Baloise will complete half of the job cuts in Switzerland
Published: Thursday, Sep 12th 2024, 13:00
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Baloise wants to make its insurance business more profitable in the coming years and is cutting costs to achieve this. The plan is to cut around 250 full-time positions, the majority of them in Switzerland.
"We will cut jobs in all segments and product lines," Group CEO Michael Müller told media representatives and analysts on Thursday, explaining the personnel measures taken as part of the newly launched refocusing strategy. However, the aim is to have to make as few redundancies as possible due to natural departures.
"Around half of the job cuts are likely to take place in Switzerland," Müller continued in an interview with the news agency AWP. There will also be reductions in Basel in particular, where the Group has its headquarters. The Group employs around 8,000 people in total, around half of whom work in Switzerland.
Combined Ratio verbessern
With the cost measures, Baloise aims to keep the important cost/claims ratio in non-life insurance below the 90 percent mark over the next three years. This will not be possible in the current year due to the numerous severe storms in June, as Chief Financial Officer Carsten Stolz explained. "We are expecting a figure of between 91 and 94% for the year as a whole." If the figure is below the 100 percent mark, the business will be operationally profitable.
Storms also hit Switzerland in the second half of the year, putting a strain on the balance sheet. However, these were far less severe than in the first half of the year, said Stolz. Meanwhile, in foreign units such as Germany and Belgium, the costs from natural disasters in the current year were at a comparatively low level.
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