Performance
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|
|
Total |
Life |
Accident, health |
|||
|
CHF millions |
2017 |
2018 |
2017 |
2018 |
2017 |
2018 |
|
Premiums written gross |
740 |
1 410 |
320 |
714 |
420 |
696 |
|
Premiums written retroceded |
–299 |
–881 |
–130 |
–498 |
–169 |
–383 |
|
Premiums written net |
441 |
529 |
190 |
216 |
251 |
313 |
|
Change in unearned premiums gross |
–67 |
0 |
–1 |
|
–66 |
|
|
Change in unearned premiums retroceded |
66 |
0 |
|
|
66 |
|
|
Premiums earned |
440 |
529 |
189 |
216 |
251 |
313 |
|
Other reinsurance revenues |
571 |
514 |
508 |
491 |
63 |
23 |
|
Total revenues from reinsurance business |
1 011 |
1 043 |
697 |
707 |
314 |
336 |
|
Claims paid and claim adjustment expenses gross |
6 667 |
–1 356 |
5 345 |
–827 |
1 322 |
–529 |
|
Claims paid and claim adjustment expenses retroceded |
–1 191 |
675 |
–773 |
409 |
–418 |
266 |
|
Change in unpaid claims and life and health benefits gross |
–7 526 |
–82 |
–5 843 |
22 |
–1 683 |
–104 |
|
Change in unpaid claims and life and health benefits retroceded |
1 305 |
59 |
810 |
–10 |
495 |
69 |
|
Change in unpaid claims for unit-linked life insurance |
|
|
|
|
|
|
|
Claims incurred |
–745 |
–704 |
–461 |
–406 |
–284 |
–298 |
|
Acquisition and operating costs gross |
–124 |
–283 |
–59 |
–159 |
–65 |
–124 |
|
Acquisition and operating costs retroceded |
28 |
128 |
11 |
77 |
17 |
51 |
|
Acquisition and operating costs net |
–96 |
–155 |
–48 |
–82 |
–48 |
–73 |
|
Other reinsurance expenses |
–163 |
–128 |
–92 |
–109 |
–71 |
–19 |
|
Total expenses from reinsurance business |
–1 004 |
–987 |
–601 |
–597 |
–403 |
–390 |
|
Investment income |
1 |
5 |
|
|
|
|
|
Investment expenses |
–3 |
0 |
|
|
|
|
|
Investment result |
–2 |
5 |
|
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|
Investment result from unit-linked life insurance |
|
|
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Other financial income |
0 |
0 |
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|
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Other financial expenses |
0 |
0 |
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Operating result |
5 |
61 |
|
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|
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Interest expenses on debt and subordinated liabilities |
|
|
|
|
|
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Other income |
0 |
|
|
|
|
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Other expenses |
–1 |
–8 |
|
|
|
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Extraordinary income and expenses |
0 |
|
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Income before income tax expense |
4 |
53 |
|
|
|
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Income tax expense |
–1 |
–11 |
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Net income |
3 |
42 |
|
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Reinsurance results
The reinsurance result (revenues minus expenses) amounted to CHF 56 million in 2018, compared to CHF 7 million in 2017. The results in 2018 were mainly driven by the US closed-book performance which included favourable changes in actuarial assumptions and reserving, partly offset by new business strain on the life open-book businesses arising from continued growth.
Premiums earned increased from CHF 440 million in 2017 to CHF 529 million in 2018. The increase was predominantly driven by growth in the open-book businesses including a large medex transaction for iptiQ Life S.A.
Claims and claim adjustment expenses and life and health benefits decreased from CHF ‒745 million in 2017 to CHF ‒704 million in 2018.
The claims and claim adjustment expenses and life and health benefits positions in 2017 were significantly affected by the novation of reinsurance contracts by SRZ and Swiss Re Europe S.A. to SRLC Re and by SRLC Re entering into a new retrocession of significant blocks of US Life Capital business. The effect did not recur in 2018.
Acquisition and operating costs net increased from CHF ‒96 million in 2017 to CHF ‒155 million in 2018, mainly driven by the growth in the open-book life and health insurance businesses.
Investment result
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|
CHF millions |
Income |
Value readjustments |
Realised gains |
2018 total |
|
Investment income |
|
|
|
|
|
Fixed-income securities |
4 |
|
|
4 |
|
Short-term investments |
1 |
|
|
1 |
|
Other investments |
1 |
|
|
1 |
|
Investment income |
5 |
|
|
5 |
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|
CHF millions |
Expenses |
Value readjustments |
Realised losses |
2018 total |
|
Investment expenses |
|
|
|
|
|
Fixed-income securities |
|
|
|
0 |
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Short-term investments |
|
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|
0 |
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Other investments |
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|
0 |
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Investment management expenses |
|
|
|
0 |
|
Investment expenses |
|
|
|
0 |
|
|
|
|
|
|
|
Investment result |
5 |
|
|
5 |
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|
CHF millions |
Income |
Value readjustments |
Realised gains |
2017 total |
|
Investment income |
|
|
|
|
|
Fixed-income securities |
1 |
|
|
1 |
|
Short-term investments |
|
|
|
0 |
|
Other investments |
|
|
|
0 |
|
Investment income |
1 |
|
|
1 |
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|
CHF millions |
Expenses |
Value readjustments |
Realised losses |
2017 total |
|
Investment expenses |
|
|
|
|
|
Fixed-income securities |
|
|
|
|
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Short-term investments |
–2 |
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|
–2 |
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Other investments |
–2 |
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|
–2 |
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Investment management expenses |
–1 |
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|
–1 |
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Investment expenses |
–3 |
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|
–3 |
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Investment result |
–2 |
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|
–2 |
Investments
Investment income increased from CHF ‒2 million in 2017 to CHF 5 million in 2018 largely due to higher interest income on government bonds.