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Annual Report 2008 Annual Report 2008 Annual Report Helvetia Group Annual Report 2008 Annual Report 2008 WorldReginfo - 635b87c9-63ba-4ccb-ade4-0e03b6e2ccb4 Contents Part 1 Important dates About Helvetia Group 2 17 April 2009 At a glance 5 Ordinary Shareholders‘ Meeting in St. Gallen The financial year 2008 6 3 September 2009 Group strategy 10 Publication of half-year financial results for 2009 Group structure 13 16 March 2010 Interview with Erich Walser Financial results for 2009: and Stefan Loacker 14 analysts‘ and media conference Board of Directors 18 16 April 2010 Executive Management 24 Ordinary Shareholders‘ Meeting in St. Gallen Corporate governance 30 2 September 2010 Spotlight 46 Publication of half-year financial results for 2010 Human resources management 50 Group results 54 Embedded value 59 Investment business 62 Market performance 66 Investor information 82 Environment and society 86 Part 2 Financial statements 89 Glossary 204 Additional information Important addresses 208 Historical overview 210 Multi-year overview 211 Contact details Helvetia Group Investor Relations P.O. Box CH-9001 St. Gallen Phone +41 58 280 56 04 Fax +41 58 280 55 89 www.helvetia.com [email protected] WorldReginfo - 635b87c9-63ba-4ccb-ade4-0e03b6e2ccb4 About Helvetia Group In the past 150 years, Helvetia Group has grown into a successful insurance group that operates across Europe in the life, non-life and reinsurance segments. The Group is headquartered in St. Gallen in Switzerland. In its everyday business operations, the Group‘s focus is on developing modern and efficient insurance solutions and on building a relationship of trust with its customers. With approximately 4,600 employees, Helvetia provides services to more than two million customers in six European countries. The Group operates through its branch offices and subsidiaries in Switzerland, Germany, Austria, Spain, Italy and France, and is active in the assumed reinsurance segment worldwide. With a total business volume of approximately CHF 5.7 billion, the Group posted a net profit of CHF 230.5 million in the past financial year. The Helvetia Holding registered share is part of the Swiss Performance Index (SPI) and is traded on the SIX Swiss Exchange under the symbol HELN. WorldReginfo - 635b87c9-63ba-4ccb-ade4-0e03b6e2ccb4 About the pictures “Strong partners”. This is the theme for the photos used in this year’s Annual Report. Competence, confidence and continuity are prerequisites for a successful partnership. For more than 150 years, the relationship of trust with our customers has taken centre stage in our daily work. 13 corporate and private customers from our different country markets give us an insight into their Helvetia. WorldReginfo - 635b87c9-63ba-4ccb-ade4-0e03b6e2ccb4 Mario Caccia Owner “I have been insured privately with Helvetia for many years now. I have always valued professionalism and competence in my busi- ness partners. I believe that both my company and my children who help me run it should now benefit from this long-term relationship of trust.” Vetreria Beffa SA Vetreria Beffa SA, Losone (CH), creates sheet glass in different designs that is primarily used in internal and external architecture. WorldReginfo - 635b87c9-63ba-4ccb-ade4-0e03b6e2ccb4 At a glance 5 At a glance Key share data Helvetia Holding AG 2008 2007 Change Profit (in CHF million) Group profit for the period per share in CHF 26.9 46.7 –42.5% 400 Consolidated equity per share in CHF 323.2 332.1 –2.7% 350 300 Year-end price of Helvetia registered share in CHF 228.9 407.0 –43.8% 250 Market capitalisation at year-end price in CHF million 1 980.6 3 521.7 –43.8% 200 150 Price/earnings ratio 8.5 8.7 100 50 Dividend per share1 in CHF 13.50 15.00 –10.0% 0 Number of shares issued 8 652 875 8 652 875 2008 2007 1 Based on the proposal made at the Shareholders’ Meeting Equity (in CHF million) Key data in CHF million 2008 2007 Change Income statement 2500 Business volume 5 712.3 5 505.2 3.8% 2000 – of which gross premiums life 3 067.0 2 893.9 6.0% 1500 – of which gross premiums non-life 2 560.3 2 595.0 –1.3% 1000 – of which deposits from investment contracts 85.0 16.3 422.8% 500 Profit from investments 72.0 1 040.0 –93.1% 0 Profit before tax 295.6 505.5 –41.5% 2008 2007 – of which life –7.7 190.6 – Business volume (in CHF million) – of which non-life 350.2 286.5 22.2% – of which other –46.9 28.4 – 5000 Group profit for the period after tax 230.5 402.0 –42.7% 4000 3000 Investments 30 759.1 29 381.5 4.7% 2000 Reserves for insurance and investment contracts (net) 25 754.4 25 924.7 –0.7% 1000 Consolidated equity 2 773.7 2 850.6 –2.7% 0 Return on equity in per cent 8.2% 14.4% 2008 2007 Key figures Dividend per share (in CHF) Life in CHF million 2008 2007 Change 15 14 Embedded value total 2 037.2 2 223.8 –8.4% 13 12 – of which value of new business 30.0 32.3 –7.1% 11 10 9 8 Non-life in per cent 2008 2007 7 6 5 Funding ratio 134.9% 152.3% 4 3 2 Combined ratio (gross) 88.2% 94.9% 1 0 Combined ratio (net) 89.9% 94.5% 2008 2007 Proposal to Shareholders‘ Meeting Investments in per cent 2008 2007 Direct yield 3.3% 3.3% Employees Investment performance 0.9% 2.4% 4000 Employees 2008 2007 Change 3000 Helvetia Group total 4 591 4 607 –0.3% 2000 – of which in Switzerland 2 235 2 262 –1.2% 1000 Switzerland 0 Other 2008 2007 countries Helvetia Annual Report 2008 WorldReginfo - 635b87c9-63ba-4ccb-ade4-0e03b6e2ccb4 The financial year 6 The financial year 2008 Ladies and Gentlemen Helvetia Group posted a profit of CHF 230.5 mil- lion for the 2008 financial year. In a year that was overshadowed by a worldwide financial market crisis, the company generated an excellent operating result in its core business and an invest- ment result that was quite satisfactory in the current difficult environment. The equity base remained stable. Healthy growth and excellent operational result In the life business, premium volume and deposits from investment contracts rose from CHF 2,910.2 million to CHF 3,152.0 million. This gives us an excellent currency-adjusted growth rate of 9.4 per cent. Growth was mainly generated in the domes- tic market Switzerland – driven above all by increased sales of unit-linked life insurance – and in Spain. Another important contribution came from the acquisition of “Chiara Vita” in Italy, which led to an increase in deposits from investment contracts of CHF 16.3 million to CHF 85.0 million. Due to the difficult conditions in the investment business, however, the life insurance segment made a negative contribution of CHF 7.7 million to the Group result. The good growth of 2.6 per cent (in original currency) posted in direct non-life business was supported by positive contributions from all country markets. Including the reinsurance busi- ness, where we do not have any premium targets, the growth rate was 1.5 per cent (in original currency). The excellent net combined ratio once again confirmed that the quality of the portfolio remains very good. Supported by a good claims experience and effective cost control measures, the net combined ratio came in at 89.9 per cent. The non-life business reported pleasing results with a profit of CHF 350.2 million thanks to the excellent technical result and good premium growth in spite Helvetia Annual Report 2008 WorldReginfo - 635b87c9-63ba-4ccb-ade4-0e03b6e2ccb4 The financial year 7 of the difficult competitive environment. In addition Attractive dividend to the technical result, the earnings statement also The strong capital base, solid risk profile and benefited from a one-off contribution of CHF 196.9 excellent, broad-based technical result enables the million resulting from the review of the reserve company to request the Shareholders’ Meeting to loadings carried out in the first half of the year. approve an attractive dividend of CHF 13.50 per Helvetia Group thus once again produced a share even in these uncertain times. This equals convincing healthy insurance result. Business in the the dividend that was paid out in the year before reporting year was shaped by pleasing organic the anniversary year. This proposal will be submit- growth boosted by productive sales channels, ted to the Shareholders’ Meeting taking into con- supplemented by suitable acquisitions, and sideration the interests of the shareholders and supported by an efficiency and cost-conscious Helvetia’s intention to maintain its strong capital approach. As a result, the Group generated very base and stable solvency situation, and affirms good technical results in a very challenging and Helvetia’s ambition to generate sustainable added turbulent market environment in 2008. value. Persistently strong capital position Strategy of profitable growth confirmed and solid risk profile The excellent operating result in 2008 confirms that The investment result was significantly impacted Helvetia is on the right path with its strategy of prof- in 2008 by the dramatic developments on the itable growth. The Group managed to generate capital markets. However, our conservative invest- healthy organic growth in both the life and non-life ment strategy, the level of diversification and the segments. The traditionally excellent quality of high quality of the investments in our portfolio Helvetia’s portfolio was consistently protected. stood the test of these difficult times. Helvetia Some acquisitions were made to strengthen Group successfully cushioned the impact of the Helvetia’s position in specific markets and to open rapidly deteriorating global investment markets on up new sales channels, for example in Italy where its portfolio with comprehensive and consistent the purchase of “Chiara Vita” gave the Group hedging measures.
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