Swiss Insurer Mobiliar Had a Good Year

Thu, Apr 4th 2024

Mobiliar shines in 2023 with robust profit growth, fuelled by market recovery and insurance sector expansion.

Mobiliar posted a higher profit in the 2023 financial year than a year ago. This was primarily due to the recovery on the financial markets. The Group also continued to grow in size in the insurance business.

The premium volume climbed by 5.0% to CHF 4.77 billion, as the cooperative group announced on Thursday. Gross premiums grew both in the non-life business (+4.6 percent to 3.74 billion) and in the life business (+6.4 percent to 1.02 billion).

Consolidated profit rose by almost a quarter to CHF 384 million in the reporting year. At CHF 241 million, the financial business contributed more to the result than in the weak stock market year 2022 (CHF 184 million). The return on investment rose by 0.3 points to 1.2%.

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Swiss Mobiliar achieved good results in a challenging environment, explained Group CEO Michèle Rodoni.

The severe summer storms in La Chaux-de-Fonds NE and Ticino had a negative impact. The total costs from natural hazards were therefore above average for the third year in a row at around CHF 147 million.

The Group is still very well capitalised, even though the SST solvency ratio fell to 485% at the beginning of the year after 538% in the previous year.

Mobiliar is allowing customers to share in its success: From July 2024 to June 2025, those with vehicle and business insurance will benefit from a 10% reduction in premiums and travel insurance holders from a 20% reduction.

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