Performance

Download

 

Total

CHF millions

2017

2018

Premiums written gross

173

173

Premiums written retroceded

–157

–156

Premiums written net

16

17

Change in unearned premiums gross

–19

–8

Change in unearned premiums retroceded

17

7

Premiums earned

14

16

Other re/insurance revenues

 

 

Total revenues from re/insurance business

14

16

Claims paid and claim adjustment expenses gross

–9

–10

Claims paid and claim adjustment expenses retroceded

8

9

Change in unpaid claims gross

–108

–172

Change in unpaid claims retroceded

97

160

Change in unpaid claims for unit-linked life insurance

 

 

Claims incurred

–12

–13

Acquisition and operating costs gross

–55

–47

Acquisition and operating costs retroceded

58

45

Acquisition and operating costs net

3

–2

Other re/insurance expenses

–2

–4

Total expenses from re/insurance business

–11

–19

Investment income

3

3

Investment expenses

 

 

Investment result

3

3

Investment result from unit-linked life insurance

 

 

Other financial income

 

 

Other financial expenses

 

–1

Operating result

6

–1

Interest expenses on debt and subordinated liabilities

 

 

Other income

 

 

Other expenses

 

 

Extraordinary income and expenses

 

 

Income before income tax expense

6

–1

Income tax expense

–1

 

Net income

5

–1

Enlarge tableDownload

 

Total

Direct inland business

Direct foreign business

 

Personal accident

Health

Motor

Transport

Fire, natural-catastrophe, property

General liability

Miscellaneous

Total

CHF millions

2017

2018

2017

2018

2017

2018

2017

2018

2017

2018

2017

2018

2017

2018

2017

2018

2017

2018

Premiums written gross

172

172

 

 

 

 

 

 

3

4

7

12

7

7

12

14

143

135

Premiums written retroceded

–155

–155

 

 

 

 

 

 

–3

–3

–6

–11

–6

–6

–11

–12

–129

–123

Premiums written net

17

17

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in unearned premiums gross

–19

–8

 

 

 

 

 

 

 

 

 

–1

 

 

–6

–1

–13

–6

Change in unearned premiums retroceded

17

7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

17

7

Premiums earned

15

16

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other re/insurance revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenues from re/insurance business

15

16

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Claims paid and claim adjustment expenses gross

–10

–10

 

 

 

 

 

 

–1

–2

–1

–1

–2

–1

1

 

–7

–6

Claims paid and claim adjustment expenses retroceded

8

9

 

 

 

 

 

 

3

4

4

3

1

2

 

 

 

 

Change in unpaid claims gross

–104

–133

 

 

 

 

 

 

 

–1

–2

–1

 

–3

–1

–2

–101

–126

Change in unpaid claims retroceded

87

145

 

 

 

 

 

 

2

1

9

3

 

 

1

1

75

140

Change in unpaid claims for unit-linked life insurance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Claims incurred

–19

11

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acquisition and operating costs gross

–55

–47

 

 

 

 

 

 

–1

–1

–1

–1

 

 

–1

–3

–52

–42

Acquisition and operating costs retroceded

58

45

 

 

 

 

 

 

 

 

 

 

 

 

 

 

58

45

Acquisition and operating costs net

3

–2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other re/insurance expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total expenses from re/insurance business

–16

9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Enlarge tableDownload

 

Total

Indirect business

 

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

1

1

 

 

 

 

 

 

 

 

1

1

 

 

 

 

Premiums written retroceded

–2

–1

 

 

 

 

 

 

 

 

–1

–1

 

 

–1

 

Premiums written net

–1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in unearned premiums gross

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in unearned premiums retroceded

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Premiums earned

–1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other re/insurance revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenues from re/insurance business

–1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Claims paid and claim adjustment expenses gross

1

 

 

 

 

 

 

 

 

 

 

 

1

 

 

 

Claims paid and claim adjustment expenses retroceded

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in unpaid claims gross

–4

–39

 

 

 

 

 

 

 

 

–3

1

–1

–40

 

 

Change in unpaid claims retroceded

10

15

 

 

 

 

 

 

 

 

1

 

8

15

1

 

Change in unpaid claims for unit-linked life insurance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Claims incurred

7

–24

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acquisition and operating costs gross

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acquisition and operating costs retroceded

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acquisition and operating costs net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other re/insurance expenses

–2

–4

 

 

 

 

 

 

 

 

 

 

–2

–4

 

 

Total expenses from re/insurance business

5

–28

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Re/insurance result

Technical result amounted to a loss of CHF –2.9 million in 2018, compared to a gain of CHF 3.4 million in 2017.

Premiums earned increased by CHF 1.2 million to CHF 15.9 million in 2018, mainly due to change in unearned premiums of CHF 1.1 million, resulting from an increase in volume in US business.

Claims incurred increased by CHF –1.4 million to CHF –13.0 million in 2018. The increase was mainly driven by losses from US business.

As for the prior year, SRI SE Zurich branch left the equalisation provision unchanged.

Operating costs decreased by CHF 9.9 million to CHF –30.9 million, mainly due to a change in the cost recharge model resulting in lower recharges from Swiss Re Corporate Solutions.

Investment result

Download

CHF thousands

Income

Value readjustments

Realised gains

2018 total

Investment income

 

 

 

 

Fixed-income securities

1 143

 

34

1 177

Other investments (Short-term investments)

2 085

 

10

2 095

Investment income

3 228

 

44

3 272

Download

 

Expenses

Value adjustments

Realised losses

2018 total

Investment expenses

 

 

 

 

Fixed-income securities

 

 

–110

–110

Investment management expenses

–322

 

 

–322

Other investments (Short-term investments)

 

 

–36

–36

Investment expenses

–322

 

–146

–468

 

 

 

 

 

Investment result

2 906

 

–102

2 804

Download

CHF thousands

Income

Value readjustments

Realised gains

2017 total

Investment income

 

 

 

 

Fixed-income securities

2 409

 

 

2 409

Other investments (Short-term investments)

542

 

10

552

Investment income

2 951

 

10

2 961

Download

 

Expenses

Value adjustments

Realised losses

2017 total

Investment expenses

 

 

 

 

Fixed-income securities

 

 

 

 

Investment management expenses

–167

 

 

–167

Other investments (Short-term investments)

 

 

–5

–5

Investment expenses

–167

 

–5

–172

 

 

 

 

 

Investment result

2 784

 

5

2 789

Net investment result remained unchanged at CHF 2.8 million in 2018 compared to the prior year. Investment income increased, mainly due to higher income from short-term investments, which was offset by an increase in investment expenses, due to higher investment management expenses and realised losses from fixed-income securities.

Change in capital and retained earnings

Download

CHF thousands

Current account with branch’s head office

Retained earnings brought forward

Net result

Total

Beginning balance 1.1.2017

16 351

–275

–5 853

10 223

Allocation to retained earnings

 

–5 853

5 853

0

Capital contribution

 

 

 

 

Capital withdrawal

 

 

 

 

Increase of payables

5 217

 

 

5 217

Reversal of FX impact on 2017 capital contribution

–908

 

 

–908

Net loss for financial year

 

 

5 217

5 217

Net capital and retained earnings 31.12.2017

20 660

–6 128

5 217

19 749

Beginning balance 1.1.2018

20 660

–6 128

5 217

19 749

Allocation to retained earnings

 

5 217

–5 217

0

Capital contribution

42 000

 

 

42 000

Capital withdrawal

 

 

 

 

Decrease of payables

–3 044

 

 

–3 044

Net income for financial year

 

 

–1 194

–1 194

Net capital and retained earnings 31.12.2018

59 616

–911

–1 194

57 511