The Federal Council today approved SERV’s 2015 Annual Report. The overvalued Swiss franc, financial bottlenecks in many public budgets, and political unrest resulted in expansion and replacement investments in the industrial, energy, and infrastructure sectors being postponed or suspended in 2015. The demand for Swiss goods fell accordingly. As a consequence, the need for SERV insurance also declined, especially for large-scale transactions.
Although the number of SERV-insured transactions rose slightly compared with the previous year, transaction volume and thus premium revenues declined due to the lack of major projects.
Nevertheless, SERV posted a good result with net income of CHF 60.1 million. This was attributable to low loss expenses, interest income of CHF 19.8 million and premium revenues that still reached CHF 58.9 million. As at the end of 2015, SERV had a solid capital base. SERV posted again an increased demand for insurance commitments in principle In the fourth quarter. As of the end of 2015, 89% of the maximum framework of obligation set by the Federal Council amounting to CHF 12 billion had been utilised. Due to this higher demand, the Federal Council has decided to increase the framework of obligations to 14 billion Swiss francs. In this way SERV is able to fulfil its statutory mandate to support Swiss exporters even in a challenging economic environment.
The SERV annual report is available on our website. Printed versions in English, German and French can be ordered free of charge from Viviane Gnuan.