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Annual Report 2015 Helvetia Group Annual Report 2015 Your Swiss insurer. WorldReginfo - d0a7595a-e9f6-4504-8a99-f218f059e2bd Grown together The image of the tree on the cover illustrates how Helvetia and Nationale Suisse have grown together. Two have become one. Helvetia is now deeply rooted, receptive and open to future challenges. Last year’s reluctant convergence has given way to sustainable relationships between the employees of Helvetia and the former Nationale Suisse. We are therefore concluding this Annual Report by addressing the coalescing of two cultures and portraying the pairs and groups that are now paving a shared way forward as a strong team. A team that appreciates the benefits – and changes – that come from something new and is able to capitalise on them. The merger has given way to predominantly positive aspects. The willingness of all em- ployees to accept the new and unknown has been rewarded. Teams have come together, productive discussions have taken place, strengths have been pooled, new friendships and valuable networks have emerged, the product range has been supplemented in a practical manner, new values have been jointly defined and knowledge has been shared. These stories are supported symbolically with pictures from nature. The symbolism underscores the convergence and growing together of two elements into one interwoven entity. This benefits everyone involved – employees, customers and shareholders. Helvetia can now move boldly into the future – with the knowledge of this capable, growing partnership. Profile Helvetia Group with headquarters in Switzerland has grown over the past 150 years to be- come a successful international insurance group. Alongside its home market of Switzer- land, its core geographic markets also include Germany, Italy, Austria and Spain, which form the “Europe” market area. Helvetia is active in the life and non-life business in these markets. In addition to these markets, Helvetia also offers tailored specialty lines coverage and reinsurance via the “Specialty Markets” market area in France and through selected destinations worldwide. It has 6,675 employees providing services for more than 4.7 million customers and achieved a business volume of more than CHF 8.2 billion for the 2015 finan- cial year. Helvetia attaches great importance to a practical geographic diversification and a good balance between the profitable non-life business, the high-potential life and pensions business and the promising international specialty lines business. The registered shares of Helvetia Holding AG are traded on the SIX Swiss Exchange. WorldReginfo - d0a7595a-e9f6-4504-8a99-f218f059e2bd More details 2015 2014 Change on page Key share data Helvetia Holding AG Group underlying earnings per share in CHF 42.1 46.2 – 8.9 % 40 Group profit for the period per share according to IFRS in CHF 29.0 43.0 – 32.6 % 40 Consolidated equity per share in CHF 470.4 503.2 – 6.5 % 40 Price of Helvetia registered shares at the reporting date in CHF 566.0 474.0 19.4 % 40 Market capitalisation at the reporting date in CHF million 5 628.9 4 687.6 20.1 % 40 Number of shares issued 9 945 137 9 889 531 173 in CHF million in Group currency Business volume Gross premiums life 4 311.1 4 614.5 – 6.6 % 89 Deposits received life 148.0 153.0 – 3.3 % 89 Gross premiums non-life 3 532.7 2 789.2 26.7 % 137 Active reinsurance 243.5 209.9 16.0 % 102 Business volume 8 235.3 7 766.6 6.0 % 89 Key performance figures Underlying earnings life business 175.7 151.2 16.1 % 90 Underlying earnings non-life business 331.8 272.5 21.8 % 90 Underlying earnings Other activities – 68.5 – 2.0 n. a. 90 Underlying earnings of the Group after tax 439.0 421.7 4.1 % 90 IFRS earnings of the Group after tax 309.5 393.3 – 21.3 % 90 Investment result 1 185.4 1 476.9 – 19.7 % 144 of which investment result from Group financial assets and investment property 1 105.6 1 275.4 – 13.3 % 97 Key balance sheet figures Consolidated equity (without preferred securities) 4 655.3 4 963.1 – 6.2 % 108 Provisions for insurance and investment contracts (net) 41 143.0 41 275.0 – 0.3 % – Investments 47 939.0 48 018.0 – 0.2 % 97 of which Group financial assets and investment property 45 036.3 44 843.4 0.4 % – Ratios Return on equity1 8.9 % 9.6 % 16 Reserve to premium ratio non-life 154.4 % 193.2 % – Combined ratio (gross) 91.7 % 91.1 % – Combined ratio (net) 92.1 % 93.5 % 92 Direct yield 2.2 % 2.5 % 97 Investment performance 1.6 % 7.7 % 98 Solvency I 205 % 216 % 91 Employees Helvetia Group 6 675 7 012 – 4.8 % 29 of which Switzerland 3 478 3 752 – 7.3 % 29 1 Based on the underlying earnings per share (including interest on preferred securities through profit and loss) divided by the average shareholder capital (equity before preferred securities). Business volume Profit* Equity Solvency I in CHF million in CHF million in CHF million in % 8 500 450 5 000 250 6 800 360 4 000 200 5 100 270 3 000 150 3 400 180 2 000 100 1 700 90 1 000 50 0 0 0 0 31.12.2015 31.12.2014 *Underlying earnings WorldReginfo - d0a7595a-e9f6-4504-8a99-f218f059e2bd Helvetia Annual Report 2015 3 Contents 5 Key messages Business development 86 Market environment 6 Letter to Shareholders 89 Helvetia Group’s performance 91 Development of business areas 8 Business model 96 Investments 98 Development of business segments 10 Integration of Nationale Suisse Financial report Company profile 104 Consolidated financial statements Helvetia Group 14 Group strategy 223 Financial statements of Helvetia Holding AG 22 The Helvetia brand 23 Business activities and market areas 232 Embedded value 28 Employees 30 Customers and sales Service 32 New products and innovations 236 Glossary 36 Corporate responsibility 239 Contacts and financial calendar 38 Investor information 240 Multi-year overview 41 Risk and investment management 241 Imprint 47 Board of Directors 53 Executive Management 57 Corporate governance 72 Compensation report 84 Report of the Statutory Auditor WorldReginfo - d0a7595a-e9f6-4504-8a99-f218f059e2bd 4 Helvetia Annual Report 2015 FINANCIAL YEAR 2015 ANOTHER DIVIDEND INCREASE INTEGRATION “ON COURSE” / NEW STRATEGY ADOPTED CHF 19.00 “ON COURSE” Thanks to the solid business performance, the Board of Helvetia achieved important successes with its integra- Directors is proposing to the Shareholders’ Meeting to in- tion measures in the 2015 financial year. The integration crease the dividend to CHF 19.00, which is almost 6 % more of Nationale Suisse and Basler Austria has largely than in the previous year. The payout ratio based on the been finalised. All important milestones have been underlying earnings is 45 %, or 66 % based on the IFRS reached, including the full takeover, mergers of the legal earnings after taxes. units in Switzerland, Austria and Spain, and the launch of joint sales with an integrated product range under a single brand. The legal mergers in the European market units should be completed by the end of 2016; the life units in Italy will be merged in 2017. Helvetia has already achieved synergies of CHF 45 million. Based on its STRONG PROFIT GROWTH IN THE CORE BUSINESS AREAS OF NON-LIFE AND LIFE INSURANCE strengths, Helvetia is setting new objectives for the next period: The helvetia 20.20 strategy places an even greater emphasis on customers. It makes the company more +22 % / +16 % digital, more agile and more valuable. Helvetia Group showed convincing underlying earnings of CHF 439 million after taxes, an increase of 4.1 % on the previous year. Earnings were driven by the technically strong non-life business which posted a profit increase of STRONG VOLUME INCREASE FOR around 22 %. The life insurance business also improved PROFITABLE NON-LIFE BUSINESS its earnings by 16 % year-on-year. Although exchange rate effects burdened the result for Europe, all market areas contributed to this earnings growth, which was support- +35 % ed by the recent acquisitions. In the reporting year 2015, Helvetia generated business volumes at Group level of CHF 8,235 million, which equals an increase of 11 % in original currency1. The positive effects of the acquisitions left their mark on the profitable COMBINED RATIO non-life business: premium volumes rose by around 35 %, and in Switzerland by as much as 73 %. The European units and Specialty Markets also boasted double-digit 92.1 % growth rates. In the life business, Helvetia improved its sales of modern products by around 5 %, but sales of traditional products were curtailed. The net combined ratio improved to 92.1 %, once again exceeding the Group’s target of 94 % to 96 %. 1 Original currency is abbreviated to OC in the following. WorldReginfo - d0a7595a-e9f6-4504-8a99-f218f059e2bd UnternehmensprofilLetter to Shareholders Verwaltungsrat Stefan Loacker Chief Executive Officer Pierin Vincenz Chairman of the Board of Directors Ladies and Gentlemen, For the Helvetia Group, the 2015 financial year was dominated by the integration of Nationale Suisse and Basler Austria. We are proud of what the company has achieved in the past few months, as by now we have passed all important milestones and are already operating almost fully as the strengthened “new” Helvetia. We are actually ahead of schedule with the achievement of our synergy objectives: we have already realised synergies of CHF 45 million on both acquisitions through savings on personnel and non-personnel costs. We therefore clearly outstripped the target for the first year of our new, integrated Group. In operational terms, too, Helvetia posted a convincing business performance in 2015, supported by the successful acquisitions of the previous year.
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