Activity report 2022

Overview of the approved accounts

In CHF million


Overall, insurance-related income exceeded charges by CHF 2 066 million.

Contributions by the insured, amounting to CHF 44 220 million, represent 72.1% of income.

In 2022, the net result from investments of CHF –‍5 032 million, obtained by adding the investment result to the expenses related to the investment activity, offset the positive overall result from insurance activities and led to a negative overall result. This consequently led to a decrease in accumulated equity. The negative investment result is due to the poor market conditions.

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

2066 2966 Decrease Increase Result frominsurance activities Aggregatedoperating income 65 000 + 61366 – 59300 4988 – 44 –3000 –2500 –2000 –1500 –1000 500 0 500 1000 1500 2000 2500 3000 Income from insurance activities Expenses frominsuranceactivities Investmentresult Administrativeexpenses related toinvestment activities

In CHF million



6 0 000 –6 000 –5 000 –4 000 –3 000 –2 000 –1 000 0 1 000 2 000 3 000 4 000 5 000 6 000 6 5 000 7 6 5 4 3 2 1 2022 2021

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 LEC 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 InvI. As a result of several years of operating losses, the capital of the InvI is decreasing since 2019. Partly due to its size, the OASI is the social insurance with the most noticeable fluctuations.


In CHF million


At the end of 2022, liquidity and money market investments (excluding short-term borrowings) represented around 7.6% of assets under management. 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 2022 with 86.1%, of which 18.4% is comprised of equities, 39.2% is comprised of bonds and 28.5% is comprised of fund units.

Derivatives are largely used in overlays mandates and for tactical allocation. They represented a net value of CHF 206 million, or 0.6% of net assets, at the end of 2022.

Gold represented 2.8% of net assets.

Most of the loans are granted to municipalities and cantons. At the end of 2022, they represented 2.6% of net assets.

Debtors and creditors mainly originate from the social insurance activities. The current accounts of the compensation funds represent CHF 4 193 million in assets and CHF 36 million in liabilities.

The various social insurance services of the Swiss Confederation involved in social insurance activities represent a net balance of CHF 1 117 million.

The current and deferred accounts for unemployment insurance form a debt of CHF 1 164 million.

Other debtors (CHF 66 million) and payables (CHF 39 million) are due to social insurance activities and investments.

Most of the transitional assets in the amount of CHF 1 070 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 InvI debt to the OASI scheme does not appear in the aggregated financial statements. However, this is accounted for in detail for each insurance scheme as well as in the allocation of equity. As the share of the InvI's stock of liquid assets and investments in 2022 is not sufficient to meet the condition pursuant to Art. 22 para. 1 of the Social Security Funds Act, no reimbursement was made.

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