In 2024, Pax Group achieved a profit of 27,0 million francs. Compared to the adjusted previous year's figure of 24,9 million francs, this represents an increase of 8,4 percent, according to figures published on Thursday.

The premium volume in life insurance rose overall by 2,6 percent to 888,7 million francs. In private pension plans, the volume increased by 2,8 percent to 448,4 million francs, and in occupational pension plans by 2,4 percent to 440,3 million francs.

«The Pax Group experienced a very successful financial year in 2024,» said CEO Peter Kappeler. «Despite a challenging year economically and geopolitically, we were able to achieve profitable growth in our core business once again and benefit from the favorable developments in the capital markets.»

Disappointing Performance in Simpego Motor Vehicle Insurance

In addition to profitable growth, gains from the sale of equities also contributed to the result, the report added.

However, the performance of Simpego, the online insurer in which Pax holds a roughly 61 percent stake, remained unsatisfactory. Although other property insurance sectors developed positively, they could not offset the poor performance in motor vehicle insurance.

Various measures were taken in this area, but they did not yet lead to the desired improvement in results in the past year. Other providers also struggled in this sector and implemented or announced premium increases, such as Vaudoise in March.

Asset Management Increases Profit

The subsidiary Pax Asset Management increased its profit. Assets under management amounted to 9,3 billion francs at the end of 2024, up from 8,8 billion francs at the end of 2023. The subsidiary made a «substantial contribution» to the Group’s financial results, according to the company. This contributes to strengthening the earnings structure and reducing interest rate dependency.

For the current year, the insurer is optimistic and aims to continue profitable growth in the private pension segment. In occupational pensions, offerings for medium-sized corporate clients are to be made more attractive, including through further development of tariffs.