Helvetia Insurance: Emergence of the leading Swiss mortgage administrator Freitag, 25. Oktober 2019 - 07:00
Media release
St.Gallen, 25 October 2019
Emergence of the leading Swiss mortgage administrator
In the mortgage administration field Helvetia Insurance will cooperate in future with finovo, a subsidiary of MoneyPark. The objective is to establish Switzerland’s leading, most efficient mortgage administrator under the finovo brand name.
Helvetia Insurance is taking a further step in the realignment of its mortgage business, handing over its own mortgage administration to finovo. A MoneyPark subsidiary, finovo specializes in mortgage administration for institutional customers. It has developed its own modern IT platform for efficient mortgage administration. Since its formation in 2016, finovo has posted strong growth. It currently handles mortgage business for several large pension funds. Since the beginning of this year, the volume of mortgages administered by finovo has more than doubled.
More major customers to be targeted
Helvetia, MoneyPark and finovo have the joint objective of developing the leading, most efficient distribution and administration partner in the mortgage business for banks, insurers and pension funds in Switzerland. With Helvetia as its first major customer, finovo will manage a mortgage volume of CHF 6 billion and is ideally positioned for new target groups and continuing growth. MoneyPark and finovo are continuing to invest in the expansion of their ultra-modern, integrated IT platform for mortgages in Switzerland. The entire value chain in the mortgage business is being industrialized and for the first time being offered as a one-stop-shop service.
Additional synergies with the MoneyPark group
Mortgages are a central component in the Helvetia investment strategy. Helvetia has been successfully collaborating with MoneyPark on mortgage distribution since April, and with finovo Helvetia is now exploiting all the opportunities and synergies in the MoneyPark group to realign its own mortgage business. Concentrating on each company’s core competencies future-proofs jobs and makes them more attractive.
Attractive prospects for employees
All Helvetia employees in the mortgage administration field are being offered the opportunity to transfer to finovo on comparable terms, to be part of an innovative, growth-oriented company. At the same time these employees will staff the two new finovo branches in Basel and Lausanne, alongside the existing offices in Zurich and Geneva. Nothing will change for Helvetia’s mortgage customers as a result of this development. They will continue to receive personal service.
"The collaboration with MoneyPark and finovo", says André Keller, Chief Investment Officer and member of Group Executive Management at Helvetia, "enables Helvetia to further optimize our mortgage portfolio, exploiting synergies to maximize efficiency." "With mortgages totalling around 18 billion francs completed and under administration", says Stefan A. Heitmann, CEO of MoneyPark and chairman of the finovo Board of Directors, "this collaboration is another milestone on the road to making MoneyPark the number 1 among technology and consultancy companies in Swiss mortgage lending.
This media release is also available on our website www.helvetia.com/media.
For further information please contact:
Analysts Susanne Tengler Head of Investor Relations Phone: +41 58 280 57 79 | Media Jonas Grossniklaus Senior Manager Phone: +41 58 280 50 33 |
About the Helvetia Group
In 160 years, the Helvetia Group has grown from a number of Swiss and foreign insurance companies into a successful international insurance group. Today, Helvetia has subsidiaries in its home market Switzerland as well as in the countries that make up the Europe market area: Germany, Italy, Austria and Spain. With its Specialty Markets market area, Helvetia is also present in France and in selected regions worldwide. Some of its investment and financing activities are managed through subsidiaries and fund companies in Luxembourg. The Group is headquartered in St.Gallen, Switzerland.
Helvetia is active in the life and non-life business, and also offers customised specialty lines and reinsurance cover. Its business activities focus on retail customers as well as small and medium-sized companies and larger corporates. With some 6,600 employees, the company provides services to more than 5 million customers. With a business volume of CHF 9.07 billion, Helvetia generated an IFRS result after tax of CHF 431.0 million in financial year 2018. The registered shares of Helvetia Holding are traded on the SIX Swiss Exchange under the symbol HELN.
About MoneyPark
MoneyPark offers the most advanced mortgage advice in Switzerland with maximum transparency, the widest selection and the best interest rates. With around 80,000 happy customers, MoneyPark is the leading independent mortgage specialist in Switzerland. MoneyPark offers mortgage and pension planning solutions from more than 100 partners, including banks, insurance companies and pension funds. Advice is provided either in one of the more than 25 branches or via telephone. In July 2017, MoneyPark has acquired DL, their counterpart in western Switzerland.
About finovo
finovo enables institutional investors to invest directly in mortgages and offers everything related to mortgage servicing, with a focus on the efficient management of mortgages. Since early 2018, finovo is a 100% subsidiary of MoneyPark.
Cautionary note
This document may contain projections or other forward-looking statements related to Helvetia Group which by their very nature involve inherent risks and uncertainties, both general and specific, and there is a risk that predictions, forecasts, projections and other outcomes described or implied in forward-looking statements will not be achieved. We caution you that a number of important factors could cause results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements. These factors include: (1) changes in general economic conditions, in particular in the markets in which we operate; (2) the performance of financial markets; (3) changes in interest rates; (4) changes in currency exchange rates; (5) changes in laws and regulations, including accounting policies or practices; (6) risks associated with implementing our business strategies; (7) the frequency, magnitude and general development of insured events; (8) mortality and morbidity rates; (9) policy renewal and lapse rates as well as (10), the realisation of economies of scale as well as synergies. We caution you that the foregoing list of important factors is not exhaustive; when evaluating forward-looking statements, you should carefully consider the foregoing factors and other uncertainties. All forward-looking statements are based on information available to Helvetia Group on the date of its publication and Helvetia Group assumes no obligation to update such statements unless otherwise required by applicable law.
