Solid basis. Pleasing tailwinds. Strong results. Conference presentation: Full-year results 2019 Helvetia Group Cover: Dave Bopp, "Mirage", 2018 (image section) May 2020
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Content Click on » to navigate to the respective section Appendix Latest update: SST Main section Swiss Solvency Test 2019 » Key figures and highlights » Business volume » Current developments » Net income » Non-life » Life » Business volume » Non-life » Investments » Life » Balance sheet » Other activities » Net economic dividend capacity » SST » Investments » Dividend » Duration gap » Operating cash production » Risk and solvency sensitivities » helvetia 20.20 – strategy update » Caser company overview » Management structure » Group structure » Calendar and contact » Back to content page: A.2 |
Kapiteltrenner Latest update: Swiss Solvency Test 2019 and current oder Fazit auf developments. Farbfläche Flexible Schriftgrösse Arial Black 0.9 ZA 3 Optional Bereichsbezeichnung | Thema/Projekt | Referent 08.05.2020
SST 2019: positive business and market performance further improves capital base Improved SST ratio driven by a relatively stronger increase of risk-bearing 2019 2020 ∆ 20/19 (in CHF million, as of 1 January) capital compared to target capital Risk-bearing capital 8,067 9,477 +1,410 Strong positive impact on risk-bearing capital from market developments, Target capital 4,067 4,598 +530 reflected by positive equity market performance and narrowing credit spreads Risk margin 776 972 +196 Good business performance reduced by expected dividend payment for Risk-bearing capital financial year 2019 7,291 8,505 +1,213 – risk margin Positive RBC effects from the introduction of a new tariff in full insurance in Target capital 3,292 3,626 +334 – risk margin Swiss group life, parameter adjustments in life business and a regulatory- SST ratio 222% 235% +13% pts driven change in the valuation of multi-year contracts for non-life in the form of first time consideration of an unexpired risk reserve (URR) Market developments and model adjustments lead to an increase in target capital and thus partly offset the positive impacts on risk-bearing capital = positive effect on SST ratio = neutral effect on SST ratio = negative effect on SST ratio B.2 |
Current developments: resilient capitalisation in times of elevated market volatility Impact of market developments in the course of the COVID-19 crisis (31/03/2020 vs. 01/01/2020) SST ratio SST sensitivities Increasing credit spreads Significant negative impact of higher credit spreads Dampening effect on credit spread sensitivity on risk-bearing capital with compensating effects on target capital Increasing interest rate sensitivity as a consequence of reduced bond duration Decreasing effect on risk-bearing capital, partly offset Significantly reduced equity sensitivity due to lower Falling equity prices by reduction in target capital (lower exposure after exposure and additional hedging measures losses and higher hedging position) Development of Overall positive impact on RBC from interest rate develop- Rising credit spread and interest rate sensitivities in ment (higher rates in CHF, lower rates in EUR and USD) view of interest rate development interest rates Substantial relief from increased volatility adjustment (Solvency II valuation basis for EU subsidiaries) Slightly higher target capital (interest rate risk) Overall: SST ratio decreasing to around 200% in mid-March, but slightly improving again afterwards and remaining comfortably within target range of 180-240% B.3 |
Kapiteltrenner Full-year results 2019. oder Fazit auf Farbfläche Flexible Schriftgrösse Arial Black 0.9 ZA 6 Optional Bereichsbezeichnung | Thema/Projekt | Referent 08.05.2020
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