Performance

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Total

Personal accident

Health

Motor

Marine, aviation, transport

Property

Casualty

Miscellaneous

CHF millions

2016

2017

2016

2017

2016

2017

2016

2017

2016

2017

2016

2017

2016

2017

2016

2017

Premiums written gross

2 854

3 020

7

11

234

228

2

2

401

360

1 210

1 148

826

830

174

441

Premiums written retroceded

–114

–102

0

0

0

0

0

0

–25

–17

–71

–65

–14

–11

–4

–9

Premiums written net

2 740

2 918

7

11

234

228

2

2

376

343

1 139

1 083

812

819

170

432

Change in unearned premiums gross

–56

–122

–1

0

–37

–4

0

0

50

51

–12

73

–30

–32

–26

–210

Change in unearned premiums retroceded

0

2

0

0

0

0

0

0

0

0

0

–1

0

–1

0

4

Premiums earned

2 684

2 798

6

11

197

224

2

2

426

394

1 127

1 155

782

786

144

226

Other reinsurance revenues

5

2

0

0

0

0

0

0

0

–2

0

–4

5

9

0

–1

Allocated investment return

44

55

0

0

1

1

0

0

9

9

16

18

17

24

1

3

Total revenues from reinsurance business

2 733

2 855

6

11

198

225

2

2

435

401

1 143

1 169

804

819

145

228

Claims paid and claim adjustment expenses gross

–1 103

–1 519

–8

–3

–100

–178

0

0

–311

–339

–407

–597

–216

–353

–61

–49

Claims paid and claim adjustment expenses retroceded

2

7

0

0

0

0

0

0

2

7

0

0

0

0

0

0

Change in unpaid claims gross

–539

–1 398

–2

1

–56

16

0

–2

34

–6

–82

–1 009

–424

–360

–9

–38

Change in unpaid claims retroceded

18

61

0

0

0

0

0

0

8

6

3

50

7

4

0

1

Life and health benefits net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in equalisation provision

0

183

0

0

0

0

0

0

0

0

0

183

0

0

0

0

Claims incurred

–1 622

–2 666

–10

–2

–156

–162

0

–2

–267

–332

–486

–1 373

–633

–709

–70

–86

Acquisition costs gross

–791

–878

–3

–3

–73

–84

–1

–1

–111

–111

–325

–340

–210

–221

–68

–118

Acquisition costs retroceded

5

5

0

0

0

0

0

0

1

1

2

5

0

0

2

–1

Acquisition costs net

–786

–873

–3

–3

–73

–84

–1

–1

–110

–110

–323

–335

–210

–221

–66

–119

Operating costs

–199

–185

0

0

0

0

0

0

–9

–22

–88

–102

–102

–61

0

0

Other reinsurance expenses

 

–1

0

0

0

0

0

0

0

0

0

0

0

0

0

–1

Reinsurance result

126

–870

–7

6

–31

–21

1

–1

49

–63

246

–641

–141

–172

9

22

Investment income

183

124

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment expenses

–20

–13

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allocated investment return

–44

–55

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment result

119

56

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other financial income

0

3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other financial expenses

–22

–22

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating result

223

–833

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expenses on debt and subordinated liabilities

–23

–23

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income

13

0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other expenses

–22

–47

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Extraordinary income and expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income tax expense

191

–903

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense

–15

–1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

176

–904

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reinsurance result

Reinsurance result amounted to CHF ‒870 million in 2017, compared to CHF 126 million in 2016.

Premiums earned increased 4% to CHF 2798 million in 2017 (2016: CHF 2 684 million), due to general growth mainly in credit & surety and non-life disability, partially offset by lower premiums in marine. Excluding the effects of foreign exchange movements, premiums earned increased by 4%.

Claims and claim adjustment expenses increased by 76% to CHF 2 666 million in 2017 (2016: CHF 1 622 million). The increase was mainly due to several large natural catastrophe losses, partially offset by the release of the equalisation provision (noted below). Excluding the effects of foreign exchange movements, claims and claim adjustment expenses increased by 75%.

In 2017, the Company released the equalisation provision of CHF 183 million. There was no change in 2016.

Acquisition costs increased by 11% to CHF 873 million in 2017 (2016: CHF 786 million). The increase was mainly driven by a new intra-group program with a subsidiary.

Operating costs decreased by CHF 14 million to CHF 185 million in current year (2016: CHF 199 million).

Investment result

Net investment result amounted to CHF 56 million, compared to CHF 119 million in the prior year.

The decrease in investment income in 2017 was driven by lower dividend income from a subsidiary, lower realised gains on the sale of investments and higher allocated investment expenses compared to the prior year.

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CHF millions

Income

Value
readjust­ment

Realised gains

2017 Total

Investment income

 

 

 

 

Subsidiaries and affiliated companies

81

81

Fixed income securities

11

2

1

14

Equity securities

Loans

24

24

Shares in investment funds

1

0

1

Short-term investments

3

0

3

Other investments

4

0

0

4

Income from investment services

1

1

Investment income

121

2

1

124

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CHF millions

Expenses

Value
adjust­ments

Realised losses

2017 Total

Investment expenses

 

 

 

 

Subsidiaries and affiliated companies

Fixed income securities

–1

–1

Equity securities

0

Loans

Shares in investment funds

Short-term investments

0

0

Other investments

0

0

Investment management expenses

–12

–12

Investment expenses

–12

0

–1

–13

 

 

 

 

 

Allocated investment return

 

 

 

–55

Investment result

 

 

 

56

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CHF millions

Income

Value
readjust­ment

Realised gains

2016 Total

Investment income

 

 

 

 

Subsidiaries and affiliated companies

117

117

Fixed income securities

12

4

3

19

Equity securities

Loans

19

19

Shares in investment funds

5

8

10

23

Short-term investments

3

0

3

Other investments

8

8

10

26

Income from investment services

2

2

Investment income

158

12

13

183

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CHF millions

Expenses

Value
adjust­ments

Realised losses

2016 Total

Investment expenses

 

 

 

 

Subsidiaries and affiliated companies

Fixed income securities

–3

–1

–4

Equity securities

–1

–1

Loans

Shares in investment funds

Short-term investments

0

0

Other investments

0

0

Investment management expenses

–15

–15

Investment expenses

–15

–3

–2

–20

 

 

 

 

 

Allocated investment return

 

 

 

–44

Investment result

 

 

 

119