ANNUAL REPORT 2023
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 2023. 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 2023 SERV Annual Report is available in English, French and German. The German PDF version is authoritative.
Introduction
Financial Highlights
New Commitment
2 641
CHF M
Income from INSURANCE
188
CHF M
Proportion of SMEs in the Client Base
81
%
LOSS EXPENSES
222
CHF M
Economic Viability
112
CHF M
The surplus cover in the economic viability calculation amounted to CHF 112 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
COMMITMENT
7892
CHF m
|
Obligation in CHF million |
|
31.12.2023 |
|
31.12.2022 |
|
Framework of obligation |
|
14 000 |
|
14 000 |
|
Insurance obligations |
|
9 674 |
|
10 174 |
|
|
|
|
|
|
|
Current exposure in CHF million |
|
31.12.2023 |
|
31.12.2022 |
|
Commitment : insurance policies (IP) |
|
7 892 |
|
8 315 |
|
Insurance commitments in principle (ICP) |
|
1 782 |
|
1 859 |
|
Exposure |
|
9 674 |
|
10 174 |
|
|
|
|
|
|
|
New exposure in CHF million |
|
2023 |
|
2022 |
|
New commitment : insurance policies (IP) |
|
2 641 |
|
3 296 |
|
Insurance commitments in principle (ICP) |
|
1 791 |
|
1 434 |
|
|
|
|
|
|
|
Balance sheet in CHF million |
|
31.12.2023 |
|
31.12.2022 |
|
Cash in hand & at bank and cash investments |
|
3 252 |
|
3 187 |
|
Claims from losses and restructuring |
|
149 |
|
176 |
|
Credit balances from debt rescheduling agreements |
|
86 |
|
95 |
|
Unearned premiums and provisions |
|
654 |
|
585 |
|
Capital |
|
2 892 |
|
2 879 |
|
|
|
|
|
|
|
Income statement in CHF million |
|
2023 |
|
2022 |
|
Earned premiums |
|
171 |
|
121 |
|
Interest income from debt rescheduling agreements |
|
18 |
|
10 |
|
Loss expenses |
|
– 222 |
|
– 97 |
|
Debt rescheduling results |
|
27 |
|
15 |
|
Profit / loss on insurance |
|
– 8 |
|
49 |
|
Personnel expenses |
|
– 17 |
|
– 17 |
|
Non-personnel expenses |
|
– 13 |
|
– 8 |
|
Financial income |
|
11 |
|
1 |
|
Other income |
|
7 |
|
4 |
|
Operating profit / loss |
|
– 20 |
|
29 |
|
Interest income from cash investments |
|
34 |
|
17 |
|
Net income (NI) |
|
13 |
|
47 |
|
|
|
|
|
|
|
Number of employees * |
|
|
|
|
|
Number |
|
86 |
|
79 |
|
Full-time equivalents |
|
79.8 |
|
72.2 |
|
Average number of full-time equivalents by year |
|
79.4 |
|
72.5 |
*Including IT project employees
Highlights
Launched in 2019, SERV’s Pathfinding Strategy is once again bearing fruit: in 2023, SERV insured three projects in Senegal, Benin and Ivory Coast via its Pathfinding Strategy, as a result of which more than 30 exporters, for the most part SMEs, were awarded subcontracts.
IT project completed
In November, SERV successfully completed its IT project. The aim of the two-year project was to modernise the technical and functional aspects of the core applications used in its insurance business. SERV now has the necessary prerequisites to consistently implement its digital strategy.
OECD regulatory framework modernised
Following intensive discussions, the 2023 revision of the OECD Arrangement can be considered a milestone. During the negotiations, which took several years, SERV advocated simplified rules that offer greater flexibility. The associated sector understanding (“CCSU”) also allows more climate-friendly projects to benefit from the increased flexibility.
