Performance
The Company was created in 2016 and this first reporting cycle covers an extended reporting period from 16 August 2016 to 31 December 2017. There is therefore no comparison of financial results to prior year in the following tables.
Download |
|
Total |
Life |
Accident & Health |
|||
CHF millions |
2016 |
2017 |
2016 |
2017 |
2016 |
2017 |
Premiums written gross |
|
740 |
|
320 |
|
420 |
Premiums written retroceded |
|
–299 |
|
–130 |
|
–169 |
Premiums written net |
|
441 |
|
190 |
|
251 |
Change in unearned premiums gross |
|
–67 |
|
–1 |
|
–66 |
Change in unearned premiums retroceded |
|
66 |
|
|
|
66 |
Premiums earned |
|
440 |
|
189 |
|
251 |
Other reinsurance revenues |
|
571 |
|
508 |
|
63 |
Allocated investment return |
|
|
|
|
|
|
Total revenues from reinsurance business |
|
1 011 |
|
697 |
|
314 |
Claims paid and claim adjustment expenses gross |
|
6 667 |
|
5 345 |
|
1 322 |
Claims paid and claim adjustment expenses retroceded |
|
–1 191 |
|
–773 |
|
–418 |
Change in unpaid claims gross |
|
–1 618 |
|
–326 |
|
–1 292 |
Change in unpaid claims retroceded |
|
388 |
|
137 |
|
251 |
Life and health benefits net |
|
–4 991 |
|
–4 844 |
|
–147 |
Change in equalisation provision |
|
|
|
|
|
|
Claims incurred |
|
–745 |
|
–461 |
|
–284 |
Acquisition costs gross |
|
–124 |
|
–59 |
|
–65 |
Acquisition costs retroceded |
|
28 |
|
11 |
|
17 |
Acquisition costs net |
|
–96 |
|
–48 |
|
–48 |
Operating costs |
|
0 |
|
0 |
|
0 |
Other reinsurance expenses |
|
–163 |
|
–92 |
|
–71 |
Reinsurance result |
|
7 |
|
96 |
|
–89 |
Investment income |
|
1 |
|
|
|
|
Investment expenses |
|
–3 |
|
|
|
|
Allocated investment return |
|
|
|
|
|
|
Investment result |
|
–2 |
|
|
|
|
Other financial income |
|
0 |
|
|
|
|
Other financial expenses |
|
0 |
|
|
|
|
Operating result |
|
5 |
|
|
|
|
Interest expenses on debt and subordinated liabilities |
|
|
|
|
|
|
Other income |
|
0 |
|
|
|
|
Other expenses |
|
–1 |
|
|
|
|
Extraordinary income and expenses |
|
|
|
|
|
|
Income before income tax expense |
|
4 |
|
|
|
|
Income tax expense |
|
–1 |
|
|
|
|
Net income |
|
3 |
|
|
|
|
Reinsurance results
Net income for the period from incorporation on 16 August 2016 until 31 December 2017 amounted to CHF 3 million and was mainly driven by:
- Change in valuation of assets under Swiss statutory from the lower of amortised cost and market value at the start of the year, to amortised cost CHF 33 million
- Unfavourable Cresta blocks Disability Income (DI) termination assumption changes CHF –36 million
- Changes to the Cresta blocks expense reserving CHF –22 million
- iptiQ Life S.A. CHF –38 million
Investment result
Download |
CHF millions |
Income |
Value |
Realised gains |
2017 Total |
Investment income |
|
|
|
|
Fixed income securities |
1 |
|
|
1 |
Short-term investments |
|
|
0 |
0 |
Other investments |
|
|
0 |
0 |
Investment income |
1 |
|
0 |
1 |
Download |
CHF millions |
Expenses |
Value |
Realised losses |
2017 Total |
Investment expenses |
|
|
|
|
Short-term investments |
-2 |
|
0 |
-2 |
Other investments |
-2 |
|
0 |
-2 |
Investment management expenses |
-1 |
|
|
-1 |
Investment expenses |
-3 |
|
0 |
-3 |
|
|
|
|
|
Investment result |
-2 |
|
0 |
-2 |
Investments
Loans are carried at nominal value. Value adjustments are recorded where the expected recovery value is lower than the nominal value.
Short-term investments contain investments with an original duration between three months and one year. Such investments are generally held until maturity and are maintained at their amortised cost values.