POLITICS & INSTITUTIONS - ECONOMY

Profits down sharply for Bâloise Vie Luxembourg



Profit for the year reached €2.515m, a year-on-year decrease of about 60%, which the company attributes to the fall in economic activity, as well as to an increase in claims. Google Maps/ Bâloise Assurances

Profit for the year reached €2.515m, a year-on-year decrease of about 60%, which the company attributes to the fall in economic activity, as well as to an increase in claims. Google Maps/ Bâloise Assurances

Bâloise Vie Luxembourg saw an increase in activity throughout 2020, despite the health context, but its bottom line is down around 60%. 

Bâloise Vie Luxembourg’s 2020 financial results show a 13.2% increase in turnover, to €926m (€817m in 2019).

The best performance came from free collection of services to various European countries from Luxembourg. Bâloise Vie Luxembourg recorded growth of 14.7%, reaching €845m (736.9m in 2019).

Traditional products, sold in the domestic market and in border regions via local brokers and agents, brought in €38.1m (-0.2%). In its report, the company explains that guaranteed rate savings products are continually on the decline, following the discontinuation of guaranteed rate products since 2016.

Finally, in the group insurance market, turnover increased slightly (0.4%), reaching €42.6m.

Technical provisions for investment risks borne by policyholders now reach €8.336bn, up 5% thanks to growth in inflows.

Technical provisions for traditional products grew in the same proportion, to €556.9m.

Profit for the year reached €2.515m, against €6.474m in 2019--a drop of about 60%, which the company attributes to the fall in economic activity, as well as to an increase in claims.

This article was originally published in French on Paperjam and has been translated and edited for Delano.