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Notes to the consolidated financial statements
of the Helsana Group

1. Income statement – supplementary information on the business areas (divisions)

 

Insurance under KVG1

Insurance under VVG2

Insurance under UVG3

Other4

Elimination

Total

Figures in CHF thousand

2020

2019

2020

2019

2020

2019

2020

2019

2020

2019

2020

2019

 

 

 

 

 

 

 

 

 

 

 

 

 

Net premiums earned

5,160,670

4,888,190

1,789,005

1,713,328

146,106

141,715

0

0

0

0

7,095,781

6,743,233

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cost of claims and benefits

−5,183,134

−4,944,050

−1,337,307

−1,276,258

−115,764

−119,697

0

0

0

0

−6,636,205

−6,340,004

 

 

 

 

 

 

 

 

 

 

 

 

 

Allocated interest

0

0

0

0

6,252

9,895

0

0

0

0

6,252

9,895

Risk adjustment between insurers

339,621

445,820

0

0

0

0

0

0

0

0

339,621

445,820

Policyholder participation

−5,055

−7,377

−41,903

−56,592

−1,230

−1,320

0

0

0

0

−48,188

−65,290

Net operating expenses

−302,339

−291,860

−380,572

−376,854

−30,055

−27,978

0

0

0

0

−712,967

−696,692

Underwriting result

9,763

90,723

29,223

3,624

5,309

2,615

0

0

0

0

44,295

96,961

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment income

214,324

276,209

248,360

405,714

84,935

116,004

150,754

121,116

−80,000

−5,000

618,372

914,043

Investment expenses

−158,642

−115,434

−197,740

−143,337

−56,468

−39,185

−54,774

−49,350

0

0

−467,624

−347,307

Change in provision for investment risk

24,000

−120,000

0

−25,000

−10,000

−5,000

0

−25,000

0

0

14,000

−175,000

Earnings from investments

79,682

40,774

50,620

237,377

18,467

71,819

95,979

46,767

−80,000

−5,000

164,748

391,736

 

 

 

 

 

 

 

 

 

 

 

 

 

Allocated interest expenses

0

0

0

0

−6,252

−9,895

0

0

0

0

−6,252

−9,895

Other operating income

9,157

9,384

31,285

30,173

375

460

2,892

374

−790

−697

42,919

39,694

Other operating expenses

−4,579

−4,458

−66,741

−25,736

−445

−546

−518

−1,087

790

697

−71,492

−31,130

Operating earnings

94,024

136,423

44,387

245,437

17,453

64,453

98,354

46,054

−80,000

−5,000

174,218

487,367

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-operating earnings

295

227

−88

2,285

−15

−19

−7,888

6,598

0

0

−7,697

9,090

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated earnings before taxes

94,319

136,650

44,298

247,722

17,438

64,434

90,466

52,652

−80,000

−5,000

166,521

496,458

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred income taxes

0

0

−2,722

−40,047

226

−9,683

−1,474

10,460

0

0

−3,970

−39,270

Income taxes

0

0

−3,108

−19,304

−3,194

−1,074

−1,106

−206

0

0

−7,409

−20,584

Non-controlling interest

0

0

0

0

0

0

−430

−627

0

0

−430

−627

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated earnings

94,319

136,650

38,468

188,371

14,471

53,677

87,455

62,280

−80,000

−5,000

154,713

435,977

1

Insurance under KVG  This segment comprises the companies that offer mandatory health care insurance and voluntary daily benefits insurance under the KVG.

2

Insurance under VVG  This segment comprises the companies that offer insurance products under the VVG.

3

Insurance under UVG  This segment comprises the companies that offer insurance products under the UVG.

4

Other  This segment comprises all other companies.

 

Insurance under KVG1

Insurance under VVG2

 

Insurance under UVG3

Other4

Elimination

Total

Figures in CHF thousand

2020

2019

2020

2019

 

2020

2019

2020

2019

2020

2019

2020

2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net premiums earned

5,160,670

4,888,190

1,789,005

1,713,328

 

146,106

141,715

0

0

0

0

7,095,781

6,743,233

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cost of claims and benefits

−5,183,134

−4,944,050

−1,337,307

−1,276,258

 

−115,764

−119,697

0

0

0

0

−6,636,205

−6,340,004

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allocated interest

0

0

0

0

 

6,252

9,895

0

0

0

0

6,252

9,895

Risk adjustment between insurers

339,621

445,820

0

0

 

0

0

0

0

0

0

339,621

445,820

Policyholder participation

−5,055

−7,377

−41,903

−56,592

 

−1,230

−1,320

0

0

0

0

−48,188

−65,290

Net operating expenses

−302,339

−291,860

−380,572

−376,854

 

−30,055

−27,978

0

0

0

0

−712,967

−696,692

Underwriting result

9,763

90,723

29,223

3,624

 

5,309

2,615

0

0

0

0

44,295

96,961

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment income

214,324

276,209

248,360

405,714

 

84,935

116,004

150,754

121,116

−80,000

−5,000

618,372

914,043

Investment expenses

−158,642

−115,434

−197,740

−143,337

 

−56,468

−39,185

−54,774

−49,350

0

0

−467,624

−347,307

Change in provision for investment risk

24,000

−120,000

0

−25,000

 

−10,000

−5,000

0

−25,000

0

0

14,000

−175,000

Earnings from investments

79,682

40,774

50,620

237,377

 

18,467

71,819

95,979

46,767

−80,000

−5,000

164,748

391,736

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allocated interest expenses

0

0

0

0

 

−6,252

−9,895

0

0

0

0

−6,252

−9,895

Other operating income

9,157

9,384

31,285

30,173

 

375

460

2,892

374

−790

−697

42,919

39,694

Other operating expenses

−4,579

−4,458

−66,741

−25,736

 

−445

−546

−518

−1,087

790

697

−71,492

−31,130

Operating earnings

94,024

136,423

44,387

245,437

 

17,453

64,453

98,354

46,054

−80,000

−5,000

174,218

487,367

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-operating earnings

295

227

−88

2,285

 

−15

−19

−7,888

6,598

0

0

−7,697

9,090

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated earnings before taxes

94,319

136,650

44,298

247,722

 

17,438

64,434

90,466

52,652

−80,000

−5,000

166,521

496,458

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred income taxes

0

0

−2,722

−40,047

 

226

−9,683

−1,474

10,460

0

0

−3,970

−39,270

Income taxes

0

0

−3,108

−19,304

 

−3,194

−1,074

−1,106

−206

0

0

−7,409

−20,584

Non-controlling interest

0

0

0

0

 

0

0

−430

−627

0

0

−430

−627

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated earnings

94,319

136,650

38,468

188,371

 

14,471

53,677

87,455

62,280

−80,000

−5,000

154,713

435,977

1

Insurance under KVG  This segment comprises the companies that offer mandatory health care insurance and voluntary daily benefits insurance under the KVG.

2

Insurance under VVG  This segment comprises the companies that offer insurance products under the VVG.

3

Insurance under UVG  This segment comprises the companies that offer insurance products under the UVG.

4

Other  This segment comprises all other companies.

 

Insurance under KVG1

Insurance under VVG2

 

Insurance under UVG3

Other4

Elimination

Total

Figures in CHF thousand

2020

2019

2020

2019

 

2020

2019

2020

2019

2020

2019

2020

2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net premiums earned

5,160,670

4,888,190

1,789,005

1,713,328

 

146,106

141,715

0

0

0

0

7,095,781

6,743,233

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cost of claims and benefits

−5,183,134

−4,944,050

−1,337,307

−1,276,258

 

−115,764

−119,697

0

0

0

0

−6,636,205

−6,340,004

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allocated interest

0

0

0

0

 

6,252

9,895

0

0

0

0

6,252

9,895

Risk adjustment between insurers

339,621

445,820

0

0

 

0

0

0

0

0

0

339,621

445,820

Policyholder participation

−5,055

−7,377

−41,903

−56,592

 

−1,230

−1,320

0

0

0

0

−48,188

−65,290

Net operating expenses

−302,339

−291,860

−380,572

−376,854

 

−30,055

−27,978

0

0

0

0

−712,967

−696,692

Underwriting result

9,763

90,723

29,223

3,624

 

5,309

2,615

0

0

0

0

44,295

96,961

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment income

214,324

276,209

248,360

405,714

 

84,935

116,004

150,754

121,116

−80,000

−5,000

618,372

914,043

Investment expenses

−158,642

−115,434

−197,740

−143,337

 

−56,468

−39,185

−54,774

−49,350

0

0

−467,624

−347,307

Change in provision for investment risk

24,000

−120,000

0

−25,000

 

−10,000

−5,000

0

−25,000

0

0

14,000

−175,000

Earnings from investments

79,682

40,774

50,620

237,377

 

18,467

71,819

95,979

46,767

−80,000

−5,000

164,748

391,736

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allocated interest expenses

0

0

0

0

 

−6,252

−9,895

0

0

0

0

−6,252

−9,895

Other operating income

9,157

9,384

31,285

30,173

 

375

460

2,892

374

−790

−697

42,919

39,694

Other operating expenses

−4,579

−4,458

−66,741

−25,736

 

−445

−546

−518

−1,087

790

697

−71,492

−31,130

Operating earnings

94,024

136,423

44,387

245,437

 

17,453

64,453

98,354

46,054

−80,000

−5,000

174,218

487,367

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-operating earnings

295

227

−88

2,285

 

−15

−19

−7,888

6,598

0

0

−7,697

9,090

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated earnings before taxes

94,319

136,650

44,298

247,722

 

17,438

64,434

90,466

52,652

−80,000

−5,000

166,521

496,458

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred income taxes

0

0

−2,722

−40,047

 

226

−9,683

−1,474

10,460

0

0

−3,970

−39,270

Income taxes

0

0

−3,108

−19,304

 

−3,194

−1,074

−1,106

−206

0

0

−7,409

−20,584

Non-controlling interest

0

0

0

0

 

0

0

−430

−627

0

0

−430

−627

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated earnings

94,319

136,650

38,468

188,371

 

14,471

53,677

87,455

62,280

−80,000

−5,000

154,713

435,977

1

Insurance under KVG  This segment comprises the companies that offer mandatory health care insurance and voluntary daily benefits insurance under the KVG.

2

Insurance under VVG  This segment comprises the companies that offer insurance products under the VVG.

3

Insurance under UVG  This segment comprises the companies that offer insurance products under the UVG.

4

Other  This segment comprises all other companies.

2. Consolidation and accounting principles

General

The consolidated financial statements 2020 are presented in accordance with the Swiss GAAP accounting and reporting recommendations (Swiss GAAP FER) and provide a true and fair view of the Group’s assets, finances and earnings. Swiss GAAP FER represents a complete body of rules. All recommendations must be applied.

Swiss GAAP FER 41 entered into force for the individual financial statements of KVG health insurers on 1 January 2012. The Helsana Group has applied Swiss GAAP FER 30 (Consolidation) in conjunction with Swiss GAAP FER 41 since financial year 2015. The application of Swiss GAAP FER is voluntary.

Consolidated companies

The consolidated financial statements include all companies that are directly or indirectly controlled by Helsana. Control means the decisive influence on the operational and financial activities in order to derive the corresponding benefit therefrom. This is usually the case if Helsana directly or indirectly holds more than 50 per cent of the voting rights in a company. Companies acquired during the financial year are included from the date on which control over the business activities was transferred to Helsana, and all companies disposed of during the year are excluded from the Group statements from the date of sale.

Change in consolidated companies

The newly founded Helsana HealthInvest AG has just been added to the consolidated companies.

Rounding differences

All amounts in the annual financial statements are rounded to thousand Swiss francs. This means that the sum of several rounded amounts added together can differ from the rounded total that is reported.

2.1 Consolidation method

Full consolidation

Companies are included in the Group statements based on the full consolidation method. Capital consolidation is carried out using the Anglo-Saxon method (purchase method). Assets and borrowed capital of companies acquired are revalued at the time of control changes in accordance with the Helsana Group’s principles; unrealised gains and losses are carried under the relevant balance sheet items and the remaining difference between the purchase price and equity, i.e. goodwill, calculated according to the accounting policies of the Group, is fully amortised over five years or in the year of consolidation. Any third-party participations in fully consolidated companies are shown separately as non-controlling interests in equity and income.

Equity method

Companies in which Helsana holds between a 20 and 50 per cent stake are stated in the balance sheet at the value corresponding to the pro rata equity capital in line with the equity method.

Consolidation reporting date

The reporting date for all companies included is 31 December.

Events after the reporting date

There were no significant events after the reporting date until the date of signature by the responsible body (24 February 2021).

Intragroup transactions

All intragroup transactions, relationships and earnings are eliminated as part of the consolidation process.

2.2 Valuation principles

Valuation is carried out in line with standardised criteria. In general, the principle of the individual valuation of assets and liabilities applies.

Foreign currencies

Foreign currency positions are converted at current exchange rates at year-end.

The following exchange rates were used:

 

31.12.2020

31.12.2019

Unit/currency

Price

Price

 

 

 

1 EUR

1.08244

1.08550

1 GBP

1.20479

1.27613

1 USD

0.88257

0.96765

100 JPY

0.85550

0.89072

1 CAD

0.69271

0.74344

1 AUD

0.68038

0.67873

Investments

Real estate

Real estate includes both investment properties and owner-occupied properties, and is recognised in the balance sheet at current market value. Market values are estimated at least once every three years by an independent consulting firm. The values are determined using the discounted cash flow method or another recognised method during the intervening years.

Bonds and bond funds

Fixed-income securities are recognised in the balance sheet using the amortised cost method if the debtor is able to pay the interest and amortisation payments. Periodic changes in the carrying amount are recognised in the income statement. If there are justified doubts about the debtor’s ability to pay interest and amortisation payments, fixed-income securities are recognised in the balance sheet at their current value. Investments in similar securities without a fixed term (e.g. bond funds) or without a defined redemption price are reported at their market value.

Equities

Equities include equity securities such as stocks and similar securities. Such assets are marketable and are valued at market price. Periodic changes in the carrying amount are recognised in the income statement. Any impairments are booked accordingly.

Collective investment schemes

Collective investment schemes (equity funds, alternative investments, real estate funds, etc.) are reported as a separate item. They are measured at current value. Periodic changes in the carrying amount are recognised in the income statement.

Currency futures

Derivatives include foreign exchange and option contracts, certificates on equity indices and futures. Forward exchange transactions are used to hedge exchange rate and market price fluctuations and are measured at market value.

Investments in other companies

These include investments in companies that are held for strategic purposes. These investments are measured using the last known pro rata equity (equity method) or are valued at cost.

Loans and mortgages

Loans and mortgages are stated in the balance sheet at nominal value less any necessary write-downs.

Assets from employer contribution reserve

Assets from the employer contribution reserve are, provided they are not subject to a waiver of usage, recognised in the balance sheet at their nominal value and deducted from staff costs accordingly if they are used. The value is reviewed annually and, if necessary, the item is written down.

Collateral for own liabilities as well as assets under reservation of ownership

All investments and cash holdings of the KVG, VVG and UVG segments, with the exception of shareholdings, loans and mortgages as well as assets from the employer contribution reserves, are reported as tied assets.

Intangible assets

With intangible assets, a distinction is drawn between purchased software and projects. The latter are amortised on a straight-line basis over the course of their useful life. With purchased software, amounts below CHF 5,000 are expensed.

Projects are generally amortised over a period of five years from launch, up to a maximum of ten years in justified cases. They must provide a benefit over several years. At maximum, they are measured at cost of acquisition or production. These costs must be measurable and allocable to the project. Projects may only be capitalised if they are strategic in nature or involve an investment in excess of CHF 3 million.

Property, plant and equipment

Property, plant and equipment are depreciated on a straight-line basis over the course of their useful life. For fixtures and fittings, acquisitions and collective acquisitions for amounts of more than CHF 5,000 can be capitalised.Amounts below this limit are expensed.

Useful life for each asset category:

  • Five years for fixtures and fittings
  • Three years for IT hardware
  • Three years for vehicles

The value is reviewed annually and the item is written down accordingly.

Deferred charges

This item includes expenses during the reporting year that are deducted as an expense in the following financial year, and income that only leads to revenue in the following financial year.

Receivables

Receivables due from third parties, such as policyholders, insurance organisations, agents and brokers, cantons and other parties, are measured at nominal value. The security is determined on the basis of the maturity structure and recognisable credit risks. In addition to individual write-downs for specific known receivable risks, impairments are formed using statistical information about the risk of default. The calculation of the necessary value adjustments also includes the type of receivable (private customer, corporate customer, co-payment) in addition to the maturity structure. The assumptions are based on historical figures from previous years. Assuming the losses on accounts remain constant as in previous years, an allowance for doubtful receivables is made for the unpaid receivables of up to 180 days with a rate of 0.25 per cent. For older receivables, the effects of Art. 64a KVG (depending on the canton) are included in the calculation of the allowance for doubtful receivables of the KVG companies. The totals of the receivables are included in the ratio of the debt collection proceedings initiated to the resulting certificates of debt.

The receivables due from affiliates are measured at nominal value, taking account of operationally necessary impairments.

Cash and cash equivalents

Cash and cash equivalents include cash on hand as well as postal and bank account balances. Cash and cash equivalents are measured at nominal value. Any impairments are booked accordingly.

Net technical provisions

The item for net technical provisions includes provisions for claims and benefits, actuarial reserves, provisions for profit sharing, technical equalisation reserves and provisions for guarantees as well as other technical provisions. Provisions for claims and benefits are calculated according to actuarial methods recognised by the supervisory authorities (e.g. chain ladder). In doing so, the following parameters are taken into account for the year of occurrence and the year of processing:

  • First year of treatment versus payment year for care benefits
  • First year of event versus payment year for daily benefits

The reserves for annuities are calculated according to the accounting principles pursuant to Art. 108 UVV. The calculation is based on the annuity without cost of living bonuses. For ceded co-insurance, we assume our portion of the individual actuarial reserve as reported by the company that carries it.

For group sickness benefits, provisions for profit sharing are formed for contracts that include agreements on profit sharing. They are calculated as the expected value of the profit share paid out after the reporting date for contracts for profit sharing that are in effect through the reporting date. The estimate of provisions for profit sharing takes account of the active portfolio and the empirical claims experience as at the reporting date.

The equalisation reserves and provisions for guarantees protect the capital base against the effects of unusual fluctuations in the technical result. They are endowed in accordance with the technical result. The maximum amount results from the difference between the expected shortfall and the level α and the expected value. α is 95 per cent for long-term care insurance. For the other product groups, α is set at 90 per cent. The lower limit is zero.

The other technical provisions include additional actuarial provisions that are measured according to the applicable and approved business plan.

Non-technical provisions

If an outflow of funds is probable, a corresponding provision is raised for legal and actual obligations on an event in the past. The amount is determined by analysing the relevant past result and the economic risk. If time has a significant impact, the provision requirement must be discounted. The provisions are revalued annually.

Provision for investment risk

The provisions for investment risk map the long-term volatilities of the capital market. The provisions are based on the total portfolio and are reviewed annually. The target provisions and the range for investment risk are calculated according to an analytical model (normal distribution) on the basis of sensitivities in the investments.

  • the lower range with a security level of 99.0 per cent
  • the target provision with the security level defined internally by Helsana of 99.5 per cent (KVG companies) and 99.75 per cent (other companies) in line with the risk appetite approved by the Board of Directors
  • the upper range with a security level of 99.9 per cent

If the investments during the reporting period experience above-average losses in value, the provisions for investment risk can also be liquidated in the income statement, either in full or in part. If the values of the investments increase by more than the average during the reporting period, the provisions for investment risk can also be increased in full or in part to the target value in the income statement.

Deferred credits

This item includes deferred income during the reporting year that is credited as income in the following financial year, and expenses for the reporting year that are only paid the following financial year.

Liabilities

This item mainly includes obligations to policyholders or service providers as well as premiums billed in advance. Loans due are also recognised in this item. The liabilities are recognised in the balance sheet at their nominal amount.

3. Consolidated companies 2020

Name

Sector

Consolidation

Shareholding in %

Capital in CHF m

 

 

 

 

 

Helsana Ltd, Dübendorf

Holding

Fully consolidated

100

70.0

– Helsana Insurance Company Ltd, Dübendorf

Health insurance

Fully consolidated

100

70.0

– Progrès Insurance Ltd, Dübendorf

Health insurance

Fully consolidated

100

0.3

– Helsana Supplementary Insurances Ltd, Dübendorf

Health insurance

Fully consolidated

100

35.0

– Helsana Legal Protection Ltd, Aarau

Legal expenses insurance

Equity method

50

3.0

– Helsana Accidents Ltd, Dübendorf

Accident insurance

Fully consolidated

100

14.0

– Solida Insurance Ltd, Zurich

Accident insurance

Equity method

50

10.0

– Helsana Investment Ltd, Dübendorf

Holding

Fully consolidated

100

0.1

– Health & Medical Service Ltd, Zurich

Healthcare sector

Fully consolidated

100

0.1

– Helsana HealthInvest Ltd, Zurich

Investment

Fully consolidated

100

0.1

– Procare Vorsorge AG, Dübendorf

Services

Fully consolidated

100

0.1

– Purchasing Cooperative HSK Ltd, Dübendorf

Services

Fully consolidated

60

0.1

– SSS Schaden Service Switzerland Ltd, Zurich

Recourse settlement

Fully consolidated

50.9

0.1

– Aviga AG, Zurich

Case management

Equity method

50

1.0

4. Notes to the consolidated income statement

Figures in CHF thousand

2020

2019

 

 

 

Premium income

7,096,559

6,743,913

Reinsurers’ share

−778

−681

Total net premiums earned

7,095,781

6,743,233

 

 

 

Cost of claims and benefits

−7,240,172

−7,012,889

Co-payments

743,816

701,254

Change in technical provisions

−85,843

25,564

Loss mitigation costs

−54,006

−53,933

Total net cost of claims and benefits

−6,636,205

−6,340,004

 

 

 

Personnel expenses

−403,288

−391,727

Administrative offices and operating equipment

−26,453

−25,593

IT costs

−93,705

−97,929

Marketing, advertising and commission

−139,388

−141,421

Other administrative expenses

−21,931

−8,458

Write-downs

−28,202

−31,564

Total operating expenses, net

−712,967

−696,692

 

 

 

Liquid funds (interest)

3,818

2,441

Receivables (interest risk adjustment, default interest, etc.)

7,559

7,246

Other income

31,542

30,007

Total other operating income

42,919

39,694

 

 

 

Liquid funds (interest)

−4,407

−5,038

Liabilities (interest risk adjustment, etc.)

−98

−144

Other expenses1

−66,987

−25,948

Total other operating expenses

−71,492

−31,130

 

 

 

Non-operating income, third party

25,589

30,131

Non-operating expenses, third party

−33,286

−21,041

Total non-operating income

−7,697

9,090

1

The position “Other expenses” includes compensation of CHF 15.3 million in accordance with Art. 418 (u) of the Swiss Code of Obligations (CO) in connection with the introduction of the “Agent” sector agreement, as well as expenses of CHF 25 million for payouts to individual policyholders.

5. Notes to the consolidated income statement – investments

Figures in CHF thousand

Ordinary earnings

Realised
gains

Unrealised
gains

Total 2019

 

 

 

 

 

Investment income

 

 

 

 

Real estate

18,401

0

4,423

22,825

Bonds

65,131

75,579

116,230

256,941

Bond funds

0

137

7,900

8,037

Equities

34,509

82,361

282,929

399,800

Alternative investments

0

0

25,930

25,930

Real estate funds

0

20,885

125,850

146,735

Currency futures

0

24,200

14,604

38,804

Investments in other companies

332

2,750

9,172

12,255

Employer contribution reserve

0

39

0

39

Other investment income1

2,677

0

0

2,677

Total investment income

121,050

205,951

587,038

914,043

1

Other investment income comprises retrocession repayments by the custodian financial institution.

Figures in CHF thousand

Administrative costs

Realised
losses

Non-realised losses

Total 2019

 

 

 

 

 

Investment expenses

 

 

 

 

Real estate

0

0

−6,111

−6,111

Bonds

0

−66,208

−110,883

−177,091

Bond funds

0

0

−2,792

−2,792

Equities

0

−45,929

−49,619

−95,548

Alternative investments

0

0

−3,436

−3,436

Real estate funds

0

−30

−7,164

−7,193

Currency futures

0

−33,965

−4,598

−38,563

Investments in other companies

0

0

0

0

Employer contribution reserve

0

−450

0

−450

Other investment expenses

−2,255

0

0

−2,255

Asset management costs

−13,868

0

0

−13,868

Total investment expenses

−16,123

−146,582

−184,603

−347,307

 

 

 

 

 

Change in provision for investment risk

0

0

−175,000

−175,000

Total investment income 2019

104,927

59,369

227,435

391,736

Figures in CHF thousand

Ordinary earnings

Realised
gains

Unrealised
gains

Total 2020

 

 

 

 

 

Investment income

 

 

 

 

Real estate

20,078

0

18,983

39,061

Bonds

61,341

53,687

61,048

176,076

Bond funds

0

0

2,890

2,890

Equities

27,529

35,702

138,392

201,624

Alternative investments

0

0

14,637

14,637

Real estate funds

0

28,508

43,534

72,042

Currency futures

0

104,912

108

105,019

Investments in other companies

307

4,200

505

5,011

Other investment income1

2,012

0

0

2,012

Total investment income

111,267

227,009

280,097

618,372

1

Other investment income comprises retrocession repayments by the custodian financial institution.

Figures in CHF thousand

Administrative costs

Realised
losses

Non-realised losses

Total 2020

 

 

 

 

 

Investment expenses

 

 

 

 

Real estate

0

0

−6,012

−6,012

Bonds

0

−47,585

−100,455

−148,039

Bond funds

0

0

−363

−363

Equities

0

−66,879

−124,739

−191,618

Alternative investments

0

0

−22,179

−22,179

Real estate funds

0

−978

−35,730

−36,707

Currency futures

0

−24,685

−18,669

−43,354

Employer contribution reserve

0

−3,528

0

−3,528

Other investment expenses

−2,008

0

0

−2,008

Asset management costs

−12,393

0

0

−12,393

Total investment expenses

−14,401

−143,655

−309,569

−467,624

 

 

 

 

 

Change in provision for investment risk

0

0

14000

14,000

Total investment income 2020

96,866

83,354

−15,472

164,748

6. Notes to the consolidated balance sheet – investments

Figures in CHF thousand

As at 31.12.2018

Additions/ disposals

Change in valuation adjustment

As at 31.12.2019

 

 

 

 

 

Real estate

361,528

16,202

−1,688

376,043

Bonds1

3,876,403

209,525

5,347

4,091,274

Bond funds

25,298

2,086

5,108

32,492

Equities

1,116,892

93,300

233,311

1,443,503

Alternative investments

247,005

7,800

22,495

277,299

Real estate funds

548,601

99,095

118,686

766,381

Currency futures

3,962

0

10,006

13,970

Investments in other companies

53,817

0

5,695

59,512

Loans and mortgages

14

17

0

30

Employer contribution reserve

3,938

−411

0

3,528

Investments

6,237,458

427,614

398,960

7,064,032

1

The market value of the bonds (excluding accrued interest) is CHF 4,547,340 (CHF 4,336,590 as at 31 December 2019).

Figures in CHF thousand

As at 31.12.2019

Additions/ disposals

Change in valuation adjustment

As at 31.12.2020

 

 

 

 

 

Real estate

376,043

16,637

12,971

405,651

Bonds1

4,091,274

320,007

−39,407

4,371,874

Bond funds

32,492

−1,467

2,527

33,552

Equities

1,443,503

7,541

13,653

1,464,697

Alternative investments

277,299

31,863

−7,542

301,620

Real estate funds

766,381

57,051

7,804

831,237

Currency futures

13,970

−13,970

−4,592

−4,592

Investments in other companies

59,512

0

−917

58,595

Loans and mortgages

30

−30

0

0

Employer contribution reserve

3,528

−3,528

0

0

Investments

7,064,032

414,104

−15,503

7,462,634

1

The market value of the bonds (excluding accrued interest) is CHF 4,547,340 (CHF 4,336,590 as at 31 December 2019).

7. Currency futures

 

 

 

Market value as at 31.12.2020

Market value as at 31.12.2019

Figures in CHF thousand

 

Currency

Positive

Negative

Positive

Negative

 

 

 

 

 

 

 

Futures

Hedges

CHF

0

0

2,486

0

Futures

Hedges

USD

0

0

0

8

Futures

Hedges

EUR

0

0

140

0

Total in bonds1

 

 

0

0

2,626

8

 

 

 

 

 

 

 

Futures

Hedges

CHF

0

0

0

0

Futures

Hedges

USD

87

1,318

10,849

0

Futures

Hedges

EUR

20

1,739

1,781

0

Futures

Hedges

GBP

0

1,642

1,339

0

Total currency futures

 

 

107

4,699

13,969

0

1

The bond hedges are included in the bond asset class.

8. Statement of asset additions and disposals – fixed and intangible assets

Figures in CHF thousand

Office fixtures, fittings and equipment

IT hardware

Vehicles

Total property, plant and equipment

Projects

Software

Total intangible assets

 

 

 

 

 

 

 

 

Historical cost

 

 

 

 

 

 

 

Carrying amount as at 31.12.2018

136,017

44,437

897

181,351

132,664

36,435

169,099

Asset additions

1,829

4,848

132

6,809

26,108

5,095

31,203

Asset disposals

−91,487

−3,618

0

−95,105

0

0

0

Carrying amount as at 31.12.2019

46,359

45,668

1,029

93,056

158,772

41,531

200,303

 

 

 

 

 

 

 

 

Accumulated valuation adjustments

 

 

 

 

 

 

 

Value adjustments as at 31.12.2018

−131,431

−36,413

−752

−168,596

−116,840

−23,435

−140,275

Depreciation and amortisation

−2,167

−7,276

−151

−9,594

−16,356

−6,651

−23,007

Asset disposals

91,486

3,617

0

95,102

0

0

0

Value adjustments as at 31.12.2019

−42,112

−40,073

−903

−83,088

−133,196

−30,086

−163,282

 

 

 

 

 

 

 

 

Net carrying amount as at 31.12.2019

4,247

5,594

127

9,968

25,576

11,445

37,021

Figures in CHF thousand

Office fixtures, fittings and equipment

IT hardware

Vehicles

Total property, plant and equipment

Projects

Software

Total intangible assets

 

 

 

 

 

 

 

 

Historical cost

 

 

 

 

 

 

 

Carrying amount as at 31.12.2019

46,359

45,668

1,029

93,056

158,772

41,531

200,303

Asset additions

1,300

6,945

60

8,305

9

0

9

Asset disposals

−86

−1,439

−227

−1,752

0

0

0

Carrying amount as at 31.12.2020

47,573

51,174

862

99,608

158,781

41,531

200,312

 

 

 

 

 

 

 

 

Accumulated valuation adjustments

 

 

 

 

 

 

 

Value adjustments as at 31.12.2019

−42,112

−40,073

−903

−83,088

−133,196

−30,086

−163,282

Depreciation and amortisation

−2,024

−6,295

−82

−8,401

−16,360

−4,509

−20,869

Asset disposals

86

1,435

168

1,689

0

0

0

Value adjustments as at 31.12.2020

−44,050

−44,933

−817

−89,800

−149,556

−34,595

−184,151

 

 

 

 

 

 

 

 

Net carrying amount as at 31.12.2020

3,523

6,241

45

9,808

9,225

6,936

16,161

9. Deferred charges and credits

Figures in CHF thousand

31.12.2020

31.12.2019

 

 

 

Accrued interest on investments

26,355

29,127

Risk compensation

182,739

226,688

Other accrued income and prepaid expenses

153,630

161,914

Total deferred charges

362,724

417,729

 

 

 

Risk compensation

109,370

59,873

Other deferred income and accrued expenses

27,956

46,279

Total deferred credits

137,326

106,152

10. Receivables and liabilities

Figures in CHF thousand

31.12.2020

31.12.2019

 

 

 

Policyholders

320,842

442,310

Insurance organisations

5,485

6,349

Related parties

1,548

1,265

Government offices

48,745

23,862

Other receivables

35,674

35,509

Total receivables

412,294

509,295

 

 

 

Policyholders

518,581

626,978

Insurance organisations

2,216

2,474

Service providers

82,070

121,289

Agents and brokers

1,108

1,796

Related parties

3,326

3,260

Government offices

3,407

17,072

Other liabilities

132,378

127,797

Total liabilities

743,086

900,666

11. Technical provisions

Figures in CHF thousand

Provision for claims and benefits1

Actuarial reserve2

Provision for policyholder participation

Claims
equalisation reserve

Other technical provisions3

Total

 

 

 

 

 

 

 

As at 31.12.2018

1,741,687

408,488

87,302

1,001,294

665,816

3,904,586

Creation

1,749,742

95,343

63,718

216,304

39,343

2,164,450

Release

−1,830,775

−40,004

−62,652

−179,704

−76,880

−2,190,015

As at 31.12.2019

1,660,654

463,827

88,368

1,037,894

628,279

3,879,021

1

The amount of reinsurance in the provisions for claims and benefits was CHF 0 as at 31 December 2020 (CHF 0 as at 31.12.2019).

2

In accordance with the new calculation basis (in force since 1 January 2020), the pension reserves for all accident years are discounted with a technical interest rate of 1.5 % (previous year: technical interest rate of 2.75 percent for accident years up to 2013 and 2.0 percent for accident years from 2014). The average term is 11.3 years.

3

The other technical provisions comprise provisions for other compulsory health insurance products (OKP) (models such as HAV/HMO).
Ageing reserves were discounted with a technical interest rate of 1.0 per cent.

Figures in CHF thousand

Provision for claims and benefits1

Actuarial reserve2

Provision for policyholder participation

Claims
equalisation reserve

Other technical provisions3

Total

 

 

 

 

 

 

 

As at 31.12.2019

1,660,654

463,827

88,368

1,037,894

628,279

3,879,021

Creation

1,353,028

96,283

39,727

427,929

1,988

1,918,955

Release

−1,334,303

−113,445

−52,122

−47,234

−286,008

−1,833,113

As at 31.12.2020

1,679,379

446,665

75,973

1,418,589

344,259

3,964,863

1

The amount of reinsurance in the provisions for claims and benefits was CHF 0 as at 31 December 2020 (CHF 0 as at 31.12.2019).

2

In accordance with the new calculation basis (in force since 1 January 2020), the pension reserves for all accident years are discounted with a technical interest rate of 1.5 % (previous year: technical interest rate of 2.75 percent for accident years up to 2013 and 2.0 percent for accident years from 2014). The average term is 11.3 years.

3

The other technical provisions comprise provisions for other compulsory health insurance products (OKP) (models such as HAV/HMO).
Ageing reserves were discounted with a technical interest rate of 1.0 per cent.

12. Non-technical provisions

Figures in CHF thousand

Personnel/
brokers1

Taxes

IT investments

Process risks2

Other3

Total

 

 

 

 

 

 

 

As at 31.12.2018

39,470

104

1,037

0

82,015

122,627

Creation

71,539

4,503

773

0

5,468

82,283

Use

−71,412

−54

−1,810

0

−19,037

−92,313

As at 31.12.2019

39,597

4,553

0

0

68,446

112,597

1

The provisions for holiday and overtime claims as well as staff bonuses and broker fees are included under “Personnel/brokers”.

2

The position includes compensation in accordance with Art. 418 (u) of the Swiss Code of Obligations (CO) in connection with the introduction of the “Agent”.

3

The Swiss Financial Market Supervisory Authority (FINMA) has ordered a restriction for the awarding of discounts. The amount set aside for possible compensation payments to insured individuals was set at CHF 65 million in 2017 and increased by CHF 25 million in 2020.

Figures in CHF thousand

Personnel/
brokers1

Taxes

IT investments

Process risks2

Other3

Total

 

 

 

 

 

 

 

As at 31.12.2019

39,597

4,553

0

0

68,446

112,597

Creation

69,674

2,852

0

15,341

32,376

120,243

Use

−70,306

−2,445

0

−14,240

−7,128

−94,119

As at 31.12.2020

38,965

4,960

0

1,101

93,694

138,721

1

The provisions for holiday and overtime claims as well as staff bonuses and broker fees are included under “Personnel/brokers”.

2

The position includes compensation in accordance with Art. 418 (u) of the Swiss Code of Obligations (CO) in connection with the introduction of the “Agent”.

3

The Swiss Financial Market Supervisory Authority (FINMA) has ordered a restriction for the awarding of discounts. The amount set aside for possible compensation payments to insured individuals was set at CHF 65 million in 2017 and increased by CHF 25 million in 2020.

13. Provision for investment risk

Figures in CHF thousand

Provision for investment risk

Total

 

 

 

As at 31.12.2018

846,632

846,632

Creation

175,000

175,000

As at 31.12.2019

1,021,632

1,021,632

Figures in CHF thousand

Provision for investment risk

Total

 

 

 

As at 31.12.2019

1,021,632

1,021,632

Creation

10,000

10,000

Release

−24,000

−24,000

As at 31.12.2020

1,007,632

1,007,632

14. Liabilities to pension funds

Employer contribution reserve

 

Par value

Waiver of usage

Balance sheet

Release

Balance sheet

Earnings from employer contribution reserve

Figures in CHF thousand

31.12.2019

2019

31.12.2019

2019

31.12.2018

2019

Prior year

 

 

 

 

 

 

 

 

Pension schemes

3,528

0

3,528

−450

3,939

−39

0

Total

3,528

0

3,528

−450

3,939

−39

0

Economic benefit/obligation and pension cost

 

Funding surplus/ deficiency1

Economic interest of organisation

Change from prior year/ recognised in income statement in reporting year

Contributions recognised in reporting period

Pension cost
in personnel costs

 

31.12.2019

31.12.2019

31.12.2018

 

 

2019

Prior year

 

 

 

 

 

 

 

 

Pension plans with funding surplus

164,804

0

0

0

31,890

31,890

31,912

Total

164,804

0

0

0

31,890

31,890

31,912

1

The information is based on the audited 2018 and 2019 annual financial statements of the staff pension fund foundation of Helsana Insurance Company Ltd.

Employer contribution reserve

 

Par value

Waiver of usage

Balance sheet

Release

Balance sheet

Earnings from employer contribution reserve

Figures in CHF thousand

31.12.2020

2020

31.12.2020

2020

31.12.2019

2020

Prior year

 

 

 

 

 

 

 

 

Pension schemes

0

0

0

−3,528

3,528

0

−39

Total

0

0

0

−3,528

3,528

0

−39

Economic benefit/obligation and pension cost

 

Funding surplus/ deficiency1

Economic interest of organisation

Change from prior year/ recognised in income statement in reporting year

Contributions recognised in reporting period

Pension cost
in personnel costs

 

31.12.2020

31.12.2020

31.12.2019

 

 

2020

Prior year

 

 

 

 

 

 

 

 

Pension plans with funding surplus

218,870

0

0

0

35,224

35,224

31,890

Total

218,870

0

0

0

35,224

35,224

31,890

1

The information is based on the audited 2018 and 2019 annual financial statements of the staff pension fund foundation of Helsana Insurance Company Ltd.

15. Other information

Collateral for own liabilities, reservation of ownership (excluding tied assets)

On 31 December 2020, there was no collateral for own liabilities.

Contingent receivables/liabilities

Within the scope of Group VAT taxation, the Helsana Group is jointly and severally liable to the Swiss Federal Tax Administration. Stiftung Fondation Sana is also included in the VAT group together with the fully consolidated companies.

Significant related companies

 

Transactions with the Helsana Group (net)1

Investments2

Technical provisions2

Figures in CHF thousand

2020

2019

31.12.2019

31.12.2018

31.12.2019

31.12.2018

 

 

 

 

 

 

 

Name

 

 

 

 

 

 

Solida Insurance Ltd, 8048 Zurich

11,387

10,243

678,268

647,485

600,174

564,174

Helsana Legal Protection Ltd, 5000 Aarau

18,965

18,123

55,414

53,502

45,674

43,592

1

The transactions with associated companies include the sum of the statements of these companies, which include the transferred net premiums less any profit sharing and compensation for administration.

2

The figures have been taken from the 2019 Annual Report.