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 table | Download |
|
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 table | Download |
|
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 |