Mobiliar wants to continue to grow with a focus on its core business
Published: Thursday, Apr 4th 2024, 15:30
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In 2023, Mobiliar once again grew faster than the Swiss insurance market and now has a slightly larger slice of the market pie in its hands. In future, the cooperatively organized insurer intends to pay even more attention to expanding its core business.
"We want to continue to grow profitably in our core business of insurance and pensions," said Mobiliar CEO Michèle Rodoni at the annual results media conference in Bern on Thursday. At the beginning of March, the Group announced that it would be closing the business development innovation unit, distributing the approximately ten employees among the operating units and focusing on the core business.
However, this does not mean that innovation, digital projects or participation in innovative platforms no longer have a place at Mobiliar, emphasized Rodoni. Rather, innovation remains an integral part of the business model, for example in processes, systems and products as well as in maintaining customer relationships.
Bexio stays with Mobiliar
Mobiliar had already previously sold its stake in the accounting software company Klara, which is now owned by Swiss Post. And last December, a majority stake in the rental platform Flatfox was transferred to the Swiss Marketplace Group (SMG), in which Mobiliar holds a stake alongside Ringier and the TX Group.
The sale of other companies such as Bexio, which specializes in SME software solutions, or the start-up platform Foundera is not an issue, Rodoni made clear. As long as the companies have the prospect of making a profit and offer a benefit to the core business, they are in good hands with Mobiliar. "With Bexio, we have reached a point in terms of profitability where we are satisfied."
The cooperation with the Raiffeisen Group for the sale of insurance, pension and banking services at the start of 2021 is also developing satisfactorily. It is working very well locally in Mobiliar agencies and Raiffeisen branches, explained Patric Deflorin, Head of Market Management.
Profit significantly increased
Mobiliar already grew profitably in 2023: the premium volume climbed by 5.0 percent to CHF 4.77 billion, with both the non-life (+4.6 percent) and life business (+6.4 percent) growing. According to the information provided, mobility and household insurance as well as savings products for private pensions were in very high demand.
In property insurance, the Group remains the leader in the Swiss market with a slightly higher market share of 30.3% compared to the previous year, and it also defended its top position in legal protection (market share: 29.4%) with its subsidiary Protekta. Rodoni sees catch-up potential in personal insurance (14.4%), where growth is being targeted primarily with accident insurance and less with daily sickness benefits insurance.
Group profit rose by almost a quarter to CHF 384 million in the reporting year. This was primarily due to the better performance on the financial markets: At CHF 241 million, the financial business contributed considerably more to the result than had been the case in the weak stock market year 2022 (CHF 184 million). At the same time, severe weather once again had a significant negative impact on the account, at around 147 million.
With an SST solvency ratio of 485 percent, Mobiliar remains well capitalized. This is a high priority for cooperatives. Meanwhile, almost CHF 190 million is being distributed to customers in the form of premium reductions for vehicle, business and travel insurance.
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