ZURICH (Bloomberg) — Baloise Holding AG, a Swiss insurer, said second-half profit rose 60 percent as it made more money from investments and paid less for natural catastrophe claims.Net income climbed to 286.8 million Swiss francs ($236 million) from 179.6 million francs a year earlier, the Basel, Switzerland-based bank said yesterday. Gross premiums fell 0.1 percent to 2.9 billion francs.

Baloise joins rivals including Zurich Financial Services AG in reporting higher profit after fewer natural catastrophes in Switzerland, Germany and Austria, its main markets.

The shares fell after the company, headed by Frank Schnewlin, reported lower premiums and said it aims to grow “in line” with the market.

“We have the impression that the group is reaching the limits of operational improvements and that growth prospects are rather limited,” said Marc Effgen, an analyst at Helvea in London. He rates the shares as “neutral”.

The insurer said it will seek shareholder approval to raise its cash dividend 73 percent to 3.8 francs. It also plans to cancel 2.4 percent of outstanding shares it bought back.

Full-year net income attributable to shareholders rose 76 percent to 699 million francs, a record that beat the 674 million-franc median estimate of six analysts.