Corporate news announcement processed and transmitted by Hugin ASA.
The issuer is solely responsible for the content of this 
announcement. 
----------------------------------------------------------------------
--------------    
With 50% higher profits of CHF 67.0 million (2007: CHF 44.6 million),
the Nationale Suisse Group can report a very good semi-annual result.
This was due to operational improvements in insurance business and a
high investment return relative to its peers, despite the adverse
market environment. The performance of non-life business was also
encouraging, with a combined ratio of 97.8%, a 4.4 percentage point
improvement over the same period last year.



Despite slowing economic growth, rising inflation and a fierce price
war in the Swiss insurance market, the Nationale Suisse Group once
again posted a record profit in the first half of its 2008
anniversary year thanks to solid underwriting results and investment
income.

Premium development influenced by special factors

The non-life insurance segment reported gross premiums of CHF 685.1
million in the period under review, down 11.7% on the first half of
2007. This is primarily attributable to the sale of the Group's
French subsidiary in September of 2007, the premiums of which were
still fully included in the 2007 semi-annual accounts. Adjusted for
this effect and for the influence of currency fluctuations (euro),
premiums showed an increase of 0.2% (2007: 2.3%).

Gross premiums in life insurance amounted to CHF 322.4 million in the
first half of 2008 (2007: CHF 380.1 million). This 15.2% contraction
needs to be viewed in the context of the CHF 80 million single
premium that was recognised in the first half of 2007 as a result of
the increase in quotas in Swiss occupational pension association
business. Adjusted for the influence of this factor and for currency
fluctuations, premium growth was more than 7%.

The Group's overall premium volume declined by 12.9% in the period
under review. Excluding the deconsolidation effect of the sale of the
French unit, currency fluctuations and the influence of the
above-mentioned single premium from the previous year, growth was
around 2.5%.

Substantial improvement in non-life result; life business influenced
by weak capital markets.

The underwriting result for non-life business was up strongly
year-on-year to CHF 61.4 million (2007: CHF 32.5 million). The
combined ratio came to 97.8%, which is 4.4 percentage points higher
than the 102.2% attained in the first half of 2007.

The decline in the underwriting result for life business to CHF 10.7
million (2007: CHF 17.1 million) is attributable to the sharp drop in
the investment income allocation. As investment income has a major
influence on underwriting profit in life business, the lower
half-year result also reflects the conditions prevailing in the
capital markets in the period under review. Nevertheless, the life
segment continues to make a sound contribution to the Group result,
with favourable claims experience in the domestic market in
particular continuing to have a positive influence on the Group's
overall profit from life business.

Good level of investment income in an adverse market environment

Including currency losses and after offsetting interest costs
included in total investment expense, net investment income came to
CHF 142.8 million (2007: CHF 190.7 million), which translates into an
annualised investment return of 4.5% (2007: 5.7%). This decisive
contribution from investments to the Group results is due not least
to the broad diversification of the investment portfolio and the
consistently active management of our holdings.

Solid return on a lower equity base

The annualised return on equity amounted to 23.5% (2007: 13.5%). Here
it must be noted that the Group's equity capital remains low due to
the large quantity of treasury shares held. Equity capital before
deduction of minority interests declined by CHF 25.4 million to CHF
566.3 million in the first half of 2008.

Outlook and medium-term goals

The interim result opens up encouraging perspectives for Nationale
Suisse's 2008 full-year result; nevertheless, given the ongoing
adverse market environment the Group has a challenging year ahead. In
view of market conditions that are far from conducive to growth,
Nationale Suisse sees opportunities mainly in clearly defined niche
businesses in keeping with its declared strategy.

Nationale Suisse's goals for its 2010 annual result are to raise
gross premiums to some CHF 1 900 million, keep the combined ratio
below 98% and to increase its return on sales in life business to
above 4.5%.



Brief profile
Nationale Suisse is an innovative,     The headquarters of Swiss
international Swiss insurer providing  National Insurance Company is
first-rate risk and pension solutions  in Basel. Nationale Suisse is
and tailored niche products. The Group listed on the SWX Swiss
has gross premiums of CHF 1.87         Exchange (NATN). On 30 June
billion, one third of which come from  2008 the Group employed 1,847
their subsidiaries in Germany,         persons (1,728 FTEs).
Belgium, Italy and Spain.

Downloads                              Disclaimer
You can access this media release on   Swiss National Insurance
our website www.nationalesuisse.ch     Company wishes to point out
under Medien/Medienmitteilung.         that any forward-looking
                                       statements in this report are
                                       based on projections,
                                       estimates and assumptions. The
                                       influence of uncertain and
                                       unforeseeable circumstances
                                       and certain risks may mean
                                       that actual performance
                                       deviates significantly from
                                       our expectations.

Information
Cornelia Frei                          Nationale Suisse
Media relations                        Steinengraben 41
Tel.           +41 61 275 23 72        4003 Basel
Fax           +41 61 275 22 21         www.nationalesuisse.ch
cornelia.frei@nationalesuisse.ch

Important dates
Publication of Annual Report           01.04.2009
Media conference to announce financial 01.04.2009
results at Hotel Park Hyatt, Zurich
Financial analysts' conference at      01.04.2009
Hotel Park Hyatt, Zurich
Annual General Meeting                 18.05.2009


 
--- End of Message ---

Nationale Suisse
Steinengraben 41 Basel 

WKN: 1081197; ISIN: 
CH0010811971; Index: SMCI, SPI, SPIEX;
Listed: Main Market in SWX Swiss Exchange;
http://hugin.info/100296/R/1251440/272086.pdf


Copyright © Hugin AS 2008. All rights reserved.