Groupe Mutuel Holding

Activity Report 2022


The year 2022 leaves behind a strange aftertaste for Groupe Mutuel. Bittersweet, but also sweet and sour. A taste that is difficult to describe. In short, mixed results for a year of contrasts.

But let us start with the best part. For the first time in years, we have achieved commercial success, since no more than 67,500 new customers have joined us for basic insurance. Therefore, we are delighted to have exceeded one million insured persons for compulsory health insurance. “This is excellent news”, said Karin Perraudin, President of the Board of Groupe Mutuel. This success marks the renewal of Groupe Mutuel, as reflected in particular by the new brand launched in March 2022, which is greatly appreciated, especially in the Swiss-German part of Switzerland”, continued Thomas Boyer, CEO of Groupe Mutuel. ”These excellent business results are confirmation of the transformation and strategy implemented over the last few years”, said Karin Perraudin. ”But one must remain humble and cautious. The Swiss health system is of high quality, but its financing is very uncertain”, she added.

This success owes nothing to chance. It is not an accident, as the late football icon Pelé would say.

Yet, at the same time, the financial losses are significant. They are essentially due to the collapse of the financial markets combined with a further sharp rise in health costs: + 6,3% in 2021 and + 3% in 2022.

These two factors have significantly affected the finances of Groupe Mutuel. Its investment performance has fallen by around 10%. This decline in the markets can be explained in particular by the war in Ukraine and the return of inflation. For the first time since the 1970s, all asset categories without exception (equities, bonds, real estate) have suffered heavy losses at the same time and to the same extent. This is unprecedented and is further reinforced by the uncertainties over energy and commodity prices. Inflation is surging and central banks have no choice but to raise interest rates to try to contain inflation.

This extraordinary state of affairs is not just affecting Groupe Mutuel, but the entire economy and financial markets. “Unfortunately, the financial markets, which were down sharply in 2022, and the rise in health costs have resulted in a consolidated loss of CHF 487 million”, said Thomas Boyer.

"Success does not come by accident."

The great satisfaction of having returned to strong business growth is therefore somewhat tarnished by the financial results.

But let us take a look back at 2022, a year of many contrasts.

“This commercial success in all sectors is confirmation of our new sales strategy that is bearing fruit and of which we are proud”, said Thomas Boyer, CEO of Groupe Mutuel.

For Groupe Mutuel, the 2022 business year is a true success. The increase in turnover applies to all sectors of the company.

“For basic insurance, Groupe Mutuel can pride itself on having attracted over 67,500 new insured persons. This success is a confirmation of our new sales strategy, confirmed Thomas Boyer. We also reaped the benefits of having launched new insurance products that have clearly met the market’s expectations. In basic insurance, our new alternative model PrimaFlex has been a great commercial success.”

In terms of private insurance (LCA/VVG), all indicators are also encouraging since our new Premium insurance, for example, was also successfully launched and has attracted many new insured persons. The turnover for supplemental insurance has increased significantly.

Business activities for life insurance sector also continued to grow and achieved a stable performance in a tense market.

For five years now, corporate insurance and occupational benefits insurance have been performing extremely well. “In five years, turnover for these activities hasincreased by 35%”, enthused Thomas Boyer.

For Karin Perraudin, growth in this sector “is also a sign that our intended diversification strategy has been successful. In an increasingly competitive market and with a very volatile economy, it is essential to continue to seek and find new outlets in order to maintain jobs and consolidate the financial strength of Groupe Mutuel.”

The economic situation we have been experiencing for the past year has inevitably had an impact on the business of insurance companies in Switzerland. It is also clearly more difficult for many players in the Swiss healthcare system, such as hospitals and nursing staff, as well as for the supply of hundreds of medicines. Not to mention the finances of health insurance companies, which are suffering because of the sharp rise in health costs.

There is no shortage of challenges. But there is no need to overreact: “For equities and bonds for example, financial losses remain fictitious losses, since, as long as one does not sell, one does not lose. However, if the current situation were to continue, then more serious problems could arise”, said Thomas Boyer, CEO of Groupe Mutuel.

This is why, in the face of these uncertainties and market volatility, it is more important than ever for Groupe Mutuel to continue its transformation efforts. “We are clearly on the right track”, said Karin Perraudin. But we must not let up. Only together will all the players in the system have a chance of finding solutions to stop the increase in costs. It will be difficult for us to bring them down. However, if we can work collectively to stop the cost of healthcare from spiralling out of control, this would be a huge victory for premium payers", explained Karin Perraudin.

The challenges that lie ahead are numerous. Groupe Mutuel is undergoing a transformation, but the improvements in customer service are not yet finished and there is still room for improvement. This transformation is ongoing thanks to the strong commitment of all our employees. "I would like to extend my warmest thanks and congratulations to all the employees who achieved such impressive results in 2022 at the service of our insured persons. Thank you for your loyalty and for all the work you have achieved”, concluded Karin Perraudin.

Karin Perraudin

Thomas Boyer

Read more Reduce

Key figures

Groupe Mutuel Holding SA


Number of new clients acquired as of 01.01.2023. The one million mark in the number of insured persons for compulsory health insurance (AOS/OKP) has been passed once again.

Health private customers

A stable financial year
The turnover in the Health sector amounted to CHF 5.243 billion (5.234 billion in 2021). However, this stable result conceals another reality. The technical losses are significant, as the premiums collected do not cover the invoices to be paid.

Turnover under LAMal/KVG
The gross premium volume for compulsory health insurance (LAMal/KVG) levelled at CHF 4.115 billion (4.165 in 2021). The volume of gross premiums under LAMal/KVG fell slightly to CHF 4.115 billion (4.165 billion in 2021). The insurance underwriting result reached CHF -163 million (-5 million in 2021). The operating result for LAMal/KVG insurance is CHF -242 million (2021: CHF -100 million).

Private supplemental insurance (LCA/VVG)
Growth in turnover of CHF 66.8 million for supplemental insurance. However, the private supplemental insurances offered by Groupe Mutuel Assurances GMA SA will end the 2022 financial year with a loss of CHF 123.2 million (compared with a gain of CHF 19 million in 2021).

Efficient cost-tracking measures
Invoice verification reduced costs by 9.2%, with savings of CHF 539 million.

7%: strong increase in health costs between 2020 and 2021
In 2021, the observed increase in healthcare costs was 6.3%, with a catch-up effect from 2020, the year marked by COVID-19. Our estimates for 2022 are around 3%, as of the end of February 2023, i.e. with around 95% of 2022 invoices accounted for. The fears voiced in recent years are unfortunately coming true.

Number of persons insured with basic insurance (AOS/OKP)
Groupe Mutuel's business year 2022 ended on a positive note. As a result, the number of persons insured with basic insurance (AOS/OKP) was 1,007,500 as of 1 January 2023, compared with 940,000 in 2022, representing a net gain of 67,500 insured persons.

Individual pension provision

The new product VariaInvest is a great success
The new VariaInvest savings insurance, launched in July 2022, was very well received by our sales network and customers. What attracted customers to VariaInvest was its high degree of flexibility, which allows us to support and optimise our clients' savings objectives. In just a few months, VariaInvest has become our star product. Thanks to the new VariaInvest savings solution, we have been able to increase the number of new business deals by 4%.

After more than a decade of low interest rates, the rise in interest rates in 2022 was spectacular and will remain a key feature of the year. In a difficult economic environment, we were able to keep our gross premium volume stable and Groupe Mutuel Vie GMV SA therefore ended the year with a loss of CHF -17 million due to the sharp decline in investment results.

Rising interest rates and the return of inflation in a difficult economic context will ultimately lead customers to revert to insurance products with a higher guarantee. With the different possibilities offered by the new VariaInvest savings product, Groupe Mutuel Vie is able to offer its customers secure savings solutions while maintaining attractive return prospects. Groupe Mutuel Vie also intends to continue to invest in the development of its distribution network.

Health insurance for companies and occupational pension benefits

Further significant progress
Very strong growth of more than 35% in five years in the corporate sector, both for health insurance and occupational pension benefits. The Corporate sector continued to grow with over 28,000 insured companies, of which 1,000 new companies in 2022. This sector remains Groupe Mutuel's second largest business sector in terms of revenue, ahead of supplemental private insurance (LCA/VVG). Once again, this sector reported a sharp rise in overall turnover, up by CHF 71 million to CHF 828 million, compared with 757 million in 2021.

Success for Groupe Mutuel Prévoyance-GMP and further consolidation with Opsion
Groupe Mutuel Prévoyance-GMP also performed very well, with 2,802 affiliated companies and over 27,000 insured persons. The total LPP/BVG balance sheet is over CHF 2.5 billion for a coverage ratio of 105.2%. In a very difficult stock market environment, the foundation is therefore able to meet its commitments and still has a safety margin. Despite the particularly difficult market environment, the rate of return on LPP/BVG pension assets was set at 1.5% for 2023, which is once again above the statutory level.

Since 2021, Opsion Collective Foundation has allowed us to offer the full range of pension products, thereby strengthening our presence in the market.

Close to our corporate clients
Our corporate culture allows us to respond quickly and pragmatically. In addition, thanks to a human dimension and size, our services are more accessible and our managers and dedicated partners are able to remain perfectly attentive to a company’s needs. The strong increase in the number of corporate clients in recent years reflects their trust in the quality of our work.

Prevention and health in the workplace
Our different specialists for the management of cases of incapacity for work, absences and corporate health, who represent over 150 experts and specialists, are at the disposal of companies to ensure that all parties involved (employee, employer, insurer) are able to benefit from win-win situations. Our Corporate Health Management concept (CHM) provides the framework and toolbox to ensure that all corporate health matters are managed in the best possible way.


Groupe Mutuel is organised in the form of a holding company. The companies that make up the holding company are active in a number of insurance fields, such as health and pension provision, both for private individuals and companies. Groupe Mutuel Holding SA is wholly owned by Fondation Groupe Mutuel, a non-profit foundation. The Foundation supports the well-being of people in Switzerland, as well as health promotion and prevention measures, through a number of activities.

Structure of Groupe Mutuel

Structure of Groupe Mutuel

Organisational chart of Groupe Mutuel

Organisational chart of Groupe Mutuel
Groupe Mutuel Rapport 2022

Rue des Cèdres 5 Case postale, 1919 Martigny    |    +41 0848.803.111