Vaudoise Insurance Group announces positive half-year results

Written by Michael Griffiths

31/08/2022

Vaudoise Insurance Group has announced that it achieved a consolidated profit of CHF 66.8m in H1.

The figure was an increase of 2.5% compared to the same period in 2021.

Gross written premiums in non-life grew by 5.6% in the first half of the year, the Swiss insurer confirmed, although this does not include the portfolio of Epona, Allgemeine Tierversicherungsgesellschaft AG. Taking into account this portfolio, acquired by Vaudoise at the end of 2021, the growth was 6.5%.

In terms of premiums written, Vaudoise confirmed there was a strong increase of 10.6%, particularly in German-speaking Switzerland, which in turn confirms the group's development strategy in this region. Motor vehicle insurance, the most important line of business in Vaudoise's portfolio, rose by 3.3%, while non-life insurance also recorded growth of 12.8%, a figure that stood at 5.6% excluding the Epona portfolio.

In life insurance, premium collection increased by 19.4% in the first half of 2022. Vaudoise stated that the revision of the product range it initiated three years ago, combined with a strengthened pension culture among its advisers, contributed to this rate of growth.

Furthermore, at the end of H1, the group’s equity amounted to CHF 2.2bn, a total down 8.4% or CHF 205.2m compared to the end of 2021. Compared to the end of H1 last year, however, the decrease is only CHF 55.2m. Vaudoise suggested that the second half of 2021 was characterised by the “very positive financial markets” at the time, and stated that the recent negative development is mainly due to the poor performance of the stock markets, which has had a direct impact on the group’s equity.

CEO Jean-Daniel Laffely, commented: “After a first six months marked by geopolitical instability and the corresponding economic consequences, the Vaudoise Insurance Group reports a positive half-year result. In doing so, it has repeatedly demonstrated the relevance and resilience of its cooperative strategy and business model.

“In this six-month period, we have achieved growth that is well above the market average. We owe this not least to the commitment of our employees and the quality of our services, which are particularly appreciated by our customers. So we are on the right track to move our group forward - especially in terms of digital transformation.”

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