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Activity report 2022
A positive allocation result
Below are the highlights and key figures for 2022.
For a complete overview, you can visit the website dedicated to 2022. The annual report can be downloaded (PDF) from compenswiss.ch.
Foreword
Report of the Chairman of the Board of Directors and of the Director
The year 2022 was marked in February by the outbreak of conflict in Ukraine, which put an end to the post-pandemic economic recovery. The shockwave then spread around the globe, shaking not only peace and a sense of security in Europe, but also the global economy and financial markets. Increasing geopolitical tensions compounded these problems as the year progressed.
Key fact
Post-COVID crisis
2022 was another year of learning and reflection on how to improve and simplify our work processes, make working hours more flexible, and strengthen means of communication and internal collaboration.
The figure
Total costs "all in"
76.1 mio
Ressources humaines
Equal pay
compenswiss regularly evaluates its salary policy. The result of the analysis conducted in the first quarter of 2021 shows that wages are in line with the principles set out in the policy. The next analysis will be carried out in 2023. In addition, the institution requires its suppliers and service providers to guarantee equal pay in the public calls for tender issued by compenswiss.
Our team
30%
Overall percentage of women in management and executive positions at compenswiss. This figure remains unchanged from 2021.
Investments
Market situation
The year 2022 was marked by a chain of events that had a significant impact on financial markets.
The post Covid reopening of the global economy created a strong recovery in demand, which in turn led to a return of inflation. The latter was exacerbated by global supply difficulties, particularly for products from China.
The outbreak of the conflict in Ukraine led to a major energy crisis related to Russia's position as the world's second largest producer of crude oil, and the main exporter to Europe. Energy and commodity prices were pushed to record levels further intensifying the inflationary pressures.
Changes in 10-year interest rates
Changes in 10-year interest rates
- CHF 10 years
- EUR 10 years
- USD 10 years
Overview
Strategic allocation
The investment policy for the compensation funds must guarantee the solvency of the three social insurance schemes (OASI, InvI, LEC) at all times. To this end, the governing and executive bodies of compenswiss have set the target of a real return, i.e. above the rate of inflation and in line with market conditions.
Risk management programmes
As investments are broadly diversified across asset classes, segments and markets, risk is managed centrally through hedging and risk control programmes using derivative instruments. This significantly reduces transaction costs and allows risks to be controlled and monitored on a consolidated basis.
Accounts
A positive allocation result
Overall, insurance-related income exceeded charges by CHF 2 066 million.
Contributions of CHF 44 220 million represent 72.1% of total income.
In 2022, the net result from investments of CHF –5 032 million offset the benefit from insurance activities and led to a negative overall result. This consequently led to a decrease of accumulated equity. The negative investment result is due to the poor market conditions. The investment result is then allocated to the three social schemes according to their respective commitments in the various asset classes.
Overview of the aggregated accounts
CHF millions
1. Revenues from insurance activities
2. Expenses from insurance activities
3. Result from insurance activities
4. Investment result
5. Administrative expenses related to investment activities
6. Result of insurance activities
7. Aggregated operating income
Risk management programmes
CHF
Income statement
Result from insurance activities
2 066 496 743
Result of insurance activities
-5 032 640 700
Aggregate result for the year
-2 966 143 957
OASI
Old -Age and Survivors' Insurance
Old-age and survivors' insurance (OASI) is the main pillar of the Swiss social security system. The old-age pension is intended to enable the insured person to retire from working life at the planned age and, together with the professional pension scheme, to guarantee material security during retirement. The survivors' pension is intended to prevent the death of a parent or spouse from causing undue financial hardship.
Overview
OASI capital fell by 5.4% (or CHF 2.7 billion) as a result of the year's loss of CHF 2 706 million.
Revenues rose by 3.2% to CHF 1 532 million.
Expenses rose by 1.7% or CHF 780 million.
The insurance activities generated a distribution profit of CHF 1 632 million, making a positive contribution to the result. The investment activities generated a loss of CHF 4 389 million, offsetting the profit from insurance activities.
Interest from the InvI fund of CHF 51 million did not offset this loss. The overall result for the OASI Fund was therefore CHF –2 706 million.
The figures
Performance 2022
-12.38 %
Total result for the year
CHF –2.7 mia
Assets on the balance sheet
(in CHF billion)
InvI
Invalidity insurance
As is the case with Old-age and survivors' insurance (AVS), disability insurance (AI) is a compulsory insurance. It aims to guarantee the means of subsistence for insured persons who have become disabled, either through benefits in kind (rehabilitation measures) or cash benefits (pensions or allowances).
Overview
Social insurance capital decreased by 4.9% or CHF 294 million. No debt repayment was possible.
Insurance-related income rose by CHF 370 million or 3.9%.
Total expenses from insurance activities fell by CHF 117 million or 1.2%.
The previous year's annual loss was thus transformed into a slight profit for the insurance activity. The share of investments was negative at CHF 415 million, producing an operating result of –CHF 293 million.
The figures
Performance 2022
-11.24 %
Total result for the year
CHF –11.24 million
Assets on the balance sheet
(in CHF billion)
LEC
LEC
This insurance compensates for part of the loss of earnings suffered by people who perform military service, civilian service or serve in civil defence. Since 2005, it has also compensated for loss of income due to maternity (maternity allowance) and, since 2021, for loss of income due to paternity leave. It is compulsory and all persons subject to OASI/InvI contribute to it.
Overview
Overall, social insurance capital rose by 2.1% or CHF 33 million, reflecting an increase in the insurance reserves.
Income rose slightly by CHF 63 million or 3.1%. Expenses rose by 0.6% or CHF 11 million.
The operating result was positive at CHF 217 million, offsetting the negative share of investment performance of –CHF 184 million, to give a comprehensive result of CHF 33 million.
The figures
Performance 2022
-12.21 %
Total result for the year
CHF 33 millions
Assets on the balance sheet
(in CHF billion)