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View Annual Report ANNUAL REPORT 2017 Baloise Group Unterkapitel Baloise Group Annual Report 2017 Contents BALOISE FINANCIAL REPORT Baloise key figures ................................................................. 4 Consolidated balance sheet ............................................... 112 At a glance .............................................................................. 5 Consolidated income statement ........................................ 114 Letter to shareholders ............................................................ 6 Consolidated statement of comprehensive income .......... 115 Baloise shares ........................................................................ 8 Consolidated cash flow statement ..................................... 116 Our four core markets ........................................................... 10 Consolidated statement of changes in equity ................... 118 Strategy ................................................................................ 11 Notes to the consolidated annual financial statements .... 120 Brand .................................................................................... 14 Notes to the consolidated balance sheet .......................... 196 Notes to the consolidated income statement .................... 239 REVIEW OF OPERATING PERFORMANCE Other disclosures ............................................................... 250 Group .................................................................................... 18 Report of the statutory auditor to the Switzerland .......................................................................... 22 Annual General Meeting of Bâloise Holding Ltd, Basel ..... 262 Germany ............................................................................... 23 Belgium ................................................................................ 24 BÂLOISE HOLDING LTD Luxembourg ......................................................................... 25 Income statement of Bâloise Holding Ltd .......................... 270 Consolidated income statement .......................................... 26 Balance sheet of Bâloise Holding Ltd ................................ 271 Consolidated balance sheet ................................................. 28 Notes to the financial statements of Bâloise Holding Ltd .. 272 Business volume, premiums and combined ratio ............... 29 Appropriation of distributable profit as proposed Technical income statement ................................................ 31 by the Board of Directors ................................................... 282 Gross premiums by sector .................................................... 32 Report of the statutory auditor to the Banking activities ................................................................. 33 Annual General Meeting of Bâloise Holding Ltd, Basel ..... 283 Investment performance ...................................................... 34 GENERAL INFORMATION SUSTAINABLE BUSINESS MANAGEMENT Glossary ............................................................................. 288 Responsibility ....................................................................... 38 Addresses ........................................................................... 292 Human resources ................................................................. 42 Information on the Baloise Group ...................................... 293 The environment .................................................................. 48 Financial calendar and contacts ........................................ 294 Risk management ................................................................. 52 Commitment to art ............................................................... 56 CORPORATE GOVERNANCE Corporate Governance Report .............................................. 58 Appendix 1: Remuneration Report ....................................... 80 Appendix 2: Remuneration Report Report of the statutory auditor to the Annual General Meeting of Bâloise Holding Ltd, Basel ............................................. 108 3 Baloise Group Annual Report 2017 Baloise Baloise key figures Baloise key figures 2016 2017 Change (%) CHF million Business volume Gross premiums written (non-life) 3,140.7 3,229.3 2.8 Gross premiums written (life) 3,570.9 3,512.0 – 1.6 Sub-total of IFRS gross premiums written 1 6,711.6 6,741.3 0.4 Investment-type premiums 2,199.2 2,519.5 14.6 Total business volume 8,910.8 9,260.8 3.9 Operating profit (loss) Profit / loss before borrowing costs and taxes Non-life 396.4 374.7 – 5.5 Life 2 226.1 306.0 35.3 Banking 92.1 81.8 – 11.2 Other activities – 31.0 – 78.5 153.2 Profit for the period 533.9 531.9 – 0.4 Balance sheet Technical reserves 46,209.0 48,008.5 3.9 Equity 5,773.7 6,409.2 11.0 Ratios (per cent) Return on equity (RoE) 9.7 8.9 – Gross combined ratio (non-life) 91.1 90.2 – Net combined ratio (non-life) 92.2 92.3 – New business margin (life) 21.3 33.4 – Investment performance (insurance)3 3.1 2.5 – Embedded value of life insurance policies Embedded value (MCEV) 4,409.4 4,896.8 11.1 Annual premium equivalent (APE) 322.1 376.8 17.0 Value of new business 68.5 125.8 83.6 Key figures on the Company’s shares Shares issued (units) 50,000,000 48,800,000 – 2.4 Basic earnings per share4 (CHF) 11.53 11.50 – 0.3 Diluted earnings per share4 (CHF) 11.22 11.48 2.3 Equity per share4 (CHF) 123.8 133.2 7.6 Closing price (CHF) 128.30 151.70 18.2 Market capitalisation (CHF million) 6,415.0 7,403.0 15.4 Dividend per share5 (CHF) 5.20 5.60 7.7 1 Premiums written and policy fees (gross). 2 Of which deferred gains / losses from other operating segments (31 December 2016: CHF – 2.0 million; 31 December 2017: CHF 14.5 million). 3 Excluding investments for the account and at the risk of life insurance policyholders. 4 Calculation is based on the profit for the period attributable to shareholders and the equity attributable to shareholders. 5 2017 based on the proposal submitted to the Annual General Meeting. 4 Baloise Group Annual Report 2017 Baloise At a glance At a glance Return on equity Equity of (RoE) of CHF 6,409.2 million 8.9 % Profit for the period * of Dividend of CHF 531.9 million CHF 5.60 per share Profit (attributable to the (will be proposed to the shareholders) Annual General Meeting on 27 April 2018) CHF 548.0 million Net investment yield 14.6 % of insurance assets higher business volume with investment-type premiums 2.9 % Net combined ratio of New business margin of 92.3 % 33.4 % * The difference between the profit for the period and the profit attributable to shareholders is primarily due to the fact that only part of the book losses incurred on the sale of non-strategic entities in Germany was borne by the shareholders. 5 Baloise Group Annual Report 2017 Baloise Letter to shareholders Dr Andreas Burckhardt, Chairman of the Board of Directors (on the right), and Gert De Winter, Group CEO (on the left), testing the Baloise Park augmented reality app, which can be downloaded for free from the Google Play Store and the Apple App Store. DEAR SHAREHOLDERS In the autumn of 2016, Baloise formulated the three targets for policy in the traditional life business remained restrictive, its new strategy. By 2021, our aim is to generate CHF 2 billion resulting in a 1.6 per cent contraction in the volume of business of cash for the holding company, attract an additional one to CHF 3,512.0 million. However, business with investment-type million customers and become one of the most attractive premiums was very successful in 2017 and the volume of pre- employers in our industry. At the end of the first year, it is clear mium income grew by 14.6 per cent to CHF 2,519.5 million. that we have made a very good start. The profit for the period Baloise can report initial progress on achieving the strategic attributable to shareholders was up by 2.5 per cent to CHF 548.0 targets after just the first year. The holding company has already million (2016: CHF 534.8 million) and the net combined ratio received CHF 415 million of the total of CHF 2 billion, we have held steady at 92.3 per cent (2016: 92.2 per cent), demonstrat- signed up 118,000 new customers and we are among the top ing that Baloise has successfully embarked on this strategic 25 per cent of the most attractive employers in our sector in journey. The volume of business grew by 3.9 per cent to Europe (our ambition: top 10 per cent). Last year, our strategic CHF 9,260.8 million. Moreover, Baloise launched numerous activities focused on the launch of digitalisation initiatives and initiatives in 2017 without neglecting its core business, which the expansion of customer care. Building on its strong and is and remains the basis for long-term business success. stable core business, Baloise is concentrating on becoming even The volume of non-life business reached CHF 3,229.3 million, more customer-centric. In doing so, it is striving to evolve into a year-on-year rise of 2.8 per cent. Switzerland notched up growth a service provider for insurance, pension and other services (in Swiss francs) of 0.7 per cent, Belgium 5.5 per cent, Luxem- that extend beyond the core insurance business. This transfor- bourg 5.0 per cent and Germany 3.6 per cent. The performance mation of the business model requires, above all, entrepreneurial of the life business was also highly encouraging. Underwriting energy, and this was evident throughout the Company in 2017. 6 Baloise Group Annual Report 2017 Baloise Letter to shareholders When implementing
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