Following 20 years of successful cooperation, Helvetia and Raiffeisen have decided to terminate their exclusive distribution partnership by mutual consent. This will enable Helvetia and Raiffeisen to flexibly pursue their own strategic goals independently of each other. Raiffeisen Switzerland issued a call for tender for a distribution partner in the first half of 2019.
The partnership between Helvetia and Raiffeisen dates back to 1999. During this time, both companies have developed successfully: Raiffeisen has become a systemically relevant Swiss banking group, Helvetia a leading Swiss all-line insurer in Switzerland with a strong second pillar in Europe. With its many years of experience in bancassurance in safeguarding residential property, investments and pensions, Helvetia aims to tap into other business areas as technological change gathers pace and to drive the development of its ecosystems. The insurer will therefore work on establishing more targeted digital channels to achieve innovation and cooperative ventures.
The decision has no influence on current customer relationships involving Helvetia and Raiffeisen. Helvetia will continue to ensure professional and needs-oriented customer management. In 2019, Helvetia generated business volume mainly in the Swiss individual life business in the mid two-digit millions through the Raiffeisen distribution channels, which corresponds to just under ten percent of the new business in this area. The resulting contribution to earnings had only a minor effect in the low-single digit millions on the profit of Helvetia in 2019.
This media release is also available on our website www.helvetia.ch/media.