated gross premiums came to CHF 1.51 billion in 2012. The Group
comprises the parent company and about 20 subsidiaries and branch offices for
focused product lines in Switzerland, Italy, Spain, Germany, Belgium,
Liechtenstein, Malaysia, Latin America and Turkey. The headquarters of Swiss
National Insurance Company Ltd are in Basel. Nationale Suisse is listed on the
SIX Swiss Exchange (NATN). On 31 December 2012, the Group employed 1 880 staff
(full-time equivalents).
Information
Remo Meier Nationale Suisse
Investor Relations Steinengraben 41
Phone +41 61 275 22 45 4003 Basel
Fax +41 61 275 22 21 Switzerland
remo.meier(at)nationalesuisse.com www.nationalesuisse.com/investor-
relations
Christina Hartmann Nationale Suisse
Media Relations Steinengraben 41
Phone +41 61 275 23 40 4003 Basel
Fax +41 61 275 22 21 Switzerland
christina.hartmann(at)nationalesuisse.com www.nationalesuisse.com/media-
relations
Key dates
Publication of the Interim Report 05.09.2013
Media conference to announce interim financial results 05.09.2013
at Widder Hotel, Zurich
Financial analysts' conference at Widder Hotel, Zurich 05.09.2013
Disclaimer and exclusion of liability
The purpose of this press release is to inform the public about certain events
or developments arising from the company's business. The information published
in this article is not an advertisement, offer or recommendation to engage in
transactions involving securities or other products of Nationale Suisse or any
other type of transaction. This press release may contain certain forward-
looking statements. Even if these forward-looking statements reflect the opinion
and expectations of Nationale Suisse, a number of risks, uncertainties and other
important factors may lead to actual developments and results differing strongly
from the expectations of Nationale Suisse. It is pointed out expressly that the
statements and projections contained in this press release are selective in
nature. Nationale Suisse provides no guarantee, either explicitly or implicitly,
regarding the accuracy and completeness of the statements and forecasts
published in this press release. Neither Nationale Suisse nor its executive
bodies or senior managers accept any liability for any damage or losses arising
directly or indirectly from the use of this press release. Unless otherwise
provided by applicable binding law Nationale Suisse is under no obligation to
update or amend the statements contained in this press release, be it in
response to new information, future events or any other reasons.
Updated post-publication information is available on our website
www.nationalesuisse.com. You may find further details and forecasts about the
business of Nationale Suisse there.
Press release:
http://hugin.info/100296/R/1723095/574206.pdf
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other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Nationale Suisse via Thomson Reuters ONE
[HUG#1723095]
Unternehmensinformation / Kurzprofil:
Datum: 15.08.2013 - 07:00 Uhr
Sprache: Deutsch
News-ID 287992
Anzahl Zeichen: 8867
contact information:
Town:
Basel
Kategorie:
Business News
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