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Financial Report 2020

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Financial Report 2020 Helvetia Group helvetia.com Financial report 2020. Preprint Key figures. 2020 2019 Change in CHF million in Group currency Business volume Gross premiums life 3 996.7 4 539.2 – 12.0 % Deposits received life 286.6 239.4 19.7 % Gross premiums non-life 5 430.3 4 675.5 16.1 % Business volume 9 713.6 9 454.1 2.7 % Key performance figures Result life 167.1 224.4 – 25.5 % Result non-life 258.5 398.5 – 35.1 % Result other activities – 143.9 – 84.8 – 69.9 % Group profit for the period after tax 281.7 538.1 – 47.7 % Investment result 1 027.2 1 876.5 – 45.3 % of which investment result from Group financial assets and investment property 840.6 1 402.7 – 40.1 % Key balance sheet figures Consolidated equity (without preferred securities) 6 400.3 5 834.1 9.7 % Provisions for insurance and investment contracts (net) 51 571.7 46 194.2 11.6 % Investments 60 570.9 54 524.7 11.1 % of which Group financial assets and investment property 55 674.7 50 227.8 10.8 % Ratios Return on equity1 4.2 % 9.3 % Reserve to premium ratio non-life 149.3 % 145.3 % Combined ratio (gross) 94.1 % 90.4 % Combined ratio (net) 94.0 % 92.3 % New business margin 2.6 % 2.9 % Direct yield 1.7 % 1.9 % Investment performance 2.7 % 5.9 % Key share data Helvetia Holding AG Group profit for the period per share in CHF 4.8 10.5 – 54.7 % Consolidated equity per share in CHF 121.3 118.0 2.8 % Price of Helvetia registered shares at the reporting date in CHF 93.4 136.8 – 31.7 % Market capitalisation at the reporting date in CHF million 4 952.6 6 802.5 – 27.2 % Number of shares issued 53 025 685 49 725 685 EmployeesPreprint Helvetia Group 11 687 6 829 71.1 % of which Switzerland and Corporate 3 739 3 668 1.9 % 1 Based on the earnings per share (including interest on preferred securities through profit and loss) divided by the average shareholder capital (equity before preferred securities). Unternehmensportrait Verwaltungsrat Financial report Risk, capital and 4 investment management 8 Share and bonds 11 Corporate Governance 13 Board of Directors 24 Executive Management 34 Compensation report 45 Business performance 67 Financial statements 197 Embedded Value 199 Service Preprint Helvetia Financial Report 2020 3 Financial report Risk, capital and investment management Risk, capital and investment management Risk management and Risk Committee, Audit Committee and Strate- gy and Governance Committee) as well as the Ex- In the current challenging economic environment, ecutive Management. As the central bodies re- comprehensive risk management is a top priority sponsible for this function, they bear the ultimate and integral to the way the Helvetia Group man- responsibility for risk and define the risk strategy ages its business. and risk appetite for the Group, both of which are A primary objective of risk management is the aligned to the business strategy. sustained, proactive safeguarding of the capital Various risk observers assess the risks entered base as well as the reputation of the Helvetia into by Helvetia Group irrespective of an opera- Group and its Group companies. tional responsibility. The Risk Committee coordi- nates the collaboration between the risk observ- Risk management organisation ers and the risk takers and advises the Board of The organisational structure of the Helvetia Group Directors and Executive Management in their de- ensures a standardised application of the Group- cisions. The central risk controlling role "Group wide risk management standard. In doing so, roles Risk Management" is responsible for the improve- and responsibilities in the business units comply ment and development of the risk management with the risk management organisation of the system as well as for monitoring risks and con- Group. This is based on a governance model that trolling measures, and serves as a competence differentiates between the three basic functions of centre for the Group’s risk management. The Risk risk owner, risk observer and risk taker. Committee is supported by specialised risk-con- The supreme risk owner is the Board of Directors trolling functions, such as the Group actuarial func- of Helvetia Holding AG (particularly the Investment tion and risk controlling in asset management. In- ternal Audit independently monitors the efficiency of the risk management system. Risk management organisation The risk takers control and manage risks in an operational context. They are responsible for com- Risk owner plying with / observing the guidelines and policies Board of Directors for risk management within the scope of their op- (Investment and Risk, Audit, Strategy & Governance erating activities in the respective business areas Committees) and processes. Executive Management Risk management process and risk environment PreprintRisk observer The key components of the risk management pro- Risk Committee cess at Group level include the identification, anal- Risk management ysis and management of risks, the monitoring of the success, effectiveness and appropriateness of Specialised risk controlling functions Internal Audit (e.g. Group Actuarial Departments Life / Non-Life, the risk management measures, and reporting and Asset Management) communication. The risk management process en- sures that sufficient risk-bearing capital is availa- ble at any time to cover the risks assumed in ac- Risk taker cordance with the chosen risk tolerance. Risk management in the company units and processes 4 Helvetia Financial Report 2020 Financial report Risk, capital and investment management In its business activities, Helvetia is exposed to nu- A detailed portrayal of the risks resulting from fi- merous risks that are included in the Group’s risk nancial instruments and insurance contracts is pro- management process. Market risks arise, in par- vided in section 16 (from page 152) of the Finan- ticular, from interest rate changes, fluctuations in cial Report. share prices, real estate prices, or exchange rates which influence the value of the Group’s invest- Methods for risk analysis ments and technical liabilities. Liquidity risk gen- and control erally refers to the risk of being unable to provide The diverse risk environment requires the use of an unexpected cash outflow in a timely manner. various methods of risk analysis. Among other Counterparty or credit risk is the risk of a contrac- things, the Helvetia Group uses internal stochastic tual counterparty being unable to pay or of a risk models as an instrument for analysing and change in the counterparty’s creditworthiness. The quantifying market, counterparty and technical technical risks of life and non-life belong to the risks. The company applies models, among others traditional risks of an insurance company. They for the areas of market risk and technical risk. are consciously accepted as part of the chosen Risks are controlled and limited by means of hedg- business strategy. Operational risk includes the risk ing instruments, specific product design, reinsur- of losses due to errors or the failure of internal ance cover, limit systems (including exposure con- processes, employees or systems, or as a result of trol and loss limits), diversification strategies, external events whereby operational risks are also process optimisation and other risk reduction taken into consideration. Reputational risks can measures. also arise in connection with strategic and emerg- ing risks. Strategic risks include the risk of not achieving business targets due to the inadequate alignment of a company’s business activities to the market and in the market environment. Emerging risks are risks that have not yet manifested as ac- tual risks, but are already in existence and have a high potential for large claims. Concentration risks (also known as cluster risks) can arise from risk exposure to a single counterparty or from par- allel risk positions that are vulnerable to a mutual risk factor. Risk environment Market risks Liquidity Counterparty Technical Operational Strategic Emerging Preprintrisks risks risks risks risks risks Share price risk Medium-term Reinsurance Life (mortality, longevity, Financial reporting Business model New and qualitatively surrender rates, different risks Interest rate risk Short-term Investments disability, costs, Business operations Fundamental exercising of options) (e.g. with regard to business policy Phantom risks Spread risk Other outsourcing, BCM) decisions receivables Exchange rate risk Non-life (natural hazards, Compliance Real estate investment major claims, risk base volatility, reserve risk) Long-term liquidity risks Reputational risks Other Concentration risks Helvetia Financial Report 2020 5 Financial report Risk, capital and investment management Capital management measuring all assets and liabilities at market pric- es in order to calculate the available capital. Our capital management is an essential pillar for Under Standard & Poor’s, the Swiss Solvency achieving the Helvetia Group’s long-term growth Test and Solvency II, the required capital is calcu- targets aimed at profitability. The optimisation of lated using a risk-based method. In the Swiss Sol- capital allocation and income flows has the fol- vency Test, the effects of risks on the available lowing objectives: capital are determined by means of scenario sim- ulations and statistical methods, and quantified – to ensure compliance with supervisory capital taking into consideration dependencies and diver- requirements at all times; sification effects in the form of a risk-based capi- – to secure the capital required tal requirement. to underwrite new business; – to optimise the earning power of its equity Capital management process and the associated dividend potential; Helvetia applies an integrated approach to capi- – to support strategic growth; tal management. At the strategic level, the capi- – to optimise financial flexibility. talisation and risk profile of business units are man- aged in terms of profitability and growth potential These objectives are kept in balance by taking ac- and therefore the strategic Group targets.
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