Basel, 5 November 2024. Baloise Bank Ltd will be under new management from 1 January 2025. At his own request, Jürg Ritz is handing over the CEO baton to Thomas Schöb. Thomas Schöb, who has a degree in physics from ETH Zurich, was previously in charge of investment strategy at Baloise and subsequently the group life business, among other roles. He then became Head of Claims on the Executive Committee at Baloise in Switzerland.
“In Thomas, we have gained a financial expert with a proven track record for the role of CEO of Baloise Bank Ltd. He has the optimum combination of insurance, finance and pensions knowledge along with an excellent internal and external network, which will allow him to forge ahead with the continued expansion of our unique insurance and banking business model. On behalf of the Executive Committee and the Board of Directors, I would like to thank Jürg Ritz for his dedication and hard work over the years. Under his leadership, the model was successfully implemented and the structures for further expansion in Switzerland were put in place. We wish him all the best for the next chapter of his life,” says Clemens Markstein, CEO Baloise in Switzerland. “The effectiveness of our insurance sales activities continues to grow. Sales volumes in the first six months of 2024 were 64 per cent higher than in the first half of the previous year. Over the past three years, the insurance sales organisation has brokered investments of more than CHF 500 million and mortgages in excess of CHF 500 million. Last year, we entered into over 12,000 new individual life contracts and currently manage 5,000-plus asset management mandates, with assets under management of more than CHF 3 billion.”
Thomas Schöb (born in Switzerland in 1975) has been Head of Customer Service and a member of the Executive Committee of the Corporate Division Switzerland since 1 August 2023. Thomas Schöb has a degree in physics from ETH Zurich. He also holds financial analyst and asset manager diplomas, is a Certified International Investment Analyst (CIIA) and has an Executive MBA from the Universities of Rochester and Bern. Thomas joined Baloise as a risk manager in 2002 before moving to the Corporate Division Asset Management in 2005, where he spent eight years as Head of Investment Strategy & Investment Controlling. Next, he became Head of Product Management for group life business before being appointed Head of Claims and joining the Executive Committee of Baloise in Switzerland. He will take up his post as CEO of Baloise Bank Ltd on 1 January 2025. Jürg Ritz will spend a transition year as a senior consultant, supporting Thomas Schöb with his expertise before retiring. On 1 January 2025, the Customer Service division currently headed up by Thomas Schöb will be taken over by Patric Olivier Zbinden, who is a member of the Executive Committee of Baloise in Switzerland and is in charge of the Business Clients division at present. A successor for this role is currently being recruited. We will provide further details once this process is complete.
In Switzerland, Baloise’s combined business model covers the unused market demand for end-to-end financial advice. Baloise uses its bank to unlock the potential offered by its 240,000 high-net-worth insurance customers. As at the end of 2023, Baloise managed 20,000-plus mortgages with a total value of more than CHF 11 billion and had a market-leading customer reinvestment rate for expiring life insurance policies of 30 per cent.
During the investor update on 12 September, Baloise reiterated its commitment to the business model combining insurance and banking services and offering optimum support for its customers, but also set out clear targets for improvement. These include lowering the cost/income ratio, which is currently too high, by at least 7 percentage points to at least 55 per cent by 2027 and more than tripling cash remittance to over CHF 25 million. This will be used to maintain Baloise’s attractive shareholder policy.
“Thanks to his experience, Thomas Schöb has the tools needed to implement Baloise Bank Ltd’s ambitious targets. His appointment strengthens the bank’s insurance expertise, enabling us to unlock even more of the potential offered by the combination of insurance and banking. Thomas Schöb will drive the efficiency and effectiveness of our insurance and banking business model and generate significant growth through our 29 branches in Switzerland,” states Clemens Markstein.
About Baloise
The focus is firmly on the future at Baloise. We aim to make tomorrow more straightforward, safer and more carefree for our customers, and we are taking responsibility for this today. Baloise is more than just a traditional insurance company. Through our smart finance and insurance solutions, we offer a complete service package. Dependable support, reliable cooperation and trust-based relationships are key aspects of our stakeholder interaction. We take care of financial matters so that our customers can concentrate on the important things in their lives and can find inspiration in the everyday. Baloise, a European company founded more than 160 years ago, currently employs 8,000 people at its headquarters in Basel (Switzerland) and across its subsidiaries in Belgium, Germany and Luxembourg. Our services generated a business volume of around CHF 8.6 billion in 2023. Baloise Holding Ltd shares (BALN) are listed on the SIX Swiss Exchange.
