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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

2021

2020

2021

2020

2021

2020

2021

2020

2021

2020

2021

2020

 

 

 

 

 

 

 

 

 

 

 

 

 

Net premiums earned

5,394,943

5,160,670

1,833,534

1,789,005

143,753

146,106

0

0

0

0

7,372,231

7,095,781

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cost of claims and benefits

−5,551,479

−5,183,134

−1,372,326

−1,337,307

−115,226

−115,764

0

0

0

0

−7,039,031

−6,636,205

 

 

 

 

 

 

 

 

 

 

 

 

 

Allocated interest

0

0

0

0

6,192

6,252

0

0

0

0

6,192

6,252

Risk adjustment between insurers

271,049

339,621

0

0

0

0

0

0

0

0

271,049

339,621

Policyholder participation

−2,114

−5,055

−38,328

−41,903

−1,506

−1,230

0

0

0

0

−41,948

−48,188

Net operating expenses

−310,906

−302,339

−349,396

−380,572

−27,779

−30,055

0

0

0

0

−688,081

−712,967

Underwriting result

−198,506

9,763

73,484

29,223

5,434

5,309

0

0

0

0

−119,589

44,295

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment income

301,217

214,324

372,839

248,360

116,954

84,935

124,408

150,754

−10,000

−80,000

905,419

618,372

Investment expenses

−147,787

−158,642

−143,280

−197,740

−51,260

−56,468

−49,285

−54,774

0

0

−391,613

−467,624

Change in provision for investment risk

0

24,000

0

0

0

−10,000

−10,000

0

0

0

−10,000

14,000

Earnings from investments

153,430

79,682

229,559

50,620

65,694

18,467

65,123

95,979

−10,000

−80,000

503,806

164,748

 

 

 

 

 

 

 

 

 

 

 

 

 

Allocated interest expenses

0

0

0

0

−6,192

−6,252

0

0

0

0

−6,192

−6,252

Other operating income

9,203

9,157

33,104

31,285

429

375

375

2,892

−522

−790

42,589

42,919

Other operating expenses

−79,023

−4,579

−26,829

−66,741

−369

−445

−772

−518

522

790

−106,470

−71,492

Operating earnings

−114,896

94,024

309,319

44,387

64,997

17,453

64,725

98,354

−10,000

−80,000

314,145

174,218

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-operating earnings

213

295

−923

−88

−13

−15

−8,422

−7,888

0

0

−9,144

−7,697

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated earnings before taxes

−114,682

94,319

308,396

44,298

64,984

17,438

56,303

90,466

−10,000

−80,000

305,001

166,521

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred income taxes

0

0

−18,719

−2,722

−2,945

226

−3,998

−1,474

0

0

−25,662

−3,970

Income taxes

0

0

−36,915

−3,108

−8,128

−3,194

−2,426

−1,106

0

0

−47,469

−7,409

Non-controlling interest

0

0

0

0

0

0

−648

−430

0

0

−648

−430

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated earnings

−114,682

94,319

252,763

38,468

53,910

14,471

49,231

87,455

−10,000

−80,000

231,222

154,713

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

2021

2020

2021

2020

 

2021

2020

2021

2020

2021

2020

2021

2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net premiums earned

5,394,943

5,160,670

1,833,534

1,789,005

 

143,753

146,106

0

0

0

0

7,372,231

7,095,781

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cost of claims and benefits

−5,551,479

−5,183,134

−1,372,326

−1,337,307

 

−115,226

−115,764

0

0

0

0

−7,039,031

−6,636,205

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allocated interest

0

0

0

0

 

6,192

6,252

0

0

0

0

6,192

6,252

Risk adjustment between insurers

271,049

339,621

0

0

 

0

0

0

0

0

0

271,049

339,621

Policyholder participation

−2,114

−5,055

−38,328

−41,903

 

−1,506

−1,230

0

0

0

0

−41,948

−48,188

Net operating expenses

−310,906

−302,339

−349,396

−380,572

 

−27,779

−30,055

0

0

0

0

−688,081

−712,967

Underwriting result

−198,506

9,763

73,484

29,223

 

5,434

5,309

0

0

0

0

−119,589

44,295

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment income

301,217

214,324

372,839

248,360

 

116,954

84,935

124,408

150,754

−10,000

−80,000

905,419

618,372

Investment expenses

−147,787

−158,642

−143,280

−197,740

 

−51,260

−56,468

−49,285

−54,774

0

0

−391,613

−467,624

Change in provision for investment risk

0

24,000

0

0

 

0

−10,000

−10,000

0

0

0

−10,000

14,000

Earnings from investments

153,430

79,682

229,559

50,620

 

65,694

18,467

65,123

95,979

−10,000

−80,000

503,806

164,748

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allocated interest expenses

0

0

0

0

 

−6,192

−6,252

0

0

0

0

−6,192

−6,252

Other operating income

9,203

9,157

33,104

31,285

 

429

375

375

2,892

−522

−790

42,589

42,919

Other operating expenses

−79,023

−4,579

−26,829

−66,741

 

−369

−445

−772

−518

522

790

−106,470

−71,492

Operating earnings

−114,896

94,024

309,319

44,387

 

64,997

17,453

64,725

98,354

−10,000

−80,000

314,145

174,218

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-operating earnings

213

295

−923

−88

 

−13

−15

−8,422

−7,888

0

0

−9,144

−7,697

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated earnings before taxes

−114,682

94,319

308,396

44,298

 

64,984

17,438

56,303

90,466

−10,000

−80,000

305,001

166,521

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred income taxes

0

0

−18,719

−2,722

 

−2,945

226

−3,998

−1,474

0

0

−25,662

−3,970

Income taxes

0

0

−36,915

−3,108

 

−8,128

−3,194

−2,426

−1,106

0

0

−47,469

−7,409

Non-controlling interest

0

0

0

0

 

0

0

−648

−430

0

0

−648

−430

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated earnings

−114,682

94,319

252,763

38,468

 

53,910

14,471

49,231

87,455

−10,000

−80,000

231,222

154,713

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

2021

2020

2021

2020

 

2021

2020

2021

2020

2021

2020

2021

2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net premiums earned

5,394,943

5,160,670

1,833,534

1,789,005

 

143,753

146,106

0

0

0

0

7,372,231

7,095,781

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cost of claims and benefits

−5,551,479

−5,183,134

−1,372,326

−1,337,307

 

−115,226

−115,764

0

0

0

0

−7,039,031

−6,636,205

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allocated interest

0

0

0

0

 

6,192

6,252

0

0

0

0

6,192

6,252

Risk adjustment between insurers

271,049

339,621

0

0

 

0

0

0

0

0

0

271,049

339,621

Policyholder participation

−2,114

−5,055

−38,328

−41,903

 

−1,506

−1,230

0

0

0

0

−41,948

−48,188

Net operating expenses

−310,906

−302,339

−349,396

−380,572

 

−27,779

−30,055

0

0

0

0

−688,081

−712,967

Underwriting result

−198,506

9,763

73,484

29,223

 

5,434

5,309

0

0

0

0

−119,589

44,295

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment income

301,217

214,324

372,839

248,360

 

116,954

84,935

124,408

150,754

−10,000

−80,000

905,419

618,372

Investment expenses

−147,787

−158,642

−143,280

−197,740

 

−51,260

−56,468

−49,285

−54,774

0

0

−391,613

−467,624

Change in provision for investment risk

0

24,000

0

0

 

0

−10,000

−10,000

0

0

0

−10,000

14,000

Earnings from investments

153,430

79,682

229,559

50,620

 

65,694

18,467

65,123

95,979

−10,000

−80,000

503,806

164,748

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allocated interest expenses

0

0

0

0

 

−6,192

−6,252

0

0

0

0

−6,192

−6,252

Other operating income

9,203

9,157

33,104

31,285

 

429

375

375

2,892

−522

−790

42,589

42,919

Other operating expenses

−79,023

−4,579

−26,829

−66,741

 

−369

−445

−772

−518

522

790

−106,470

−71,492

Operating earnings

−114,896

94,024

309,319

44,387

 

64,997

17,453

64,725

98,354

−10,000

−80,000

314,145

174,218

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-operating earnings

213

295

−923

−88

 

−13

−15

−8,422

−7,888

0

0

−9,144

−7,697

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated earnings before taxes

−114,682

94,319

308,396

44,298

 

64,984

17,438

56,303

90,466

−10,000

−80,000

305,001

166,521

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred income taxes

0

0

−18,719

−2,722

 

−2,945

226

−3,998

−1,474

0

0

−25,662

−3,970

Income taxes

0

0

−36,915

−3,108

 

−8,128

−3,194

−2,426

−1,106

0

0

−47,469

−7,409

Non-controlling interest

0

0

0

0

 

0

0

−648

−430

0

0

−648

−430

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated earnings

−114,682

94,319

252,763

38,468

 

53,910

14,471

49,231

87,455

−10,000

−80,000

231,222

154,713

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 2021 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

There was no change in the scope of consolidation in the year under review.

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

As of January 1, 2022, Helsana Versicherungen AG absorbed Progrès Versicherungen AG by way of a merger pursuant to Art. 3 para 1 lit.A FusG, taking over its assets and liabilities by universal succession.

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:

 

31.12.2021

31.12.2020

Unit/currency

Price

Price

 

 

 

1 EUR

1.03559

1.08244

1 USD

0.91295

0.88257

1 GBP

1.23361

1.20479

100 JPY

0.79323

0.85550

1 CAD

0.71901

0.69271

1 AUD

0.66304

0.68038

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

Included in these are fixed-income securities or investments in similar securities without a fixed maturity (e.g. bond funds) or without a defined redemption price. The investments held are marketable and valued at market price. The periodic change in the balance sheet value is recognized in the income statement. In the event of no observable or current values being available, the near-market value is determined by using our own valuation model.

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 2021

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

2021

2020

 

 

 

Premium income

7,373,030

7,096,559

Reinsurers' share

−799

−778

Total net premiums earned

7,372,231

7,095,781

 

 

 

Cost of claims and benefits

−7,717,792

−7,240,172

Co-payments

809,267

743,816

Change in technical provisions

−45,704

−85,843

Loss mitigation costs

−84,802

−54,006

Total net cost of claims and benefits

−7,039,031

−6,636,205

 

 

 

Personnel expenses

−414,983

−403,288

Administrative offices and operating equipment

−29,323

−26,453

IT costs

−86,570

−93,705

Marketing, advertising and commission

−110,775

−139,388

Other administrative expenses

−29,296

−21,931

Write-downs

−17,134

−28,202

Total operating expenses, net

−688,081

−712,967

 

 

 

Liquid funds (interest)

1,446

3,818

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

6,718

7,559

Other income

34,425

31,542

Total other operating income

42,589

42,919

 

 

 

Liquid funds (interest)

−4,322

−4,407

Liabilities (interest risk adjustment, etc.)

−232

−98

Other expenses1

−101,916

−66,987

Total other operating expenses

−106,470

−71,492

 

 

 

Non-operating income, third party

27,580

25,589

Non-operating expenses, third party

−36,724

−33,286

Total non-operating income

−9,144

−7,697

1

The item “Other expenses” primarily includes funds for the voluntary reduction in reserves of CHF 75.6 million.

5. Notes to the consolidated income statement – investments

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

Investments in other companies

0

0

−1,422

−1,422

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

14,000

14,000

Total investment income 2020

96,866

83,354

−15,472

164,748

Figures in CHF thousand

Ordinary
earnings

Realised
gains

Unrealised
gains

Total 2021

 

 

 

 

 

Investment income

 

Real estate

20,745

0

17,074

37,820

Bonds

58,128

72,259

107,743

238,129

Bond funds

0

0

2,074

2,074

Equities

29,125

140,914

214,352

384,390

Alternative investments

0

8,803

53,716

62,520

Real estate funds

18,605

17,079

64,090

99,773

Currency futures

0

53,902

18,420

72,321

Investments in other companies

3,272

0

2,455

5,728

Loans and mortgages

1

0

0

1

Other investment income1

2,663

0

0

2,663

Total investment income

132,539

292,956

479,924

905,419

1

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

Figures in CHF thousand

Administrative
costs

Realised
losses

Non-realised
losses

Total 2021

 

 

 

 

 

Investment expenses

 

Real estate

0

0

−5,576

−5,576

Bonds

0

−61,110

−103,837

−164,947

Bond funds

0

0

−3,028

−3,028

Equities

0

−28,410

−67,597

−96,007

Alternative investments

0

−901

−1,192

−2,094

Real estate funds

0

−467

−13,864

−14,331

Currency futures

0

−89,114

−1,167

−90,281

Investments in other companies

0

0

−91

−91

Other investment expenses

−2,511

0

0

−2,511

Asset management costs

−12,747

0

0

−12,747

Total investment expenses

−15,258

−180,004

−196,351

−391,613

Change in provision for investment risk

0

0

−10,000

−10,000

Total investment income 2021

117,281

112,952

273,573

503,806

6. Notes to the consolidated balance sheet – investments

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

Figures in CHF thousand

As at 31.12.2020

Additions/disposals

Change in
valuation
adjustment

As at 31.12.2021

 

 

 

 

 

Real estate

405,651

1,693

11,498

418,842

Bonds1

4,371,874

543,948

3,905

4,919,727

Bond funds

33,552

554

−954

33,152

Equities

1,464,697

−76,231

146,755

1,535,221

Alternative investments

301,620

−34,775

52,524

319,369

Real estate funds

831,237

−38

50,225

881,425

Currency futures

−4,592

0

17,253

12,661

Investments in other companies

58,595

0

2,364

60,959

Investments

7,462,634

435,151

283,570

8,181,356

1

Bonds have been valued at market value (excluding accrued interest) for the first time for the 2021 financial statements. The market value amounted to TCHF 4,547,340 as of December 31, 2020.

7. Currency futures

 

 

 

Market value as at 31.12.2021

Market value as at 31.12.2020

Figures in CHF thousand

 

Currency

Positive

Negative

Positive

Negative

 

 

 

 

 

 

 

Futures

Hedges

USD

11,429

0

87

1,318

Futures

Hedges

EUR

2,291

0

20

1,739

Futures

Hedges

GBP

0

1,059

0

1,642

Total currency futures

 

 

13,720

1,059

107

4,699

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 31.12.2019

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

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 31.12.2020

47,573

51,174

862

99,608

158,781

41,531

200,312

Asset additions

897

4,188

229

5,314

0

0

0

Asset disposals

−32

−1,792

−115

−1,939

0

0

0

Carrying amount as at 31.12.2021

48,438

53,569

976

102,983

158,781

41,531

200,312

 

 

 

 

 

 

 

 

Accumulated valuation adjustments

 

 

 

 

 

 

 

Value adjustments as at 31.12.2020

−44,050

−44,933

−817

−89,800

−149,556

−34,595

−184,151

Depreciation and amortisation

−1,642

−4,824

−75

−6,541

−8,445

−2,958

−11,403

Asset disposals

32

1,788

56

1,876

0

0

0

Value adjustments as at 31.12.2021

−45,660

−47,969

−836

−94,465

−158,001

−37,553

−195,554

 

 

 

 

 

 

 

 

Net carrying amount as at 31.12.2021

2,778

5,600

140

8,518

780

3,978

4,758

9. Deferred charges and credits

Figures in CHF thousand

31.12.2021

31.12.2020

 

 

 

Accrued interest on investments

26,213

26,355

Risk compensation

172,606

182,739

Other accrued income and prepaid expenses

121,793

153,630

Total deferred charges

320,612

362,724

 

 

 

Risk compensation

134,868

109,370

Other deferred income and accrued expenses

37,985

27,956

Total deferred credits

172,853

137,326

10. Receivables and liabilities

Figures in CHF thousand

31.12.2021

31.12.2020

 

 

 

Policyholders

333,430

320,842

Insurance organisations

4,253

5,485

Related parties

675

1,548

Government offices1

88,653

48,745

Other receivables

40,321

35,674

Total receivables

467,332

412,294

 

 

 

Policyholders

590,723

518,581

Insurance organisations

1,159

2,216

Service providers

144,430

82,070

Agents and brokers

1,550

1,108

Related parties

2,079

3,326

Government offices

4,312

3,407

Other liabilities

145,560

132,378

Total liabilities

889,813

743,086

1

The receivable for the fourth quarter includes the costs of COVID-19 testing assumed by the federal government in the amount of CHF 46.2 million (total costs of COVID-19 testing assumed by the federal government: CHF 168.9 million).

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 31.12.2019

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

Figures in CHF thousand

Provision
for claims
and benefits1

Actuarial reserve2

Provision
for policyholder
participation

Claims equalisation
reserve

Other
technical
provisions3

Total

 

 

 

 

 

 

 

As at 31.12.2020

1,679,379

446,665

75,973

1,418,589

344,259

3,964,863

Creation

1,276,154

90,413

52,053

139,272

116,186

1,674,078

Release

−1,340,728

−63,062

−47,358

−90,112

−11,516

−1,552,776

As at 31.12.2021

1,614,805

474,016

80,668

1,467,749

448,929

4,086,165

1

The amount of reinsurance in the provisions for claims and benefits was CHF 0 as at 31 December 2021 CHF 0 as at 31.12.2020).

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% (2019: 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 insurance provisions comprise old-age provisions, reserves for the voluntary reduction in reserves and reserves for other compulsory health insurance (OKP) products (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

Process risks2

Other3

Total

 

 

 

 

 

 

As at 31.12.2019

39,597

4,553

0

68,446

112,597

Creation

69,674

2,852

15,341

32,376

120,243

Use

−70,306

−2,445

−14,240

−7,128

−94,119

As at 31.12.2020

38,965

4,960

1,101

93,694

138,721

Figures in CHF thousand

Personnel/
brokers1

Taxes

Process risks2

Other3

Total

 

 

 

 

 

 

As at 31.12.2020

38,965

4,960

1,101

93,694

138,721

Creation

70,178

38,024

0

9,355

117,557

Release

−68,519

0

−1,101

−96,617

−166,238

As at 31.12.2021

40,624

42,984

0

6,432

90,040

1

The provisions for holiday and overtime claims as well as staff bonuses, broker fees and personnel costs related to decided organizational changes 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 provisions of CHF 90 million raised for this purpose were largely used or released in 2021 in favor of payments to insured persons.

13. Provision for investment risk

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

Figures in CHF thousand

Provision for
investment risk

Total

 

 

 

As at 31.12.2020

1,007,632

1,007,632

Creation

10,000

10,000

Release

0

0

As at 31.12.2021

1,017,632

1,017,632

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

31.12.2020

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

Figures in CHF thousand

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

Employer contribution reserve

 

Par value

Waiver of usage

Balance sheet

Release

Balance sheet

Earnings from employer contribution reserve

Figures in CHF thousand

31.12.2021

2021

31.12.2021

2021

31.12.2020

2021

Prior year

 

 

 

 

 

 

 

 

Pension schemes

0

0

0

0

0

0

0

Total

0

0

0

0

0

0

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

Figures in CHF thousand

31.12.2021

31.12.2021

31.12.2020

 

 

2021

Prior year

 

 

 

 

 

 

 

 

Pension plans with
funding surplus

262,973

0

0

0

36,816

36,816

35,224

Total

262,973

0

0

0

36,816

36,816

35,224

1

The information is based on the audited 2019 and 2020 annual financial statements of the staff pension fund foundation of Helsana Insurance Company Ltd. Values may be taken from the 2020 financial statements.

15. Other information

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

On 31 December 2021, 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

2021

2020

31.12.2020

31.12.2019

31.12.2020

31.12.2019

 

 

 

 

 

 

 

Name

 

 

 

 

 

 

Solida Insurance Ltd, 8048 Zurich

11,748

11,387

695,488

678,268

602,467

600,174

Helsana Legal Protection Ltd, 5000 Aarau

20,245

18,965

52,401

55,414

46,789

45,674

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 2020 Annual Report.