Solid results in a challenging environment
The 2025 financial year was marked by a challenging business environment and growing geopolitical uncertainty. At the same time, there was perceptible growth in demand for cover and risk mitigation. At SERV, we were able to further strengthen our role against this backdrop as a reliable partner for the Swiss export industry.
We closed the 2025 financial year with positive net income of CHF 27.3 million. This result shows that we are unshakeable even in a volatile market environment, with proven risk management, high flexibility and a clear focus on the needs of our customers and partners.
Financial Highlights
The surplus cover in the economic viability calculation amounted to CHF 20 million.
Commitment
CHF million, as at 31 December
Business development in 2025
SERV posted its third-highest-ever premium income in the year under review – 57 per cent more than in 2024. The growth in the need for cover reflects the uncertainties in the international markets. We were able to support more exporters with our insurance products, thus making a major contribution to the stability of their operations.
Higher loss expenses
The challenging economic environment was also evident from loss expenses, which were twice as high as in the previous year.
In the 2025 financial year, we:
- recorded 24 new losses,
- settled claims to the value of CHF 35.1 million for new losses,
- and made additional indemnity payments in excess of CHF 86.6 million from prior-year claims.
These developments underline the relevance of our products in economically strained times.
New commitment and regional focus areas
We issued new insurance policies to the value of CHF 2.303 billion in the year under review. New commitment was well above the previous year’s level.
The Eastern Europe & Central Asia region accounted for the largest portion of this, followed by Western Europe as well as the Middle East & North Africa. As usual, the commitment figures were heavily influenced by individual major projects. We are particularly active in supporting the financing of large projects with buyer credit insurance. These projects are strategically important for many Swiss export companies and make an indispensable contribution to international competitiveness.
A look behind the scenes
We continued to work on the consistent development of our international network in 2025. New reinsurance agreements with the export credit agencies (ECAs) of Saudi Arabia and Israel plus a declaration of intent for closer cooperation with the ECA of Türkiye are opening up additional avenues for Swiss export companies, particularly in challenging markets.
Further news
Commitment in Team Switzerland Infrastructure
As part of Team Switzerland Infrastructure, we share our professional knowledge with other partners. We identify major international infrastructure projects together and bring the general contractors responsible for their realisation to Switzerland. This brings new business opportunities for the Swiss export industry.
Refinement of the legal basis
The Federal Council decided to initiate a partial revision of the SERV Act (SERVG) in the year under review to make an even better contribution to the international competitiveness of the Swiss Export industry going forward.
The planned amendment ensures that we can launch new products and align them more flexibly with the changing requirements of the export industry. We anticipate extra business as a result – particularly in the area of major infrastructure projects and in view of the growing demand for Swiss cover in uncertain times.
Browse the 2025 Annual Report
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