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Rapport De Gestion Helvetia 2017

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Rapport De Gestion Helvetia 2017 helvetia.ch Agile. Innovative. Customer-centric. Financial report 2017 Key figures 2017 2016 Change Key share data Helvetia Holding AG Group underlying earnings per share in CHF 49.2 47.7 3.0 % Group profit for the period per share according to IFRS in CHF 39.1 36.1 8.4 % Consolidated equity per share in CHF 528.5 486.3 8.7 % Price of Helvetia registered shares at the reporting date in CHF 548.5 548.5 0.0 % Market capitalisation at the reporting date in CHF million 5 454.9 5 454.9 0.0 % Number of shares issued 9 945 137 9 945 137 in CHF million in original currency Business volume Gross premiums life 4 384.3 4 525.0 – 3.1 % Deposits received life 163.2 110.0 48.4 % Gross premiums non-life 3 678.5 3 536.6 4.0 % Active Reinsurance 415.3 341.1 21.8 % Business volume 8 641.3 8 512.7 1.5 % Key performance figures Underlying earnings life business 193.1 173.5 11.3 % Underlying earnings non-life business 363.5 340.5 6.7 % Underlying earnings Other activities – 54.2 – 22.2 n.a. Underlying earnings of the Group after tax 502.4 491.8 2.2 % IFRS earnings of the Group after tax 402.9 376.6 7.0 % Investment result 1 513.4 1 212.8 24.8 % of which investment result from Group financial assets and investment property 1 348.7 1 144.4 17.9 % Key balance sheet figures Consolidated equity (without preferred securities) 5 229.4 4 812.6 8.7 % Provisions for insurance and investment contracts (net) 44 385.5 42 315.3 4.9 % Investments 52 306.1 49 578.9 5.5 % of which Group financial assets and investment property 48 629.2 46 471.3 4.6 % Ratios Return on equity1 9.8 % 9.7 % Reserve to premium ratio non-life 156.3 % 152.2 % Combined ratio (gross) 88.8 % 88.5 % Combined ratio (net) 91.8 % 91.6 % Direct yield 2.1 % 2.2 % Investment performance 2.8 % 2.5 % Employees Helvetia Group 6 592 6 481 1.7 % of which segments Switzerland and Corporate 3 499 3 376 3.6 % 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). Unternehmensportrait Verwaltungsrat Financial report Risk, capital and 4 investment management 8 Share and bonds 10 Corporate governance 13 Board of Directors 24 Executive Management 35 Compensation report 49 Business performance 69 Financial statements 197 Embedded Value 199 Service Helvetia Annual Report 2017 3 Financial report Risk and investment management Risk, capital and investment management Risk management The supreme risk owner is the Board of Directors of Helvetia Holding AG (particularly the Investment In the current challenging economic environment, and Risk Committee, Audit Committee and Strate- comprehensive risk management is a top priority gy and Governance Committee) as well as the and integral to the way the Helvetia Group ma- Executive Management. As the central bodies re- nages its business. sponsible for this function, they bear the ultimate A primary objective of risk management is the responsibility for risk and define the risk strategy sustained, proactive safeguarding of the capital and risk appetite for the Group, both of which are base as well as the reputation of the Helvetia aligned to the business strategy. Group and its Group companies. Various risk observers assess the risks assumed by the Helvetia Group, independently of any ope- Risk management organisation rational responsibility. The Risk Committee coordi- The organisational structure of the Helvetia Group nates the collaboration between the risk observers ensures a standardised application of the Group- and the risk takers and advises the Board of Di- wide risk management standard. In doing so, ro- rectors and Executive Management in their decis- les and responsibilities in the business units com- ions. The central risk controlling role “Group Risk ply with the risk management organisation of the Management” is responsible for the improvement Group. This is based on a governance model that and development of the risk management system differentiates between the three basic functions of as well as for monitoring risks and controlling mea- risk owner, risk observer and risk taker. sures, and serves as a competence centre for the Group’s risk management. The Risk Committee is supported by specialised risk-controlling functions, such as the Group actuarial office and risk cont- rolling in asset management. The internal auditor Risk management organisation independently monitors the efficiency of the risk management system. Risk owner The risk takers control and manage risks in an Board of Directors operational context. They are responsible for com- (Investment and Risk, Audit, Strategy & Governance plying with / observing the guidelines and policies Committees) for risk management within the scope of their ope- Executive Management rating activities in the respective business areas and processes. Risk observer Risk management process Risk Committee and risk environment Risk management The key components of our risk management pro- cess at Group level include the identification, ana- Specialised risk controlling functions Internal Audit (e.g. Group Actuarial Departments Life / Non-Life, lysis and management of risks, the monitoring of Asset Management) the success, effectiveness and appropriateness of the risk management measures, and reporting and communication. The risk management process en- Risk taker sures that sufficient risk-bearing capital is availa- Risk management in the ble at any time to cover the risks assumed in ac- company units and cordance with the chosen risk tolerance. processes 4 Helvetia Annual Report 2017 Financial report Risk and investment management In our business activities, we are exposed to nu- Emerging risks are risks that have not yet manifes- merous risks that are included in the Group’s risk ted as actual risks, but are already in existence management process. Market risks arise, in parti- and have a high potential for large claims. Con- cular, from interest rate changes, fluctuations in centration risks (also known as cluster risks) can share prices, real estate prices, or exchange ra- arise from risk exposure to a single counterparty tes which influence the value of the Group’s invest- or from parallel risk positions that are vulnerable ments and technical liabilities. Liquidity risk gene- to a mutual risk factor. A detailed portrayal of the rally refers to the risk of being unable to provide risks resulting from financial instruments and insu- an unexpected cash outflow in a timely manner. rance contracts is provided in section 16 (from Counterparty or credit risk is the risk of a contrac- page 155) of the Annual Report. tual counterparty being unable to pay or of a change in the counterparty’s creditworthiness. The Methods for risk analysis and control technical risks of life and non-life belong to the The diverse risk environment requires the use of traditional risks of an insurance company. They differing methods of risk analysis. Among other are consciously accepted as part of the chosen things, the Helvetia Group uses internal stochastic business strategy. Operational risk represents the risk models as an instrument for analysing and risk of losses due to errors or the failure of inter- quantifying market, counterparty and technical nal processes, employees or systems, or as a re- risks. The company applies internal models, among sult of external events whereby operational risks others for the areas of market risk and technical are also taken into consideration. Reputational risk. Risks are controlled and limited by means of risks can also arise in connection with strategic hedging instruments, specific product design, rein- and emerging risks. Strategic risks include the risk surance cover, limit systems (including exposure of not achieving business targets due to the inade- control and loss limits), diversification strategies, quate alignment of a company’s business activi- process optimisation and other risk reduction mea- ties to the market and in the market environment. sures. Risk environment Market risks Liquidity Counterparty Technical Operational Strategic Emerging risks risks risks risks risks risks Share price risk Medium-term Reinsurance Life (mortality, longevity, Financial reporting Business model New surrender rates, and qualitatively diffe- Interest rate risk Short-term Investments disability, costs, Business operations Fundamental rent risks exercising of options) (e.g. with regard to business policy de- Spread risk Other outsourcing, BCM) cisions Phantom risks receivables Exchange rate risk Non-life (natural hazards, Compliance Real estate investment major claims, risk base volatility, reserve risk) Long-term liquidity risks Other Reputational risks Concentration risks Helvetia Annual Report 2017 5 Financial report Risk and investment management Capital management Under Standard & Poor’s, the Swiss Solvency Test and Solvency II, the required capital is calculated Our capital management is an essential pillar for using a risk-based method. In the Swiss Solvency achieving the Helvetia Group’s long-term growth Test, the effects of risks on the available capital targets aimed at profitability. The optimisation of are determined by means of scenario simulations capital allocation and income flows has the fol- and statistical methods, and quantified taking into lowing objectives: consideration dependencies and diversification ef- fects in the form of a risk-based capital require- – ensuring compliance with supervisory capital ment. requirements at all times; – securing the capital required Capital management process to underwrite new business; Helvetia applies an integrated approach to capi- – optimising the earning power of its equity tal management. At the strategic level, we mana- and the associated dividend potential; ge the capitalisation and risk profile of business – supporting strategic growth; units in terms of profitability and growth potential – optimising financial flexibility. and therefore the strategic Group targets.
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