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