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.

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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:

  1. 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
  2. Unfavourable Cresta blocks Disability Income (DI) termination assumption changes CHF –36 million
  3. Changes to the Cresta blocks expense reserving CHF –22 million 
  4. iptiQ Life S.A. CHF –38 million

Investment result

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CHF millions

Income

Value
readjust­ments

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

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CHF millions

Expenses

Value
readjust­ments

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.