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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

in CHF million, as at 31 December

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

SERV received the TXF “Top Performing ECA” award

TXF presents annual awards for notable achievements and transactions in the export finance industry. In 2022, SERV received the TXF “Top Performing ECA” award.

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.

Good overall satisfaction rating

SERV received a score of 4.3 out of 5 in its 2022 customer satisfaction survey. 94 per cent of respondents also said that SERV met their needs.

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