On 13 April 2016, the Federal Council 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, and it remains economically viable. 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 here ((Link wird nachgereicht)). Printed versions in English, German and French can be ordered free of charge from Bettina Scheidegger.