ANNUAL REPORT 2021
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 2021. 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 2021 SERV Annual Report is available in English, French and German. The German PDF version is authoritative.
Introduction
Financial Highlights
New Commitment
1 933
CHF M
Profit / loss on insurance
90
CHF M
Proportion of SMEs in the Client Base
78
%
NUMBER OF FULL-TIME EQUIVALENTS
64
(CORE ORGANISATION)
of which 48% women and 52% men.
INDEMNITY PAYMENTS
109
CHF M
Economic Viability
18
CHF M
The surplus cover in the economic viability calculation amounted to CHF 18 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
7 089
CHF m
|
Obligation in CHF million ** |
|
31.12.2021 |
|
31.12.2020 |
|
Framework of obligation |
|
14 000 |
|
16 000 |
|
Insurance obligations |
|
9 924 |
|
11 671 |
|
|
|
|
|
|
|
Current exposure in CHF million |
|
31.12.2021 |
|
31.12.2020 |
|
Commitment : insurance policies (IP) |
|
7 089 |
|
7 301 |
|
Insurance commitments in principle (ICP) |
|
2 835 |
|
1 670 |
|
Exposure |
|
9 924 |
|
8 971 |
|
|
|
|
|
|
|
New exposure in CHF million |
|
2021 |
|
2020 |
|
New commitment : insurance policies (IP) |
|
1 933 |
|
2 580 |
|
Insurance commitments in principle (ICP) |
|
2 714 |
|
1 222 |
|
|
|
|
|
|
|
Balance sheet in CHF million |
|
31.12.2021 |
|
31.12.2020 |
|
Cash in hand & at bank and cash investments |
|
3 036 |
|
3 002 |
|
Claims from losses and restructuring |
|
203 |
|
196 |
|
Credit balances from debt rescheduling agreements |
|
118 |
|
128 |
|
Unearned premiums and provisions |
|
524 |
|
611 |
|
Capital |
|
2 832 |
|
2 744 |
|
|
|
|
|
|
|
Income statement in CHF million |
|
2021 |
|
2020 |
|
Earned premiums |
|
79 |
|
90 |
|
Interest income from debt rescheduling agreements |
|
11 |
|
1 |
|
Loss expenses |
|
6 |
|
– 168 |
|
Debt rescheduling results |
|
12 |
|
12 |
|
Profit / loss on insurance |
|
108 |
|
– 65 |
|
Personnel expenses |
|
– 15 |
|
– 13 |
|
Non-personnel expenses |
|
– 9 |
|
– 7 |
|
Financial income |
|
– |
|
– |
|
Other income |
|
4 |
|
3 |
|
Operating profit / loss |
|
88 |
|
– 82 |
|
Interest income from cash investments |
|
– |
|
– |
|
Net income (NI) |
|
88 |
|
– 82 |
|
|
|
|
|
|
|
Number of employees ** |
|
|
|
|
|
Number |
|
78 |
|
70 |
|
Full-time equivalents |
|
71.1 |
|
62.9 |
|
Average number of full-time equivalents by year |
|
70.7 |
|
58.5 |
*Recalculation of the insurance obligation: With the Federal Council decision of 31 March 2021, the calculation of the insurance obligation was aligned with that of the exposure calculation from this date; the insurance obligations therefore correspond to the exposure as of this date. In the comparison period, the insurance obligation was calculated on the basis of the total of the maximum loan amount multiplied by the cover ratio for all insurance policies and guarantees granted plus 75 per cent of the cover amount of the insurance commitments in principle (ICPs) (including the insured interest over the total repayment period in both cases) plus a surcharge for insurance policies in foreign currency. If the insurance liability as at 31 December 2020 had been calculated based on the method applicable from 31 March 2021, an insurance obligation of CHF 8.918 billion (decrease of CHF 2.753 billion) would have been reported as at 31 December 2020.
**Including TRS project employees
MILESTONES
April 2021
Federal Council boosts access to foreign infrastructure projects
The Federal Council gives the Swiss economy better access to foreign infrastructure projects. This decision goes hand in hand with SERV’s Pathfinding Initiative. As part of the federal government’s initiative, individual organisations in the Swiss export landscape, in particular SERV, Switzerland Global Enterprise (S-GE), Swissmem, Swissrail and specialised federal agencies, are enhancing their collaboration and operating as “Team Switzerland” abroad – with the objective of boosting their joint presence internationally and making it easier for Swiss SMEs to supply such projects.
April 2021
SERV continues to support Swiss exporters during the COVID-19 pandemic in 2021
Swiss Export Risk Insurance SERV extends its measures to support the Swiss export industry due to the economic impact of the COVID-19 pandemic. SERV first adopted these measures on 17 April 2020 and has extended some of them several times. As part of these measures, SERV is temporarily lifting the subsidiarity rules, simplifying its internal processes to process transactions more rapidly, relaxing its Swiss content requirements and increasing its cover ratios for some products.
June 2021
SERV launches a climate strategy
SERV’s climate strategy will support the Swiss export industry in addressing climate change and incorporating the issue into its business operations. The three cornerstones of the strategy include the handling of SERV’s own greenhouse gas emissions, integrating climate risks into business operations and SERV’s contribution to decarbonising the economy.