Baloise’s major shareholder Cevian considers measures insufficient
Published: Thursday, Sep 12th 2024, 17:40
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Baloise's major shareholder Cevian Capital is dissatisfied with the insurance group's new strategy presented on Thursday. In a statement issued on Thursday evening, Cevian partner Robert Schuchna described the measures as "insufficient".
"For Baloise to become a first-class Swiss insurance company, it needs real focus and real ambition," said the Cevian partner. "The measures announced today are inadequate on both counts." According to media reports, the Swedish investment company, which holds a 9.4 percent stake in the Basel-based insurance company, had previously called on management to focus more strongly on returns and distributions.
Together with its half-year figures, Baloise presented a refocusing strategy on Thursday and set itself new targets. For example, it is aiming for a return on equity of 12 to 15 percent by 2027. As part of the new program, around 250 of the 7300 full-time positions across the Group are also to be cut, half of them in Switzerland.
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