In CHF million

 

Overall, insurance-related income exceeded charges by CHF 775 million.

Contributions of CHF 42 846 million represent 72.1% of income.

In 2021, the net investment result of CHF 1 832 million completed the positive overall result on insurance activities. Both contribute to an increase in cumulative equity. The positive investment result was due to a good market performance.

The investment result is then allocated to the three social security schemes according to their respective commitments in the various asset classes.

 

Contribution to earnings

In CHF million

 

Overview

In CHF million 

1 Income from insurance activities
2 Expenses from insurance activities
3 Net income/net loss from insurance activities
4 Investment results
5 Administrative expenses related to investment activities
6 Net income/net loss from investment activities
7 Aggregated operating income

 

Since 2011, the share of funds invested by the EO has been stable with a slight increase over time. The funds invested by the IV were also stable until 2017 due to the refund system linked to the temporary VAT increase in favour of the IV. As a result of several years of operating losses, the capital of the IV is decreasing since 2019. Partly due to its size, the AVS is the social insurance with the most noticeable fluctuations.

 

In CHF million

 

At the end of 2021, liquidity and money market investments (excluding short-term borrowings) represented around 8.6% of assets. Liquidity management and its pivotal role in the Central Compensation Office are described on the "Liquidity" page. Equities, bonds and fund units account for the bulk of investments at the end of 2021 with 84.8%, of which 20.1 % is comprised of equities, 37.7% is comprised of bonds and 27% is comprised of fund units.

Derivatives, which are largely used in overlays mandates as well as for tactical allocation, are instruments whose value may be subject to significant volatility. They represented a net value of CHF 330 million, or 0.8% of net assets, at the end of 2021.

Gold represented 2.8% of net assets.

Most of the loans are granted to municipalities and cantons. At the end of 2021, they represented 3.1 % of net assets. Debtors and creditors mainly originate from the social insurance activities. The positive and negative balances of the accounts held by the compensation offices amounted to CHF 3 601 million.

The various social insurance services of the Swiss Confederation involved in social insurance activities represent a net balance of CHF 986 million. The current and deferred accounts for unemployment insurance form a debt of CHF 1 010 million.

Other debtors (CHF 58 million) and payables (CHF 37 million) are due to social insurance activities and investments.

Most of the transitional assets in the amount of CHF 90 million come from insurance contributions. The remainder consists mainly of accrued interest.

The real estate properties are used partly as investments and partly as administrative buildings for own use.

The accrued liabilities arise from the delimitation of the investment portion.

The contribution loss provisions form part of the net assets related to social insurance activities.

The IV debt to the AHV scheme does not appear in the approved version. However, this is accounted for in detail for each insurance scheme as well as in the allocation of equity. Taking into account that the IV’s result in 2021 was a loss, no repayment was made in accordance with Art. 22 para. 1 of the Social Security Funds Act.

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