ANNUAL REPORT 2022
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 2022. 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 2022 SERV Annual Report is available in English, French and German. The German PDF version is authoritative.
Introduction
Financial Highlights
New Commitment
3 296
CHF M
Income from INSURANCE
132
CHF M
Proportion of SMEs in the Client Base
76
%
Jobs secured
21 000
INDEMNITY PAYMENTS
55
CHF M
Economic Viability
60
CHF M
The surplus cover in the economic viability calculation amounted to CHF 60 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
8 315
CHF m
|
Obligation in CHF million |
|
31.12.2022 |
|
31.12.2021 |
|
Framework of obligation |
|
14 000 |
|
14 000 |
|
Insurance obligations |
|
10 174 |
|
9 924 |
|
|
|
|
|
|
|
Current exposure in CHF million |
|
31.12.2022 |
|
31.12.2021 |
|
Commitment : insurance policies (IP) |
|
8 315 |
|
7 089 |
|
Insurance commitments in principle (ICP) |
|
1 859 |
|
2 835 |
|
Exposure |
|
10 174 |
|
9 924 |
|
|
|
|
|
|
|
New exposure in CHF million |
|
2022 |
|
2021 |
|
New commitment : insurance policies (IP) |
|
3 296 |
|
1 933 |
|
Insurance commitments in principle (ICP) |
|
1 434 |
|
2 714 |
|
|
|
|
|
|
|
Balance sheet in CHF million |
|
31.12.2022 |
|
31.12.2021 |
|
Cash in hand & at bank and cash investments |
|
3 187 |
|
3 036 |
|
Claims from losses and restructuring |
|
176 |
|
203 |
|
Credit balances from debt rescheduling agreements |
|
95 |
|
118 |
|
Unearned premiums and provisions |
|
585 |
|
524 |
|
Capital |
|
2 879 |
|
2 832 |
|
|
|
|
|
|
|
Income statement in CHF million |
|
2022 |
|
2021 |
|
Earned premiums |
|
121 |
|
79 |
|
Interest income from debt rescheduling agreements |
|
10 |
|
11 |
|
Loss expenses |
|
– 97 |
|
6 |
|
Debt rescheduling results |
|
15 |
|
12 |
|
Profit / loss on insurance |
|
49 |
|
108 |
|
Personnel expenses |
|
– 17 |
|
– 15 |
|
Non-personnel expenses |
|
– 8 |
|
– 9 |
|
Financial income |
|
1 |
|
– |
|
Other income |
|
4 |
|
4 |
|
Operating profit / loss |
|
29 |
|
88 |
|
Interest income from cash investments |
|
17 |
|
– |
|
Net income (NI) |
|
47 |
|
88 |
|
|
|
|
|
|
|
Number of employees * |
|
|
|
|
|
Number |
|
79 |
|
78 |
|
Full-time equivalents |
|
72.2 |
|
71.1 |
|
Average number of full-time equivalents by year |
|
72.5 |
|
70.7 |
*Including IT project employees
Highlights
Successes in the Pathfinding Initiative
SERV’s Pathfinding Initiative, which was launched in 2019, is bearing fruit: in 2022, SERV insured three projects under the initiative with a total order value of CHF 175.0 million. Around 30 Swiss SMEs are participating in these projects as sub-contractors, some of whom are exporting for the first time.
21 000 jobs
SERV conducted an analysis of its direct and indirect employment effects in 2022. This shows that SERV instruments secure up to 21 000 jobs, that half of the transactions it insures would not take place without SERV cover and that every insured Swiss franc creates around 0.5 Swiss francs in exports.
