97 - Nicolas Mucherl: How Kooperativa Invests 80 Billion CZK. From Bonds to Real Estate and Art

In this episode of Investories, we take a closer look at how Czechia’s largest insurance company manages and invests billions of crowns. Together, we explore Kooperativa’s investment strategy, its approach to risk management, and how regulatory requirements shape investment decisions across government bonds, equities, real estate, and alternative assets.

Our guest is Nicolas Mucherl, CFO of Kooperativa and ČPP, who also oversees Kooperativa’s asset management. Together, the two insurance companies invest nearly CZK 80 billion of their own capital, alongside another CZK 14 billion managed for clients through unit-linked insurance products. We discuss how this portfolio is structured, why Czech government bonds account for more than half of its assets, and how investment decisions are influenced by Solvency II regulations, currency exposure, and capital requirements.

We also explore Kooperativa’s approach to equities and real estate, including its perspective on the Czech housing market as both an insurer and an investor. Nicolas shares his insights into the returns insurance companies target in today's interest rate environment, how Vienna Insurance Group manages political risks in markets such as Türkiye and Hungary, and what the acquisition of Nürnberger means for its Czech operations. We also discuss changing customer preferences, particularly the growing demand for ETFs instead of traditional guaranteed-return insurance products.

Finally, we turn to one of the most unusual parts of Kooperativa’s portfolio: an art collection valued at approximately CZK 290 million. Is it primarily an investment, a marketing tool, or something entirely different?

This episode offers a unique behind-the-scenes look at institutional asset management and reveals how one of Czechia’s largest financial institutions balances returns, risk, regulation, and long-term investment opportunities.