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Helvetia 2013 profit after tax rose by 9.2% to $414m

Switzerland-based insurer Helvetia Group has reported a profit after tax of CHF363.8m ($414.23m) for the fiscal year of 2013, up by 9.2% compared to CHF333.1m ($379.3m) during the comparable period earlier year.

Business volume grew by by 6.3% (in original currency) to CHF7.47bn ($8.51bn) mainly backed by the Swiss home market, which improved by 9.9% over the previous year.

Germany, Austria and France also recorded positive growth rates, although the growth in France was acquisition-driven.

The non-life business recorded a premium volume of CHF2.55bn ($2.9bn) compared to CHF2.41bn ($2.74bn) during the corresponding period earlier year.

Helvetia said that the Gan Eurocourtage transport portfolio, which it acquired from Groupama in 2012, also offered important stimulus for growth.

The combined ratio in the non-life business decreased to 93.6% from 93.7% during the same period earlier year, mainly due to lower claims ratios.

In the life business, the new business margin was 1.6% above the previous year (0.9%), backed by increase in interest rates for new investments.

Helvetia Group CEO Stefan Loacker said, "The impressive annual result underlines the successful development of the Helvetia Group.

"The broad-based growth and the increase in profit show that we are on the right path with our Helvetia 2015+ strategy."