Performance

	Total		Personal accident		Health		Motor		Marine, aviation, transport		Property		Casualty		Miscellaneous
CHF millions	2017	2018	2017	2018	2017	2018	2017	2018	2017	2018	2017	2018	2017	2018	2017	2018
Premiums written gross	3 020	1 589	11	21	228	–49	2	–1	360	346	1 148	619	830	130	441	523
Premiums written retroceded	–102	–128							–17	–13	–65	–99	–11	–7	–9	–9
Premiums written net	2 918	1 461	11	21	228	–49	2	–1	343	333	1 083	520	819	123	432	514
Change in unearned premiums gross	–122	338		–3	–4	53		1	51	47	73	255	–32	259	–210	–274
Change in unearned premiums retroceded	2	1								1	–1	1	–1	1	4	–2
Premiums earned	2 798	1 800	11	18	224	4	2		394	381	1 155	776	786	383	226	238
Other reinsurance revenues	2	21							–2	3	–4	7	9	10	–1	1
Total revenues from reinsurance business	2 800	1 821	11	18	224	4	2	0	392	384	1 151	783	795	393	225	239
Claims paid and claim adjustment expenses gross	–1 336	–1 729	–3	–2	–178	–121		–1	–339	–288	–414	–901	–353	–373	–49	–43
Claims paid and claim adjustment expenses retroceded	7	4							7	10						–6
Change in unpaid claims gross	–1 398	54	1	–3	16	73	–2	2	–6	–30	–1 009	122	–360	–86	–38	–24
Change in unpaid claims retroceded	61	152							6	–14	50	151	4	2	1	13
Change in unpaid claims for unit-linked life insurance
Claims incurred	–2 666	–1 519	–2	–5	–162	–48	–2	1	–332	–322	–1 373	–628	–709	–457	–86	–60
Acquisition and operating costs gross	–1 063	–771	–3	–4	–84	33	–1		–133	–142	–442	–317	–282	–204	–118	–137
Acquisition and operating costs retroceded	5	0							1		5				–1
Acquisition and operating costs net	–1 058	–771	–3	–4	–84	33	–1		–132	–142	–437	–317	–282	–204	–119	–137
Other reinsurance expenses	–1	0													–1
Total expenses from reinsurance business	–3 725	–2 290	–5	–9	–246	–15	–3	1	–464	–464	–1 810	–945	–991	–661	–206	–197
Investment income	124	64
Investment expenses	–13	–11
Investment result	111	53
Investment result from unit-linked life insurance
Other financial income	3	4
Other financial expenses	–22	–30
Operating result	–833	–442
Interest expenses on debt and subordinated liabilities	–23	–24
Other income	0	10
Other expenses	–47	–43
Extraordinary income and expenses
Income before income tax expense	–903	–499
Income tax expense	–1	1
Net income	–904	–498

Reinsurance result

The reinsurance result amounted to CHF –410 million in 2018 (including an allocated investment return of CHF 59 million), compared to CHF –870 million in 2017.

Premiums earned decreased by 35.7% to CHF 1 800 million in 2018 (2017: CHF 2 798 million), mainly due to the change of the intra-group retrocession programme with Westport Insurance Corporation, partially offset by higher premiums from Swiss Re International SE driven by the new intra-group quota share agreement for German credit and surety business. Excluding the effects of foreign exchange movements, premiums earned decreased by 35.5%.

Claims and claim adjustment expenses decreased by 46.7% to CHF 1 519 million in 2018 (2017: CHF 2 849 million). The reduction was mainly driven by lower natural-catastrophe losses and a change of the intra-group retrocession programme, partly offset by several large man-made losses. Excluding the effects of foreign exchange movements, claims and claim adjustment expenses decreased by 46.4%.

In 2018, SRCS did not change the equalisation provision. The equalisation provision of CHF 183 million was released in the previous year.

Acquisition costs decreased by 37.6% to CHF 545 million in 2018 (2017: CHF 873 million). The decrease was mainly driven by the change of the intra-group retrocession programme with Westport Insurance Corporation.

Operating costs increased by CHF 41 million to CHF 226 million in the current year (2017: CHF 185 million) due to higher administrative expenses and lower capitalised project costs.

Investment result

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CHF millions	Income	Value readjustment	Realised gains	2018 total
Investment income
Subsidiaries and affiliated companies	2			2
Fixed-income securities	20			20
Equity securities				0
Loans	36			36
Shares in investment funds	1			1
Short-term investments	4			4
Alternative investments				0
Other investments	5			5
Income from investment services	1			1
Investment income	64			64

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CHF millions	Expenses	Value adjustments	Realised losses	2018 total
Investment expenses
Subsidiaries and affiliated companies				0
Fixed-income securities			–3	–3
Equity securities				0
Loans
Shares in investment funds
Short-term investments				0
Alternative investments
Other investments				0
Investment management expenses	–8			–8
Investment expenses	–8		–3	–11

Allocated investment return				–59
Investment result				–6

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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			1
Short-term investments	3			3
Alternative investments
Other investments	4			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
Alternative investments
Other investments				0
Investment management expenses	–12			–12
Investment expenses	–12		–1	–13

Allocated investment return				–55
Investment result				56

Investment result

The net investment result amounted to CHF –6 million, compared to CHF 56 million in the prior year. The decrease in investment income in 2018 was driven by lower dividend income from a subsidiary compared to the prior year.

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Performance

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Reinsurance result

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Investment result

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