Full-year Results 2020
Business review Switzerland
CHF million (IFRS basis, VNB)
FY 2019
FY 2020
Change
GWP incl. PHD
13 453
11 045
-18%
•
•
•
•
GL: -19% (market -22%), exceptional increase in 2019
due to exit of a competitor from full insurance business
IL: -6% (market -3%), higher periodic premiums more
than offset by lower single premiums
Increased revenues from owned IFA, mortgage business
and investment solutions for private clients
Decrease from plan amendment in own pension scheme;
continued cost management
Lower savings result due to lower net investment result
in context of Covid-19; higher fee and risk results
Growth of fee result supported by business development
Higher risk result mainly due to GL
Lower GL and higher IL volumes; improved business mix
in IL and GL partly offset by lower interest rates
Fee and commission
income 1)
265
298
+13%
Operating expense
-419
-361
-14%
Segment result
892
830
-7%
Fee result
20
26
+29%
•
Risk result
261
266
+2%
•
Value of new business
308
191
-38%
•
NBM (% PVNBP)
1.6%
2.5%
1) Net earned policy fees and commission income
11 Investor presentation | Full-year results 2020
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