Baloise expects to report H1 profit above 340 mln Sfr

ZURICH Tue Aug 5, 2014 1:13am EDT

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ZURICH Aug 5 (Reuters) - Swiss insurer Baloise said it expects to report a first-half net profit of more than 340 million Swiss francs ($375 million) when it publishes results later this month, and is poised to hit its financial targets.

The Basel-based firm's targets include a combined ratio of 93 to 96 percent, a margin on new business of more than 10 percent and a return on equity of up to 12 percent.

"These strong half-year financial results reaffirm the strategic approach adopted by Baloise," the firm said in a statement on Tuesday.

Baloise, which said its combined ratio stood at just over 93 percent in the first half, is due to report full results on Aug. 28.

($1 = 0.9066 Swiss Francs) (Reporting By Katharina Bart)