ANNUAL REPORT 2020
Swiss Export Risk Insurance SERV is an institution under public law with the status of an independent legal entity under the Swiss Confederation. It is independent in its organisation and management and conducts its own accounts (Art. 3 SERVG). In accordance with Art. 24 SERVG, the SERV Board of Directors (BoD) prepares the financial statements as well as the annual report and publishes these following the approval by the Federal Council. This annual report focuses on information relating to the course of business in 2020. It consists of the management report, statements on corporate governance, the financial report and the financial statements with notes. The complete annual report (incl. financial statements) can be consulted in the PDF version. All background information – namely regarding the general business policy, the risk policy and risk management, sustainability, loss and claims management, as well as international cooperation – is available on the website serv-ch.com.
The 2020 SERV Annual Report is available in English, French and German. The German PDF version is authoritative.
Introduction
Financial Highlights
New Commitment
2 580
CHF m
Profit / loss on insurance
91
CHF m
Proportion of SMEs in the Client Base
77
%
Framework of Obligation
16
CHF bn
Loss Expenses
168
CHF m
Economic Viability
34
CHF m
The surplus cover in the economic viability calculation amounted to CHF 34 million.
COMMITMENT
Commitment by industry
in CHF million, as at 31 December
Commitment BY oecd COUNTRY RISK CATEGORY
in CHF million, as at 31 December
7 301
CHF m
|
Obligation in CHF m |
|
31.12.2020 |
|
31.12.2019 |
|
Framework of obligation |
|
16 000 |
|
16 000 |
|
Insurance obligations |
|
11 671 |
|
11 588 |
|
|
|
|
|
|
|
Current exposure in CHF m |
|
31.12.2020 |
|
31.12.2019 |
|
Commitment : insurance policies (IP) |
|
7 301 |
|
7 109 |
|
ECA reinsurances taken into account |
|
– 269 |
|
– 297 |
|
Insurance commitments in principle (ICP) |
|
1 670 |
|
1 664 |
|
Exposure |
|
8 971 |
|
8 773 |
|
|
|
|
|
|
|
New exposure in CHF m |
|
2020 |
|
2019 |
|
New commitment : insurance policies (IP) |
|
2 580 |
|
2 173 |
|
Insurance commitments in principle (ICP) |
|
1 222 |
|
1 404 |
|
|
|
|
|
|
|
Balance sheet in CHF m |
|
31.12.2020 |
|
31.12.2019 |
|
Cash in hand & at bank and cash investments |
|
3 002 |
|
2 989 |
|
Claims from losses and restructuring |
|
196 |
|
188 |
|
Credit balances from debt rescheduling agreements |
|
128 |
|
146 |
|
Unearned premiums and provisions |
|
611 |
|
529 |
|
Capital |
|
2 744 |
|
2 826 |
|
|
|
|
|
|
|
Income statement in CHF m |
|
2020 |
|
2019 |
|
Earned premiums |
|
90 |
|
69 |
|
Interest income from debt rescheduling agreements |
|
1 |
|
15 |
|
Loss expenses |
|
– 168 |
|
– 55 |
|
Debt rescheduling results |
|
12 |
|
42 |
|
Profit / loss on insurance |
|
– 65 |
|
71 |
|
Personnel expenses |
|
– 13 |
|
– 12 |
|
Non-personnel expenses |
|
– 7 |
|
– 5 |
|
Financial income |
|
– |
|
1 |
|
Other income |
|
3 |
|
– |
|
Operating profit / loss |
|
– 82 |
|
55 |
|
Interest income from cash investments |
|
– |
|
– |
|
Net income (NI) |
|
– 82 |
|
55 |
|
|
|
|
|
|
|
Number of employees |
|
|
|
|
|
Number |
|
70 |
|
62 |
|
Full-time equivalents |
|
62.9 |
|
56.5 |
|
Average number of full-time equivalents by year |
|
58.5 |
|
52.8 |
Milestones
April 2020
SERV supports Swiss exporters during the COVID-19 pandemic
On 17 April, Swiss Export Risk Insurance SERV takes measures to support the Swiss export industry due to the economic impact of the COVID-19 pandemic. To this end, it temporarily sets aside its subsidiarity rules for certain operations and simplifies its internal processes to enable it to process transactions more rapidly. On 1 September, SERV also relaxes its content requirements and raises its cover ratios for certain products.
June 2020
Awards for Europe’s largest energy-from-waste plant
SERV wins two awards for a deal in Turkey. It receives the “Environmental Enhancement ECA-backed Deal of the Year” award from TXF and is featured in Global Trade Review’s “Best Deal of the Year” category. The deal is for the construction of Europe’s largest energy-from-waste plant, which will convert up to 1 million tonnes of waste per year into around 70 MW of electrical energy for feeding into the city of Istanbul’s grid.
October 2020
SERV’s Lausanne office celebrates its ten-year anniversary
SERV celebrates the tenth anniversary of its Lausanne office, which was set up by Dominique Aubert and has since been advising exporters in French-speaking Switzerland in their region. The office was opened on 5 October 2010 with an official opening ceremony at the Olympic Museum. The aim was to better support exporters from French-speaking Switzerland. SERV succeeded in its aim and will continue to uphold its commitment to ensuring that companies in French-speaking Switzerland have a reliable export promotion tool at their disposal.