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Helvetia hikes dividend as FY'17 profit rises

Swiss insurer Helvetia Holding AG reported full-year 2017 profit attributable to shareholders of CHF405.3 million, up from CHF376.6 million in 2016.

EPS for the year was CHF39.12, compared to CHF36.07 a year earlier.

The group's gross premiums written rose on a yearly basis to CHF8.48 billion from CHF8.40 billion. Net premiums written came in at CHF8.10 billion, compared to the year-ago CHF8.08 billion.

Net earned premiums reached CHF8.04 billion, compared to CHF8.06 billion in 2016. Net benefits to policyholders and claims amounted to approximately CHF7.16 billion, virtually unchanged from a year ago.

The net combined ratio at the nonlife business stood at 91.8% in 2017, compared to 91.6% in 2016, on the back of a "significantly greater burden" from major natural disasters in the specialty markets segment.

Helvetia said its Swiss Solvency Test ratio stood within its target range of 140% to 180% as of the end of June 2017. The group said it will publish a concrete ratio April 30.

The company's board of directors will propose a 2017 dividend of CHF23 per share, representing a roughly 10% increase on the CHF21 per share dividend paid in 2016.