The move aligns with Baloise’s strategic refocusing efforts and aims to optimize its portfolio.

While the specific purchase price remains undisclosed, Baloise anticipates a one-time negative impact on earnings of approximately CHF 75 million.

Founded in 2017, FRIDAY has garnered significant attention and funding, amassing around $127 million. Operating primarily in Germany and France, the company has successfully built a customer base of over 250,000.

Allianz Direct will acquire FRIDAY’s existing business, encompassing a total premium volume of approximately $57 million. The FRIDAY brand and operations will be phased out.

 Baloise CEO Michael Müller: “We no longer believe that we are the best owners to take the digital insurer forward. Economic conditions have changed and the German and French markets for digital insurance are highly competitive. Although FRIDAY has built up a high level of market recognition, we believe that there are too few opportunities for us to achieve profitable growth with FRIDAY in the current environment.”