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.
Download |
CHF millions |
Income |
Value |
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 |
Download |
CHF millions |
Expenses |
Value |
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 |
Download |
CHF millions |
Income |
Value |
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 |
Download |
CHF millions |
Expenses |
Value |
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 |