Basel, As part of its strategy of focussing on core markets, the Baloise Group is selling its Austrian subsidiary to Helvetia Group for CHF 160 million (EUR 130 million). Representatives of both companies have signed the purchase agreement.
Baloise intends to focus on its core markets, Switzerland, Germany, Belgium and Luxembourg. As part of this strategy, it is selling Basler Versicherungs-Aktiengesellschaft in Austria to Helvetia Group for CHF 160 million. In 2013, Baloise’s Austrian subsidiary achieved a business volume of CHF 167 million.
Helvetia Group is a Swiss insurance company with operations throughout Europe. In Austria, Helvetia is among the leading providers of insurance and pension products.
Dr. Martin Strobel, CEO of the Baloise Group, said: “Going forward, Baloise will focus on the core European markets that account for a significant share of the Group’s success. With this strategic focus, we aim to increase levels of efficiency and profitable growth. Basler Austria has a good earnings power, however, a significant expansion of the business is not possible within a useful timeframe.”
With the sale of the company in Austria, the process of consolidating Baloise’s operations from a country point of view has been completed. The focus is now on increasing growth and profitability.
The transaction, which is expected to be completed within 2014, remains subject to the approval of the supervisory authorities.