Business volume at Baloise Luxembourg grew 12.1% to €1.31 billion in 2024, the insurance company said on Tuesday, announcing its annual results.

Baloise Luxembourg, which is part of the Baloise Group, now accounts for 14.5% of the group’s overall business volume and for 85% of its total investment-type premiums. The insurer employed over 600 people in Luxembourg last year.

The growth in business volume includes a €170 million increase in non-life insurance (+6.7%), a €210 million rise in life insurance (+33.7%), and €932 million in investment-type premiums (+9.1%).

Insurance group Baloise reported robust financial results across all business units. Operating in Switzerland, Germany, Belgium, and Luxembourg, the company saw its total business volume reach approximately €9 billion last year.

Shareholders will benefit from a dividend increase to €8.50 per share, compared to €8.08 in 2023.

Earnings before interest and taxes surged by 89% to €36 million, driven by higher pricing, increased business volume, and new large contracts. Meanwhile, the combined ratio for non-life insurance rose to 97.1%, up from 90.5% in 2023.

Portfolio diversification

Baloise Luxembourg is actively diversifying its product portfolio. In 2024, the company observed an increase in the average cost of glass-related claims. As a response, they reviewed their workshop network and ultimately decided to retain Autoglas and Carglass as key partners to reduce windscreen repair costs and promote preventive solutions.

Additionally, Baloise Luxembourg facilitated the creation of MoveMe, an innovative start-up developed in collaboration with the Incubator at the University of Luxembourg. MoveMe simplifies the relocation process for students.

“MoveMe is a bespoke solution that supports students both before and after their arrival in the Grand Duchy by centralising all necessary administrative processes according to the user's profile, nationality, and arrival date,” states the report.

New partnership with RE/MAX Luxembourg

Baloise announced on Tuesday a strategic partnership with RE/MAX Luxembourg, a leading real estate agency, to offer integrated insurance solutions to property buyers, renters, and real estate professionals.

“The launch of this partnership will allow Baloise to capture nearly 10% of the Luxembourg real estate market. Thanks to this collaboration, RE/MAX network clients will benefit from optimised service and tailored insurance solutions, enabling them to access the property they wish to rent or buy more quickly and with peace of mind,” said Laurent Heiles, commercial director at Baloise Luxembourg, in a press release.