Baloise’s wealth management unit saw generous net inflows while its overall earnings fell, marking disparate results for 2023.
Ebit in asset management and banking rose to CHF 83 million, up from CHF 64 million in 2022. This is attributed to the higher contribution from Baloise’s banking segment, where rising interest rates had a positive impact on the business.
However, overall net profit was hampered by high natural disasters and large losses, which reduced pre-tax profit by approximately CHF 200 million.