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We accomplished the turnaround faster than planned and generated a small profit of USD 0.1 million, an improvement of USD 88.1 million compared to 2020. The earned premium volume increased by 14.3%, from USD 1 368.6 million to USD 1 564.8 million in 2021. The consolidated expense ratio decreased as scale driven and targeted efficiency gains could be realised, all leading to a combined ratio of 99.3% at the end of 2021.

In the Group Life & Health business, we were able to increase the premium volume by 15.4%, from USD 621.6 million to USD 717.4 million. The upward trend in premiums was mainly driven by the Switzerland/Liechtenstein, Benelux and Italian markets.

Our Medical business in Ireland (Medex) benefitted from a strong policy holder loyalty and delivered a solid bottom line contribution. It contributed substantially to the positive result with an increase in premium volume of 13.4% to USD 847.4 million.

The exit of the US business in 2020 positively influenced the result 2021 as well. Essentially, it impacted business performance leading to a decrease in equity and costs.

During 2021, we continued to implement the transformation initiated as part of our strategy. The unwavering focus on profitability created the conditions for this success. It was made possible in particular by disciplined underwriting, in some cases with significant price adjustments. That being said, our success was first and foremost attributable to the trust of our customers and stakeholders as well as the great commitment of our employees. The planned acquisition of elipsLife by Swiss Life International, announced in December 2021, underpins the confidence in our business model.

Our attractive business model is characterised by a combination of high-quality services and close customer proximity. The generic, globally scalable IT platform plays a central role here, allowing us to massively reduce operational costs. We were able to further automate administrative, non-customer-related processes in the reporting year. At the same time, we invested in future automation steps, in improved data exchange with clients and in data security.

The pandemic was again a significant factor in 2021, although the impact on business remained manageable. On the one hand, as a life insurer, we were confronted with more claims notifications and a slightly higher claims ratio, while on the other hand we recorded a strengthening of our already high customer retention rate.

The logistical adjustments already introduced in the first pandemic year proved their worth and enabled us to cope well with the effects of the crisis. Our employees also did an excellent job in the home office environment, so that customer service was guaranteed. Despite mostly virtual exchanges, contact with clients and partners remained intact.

By achieving the turnaround ahead of schedule and reaching break even we exceeded our own expectations. Further investments in our business growth and the focus on profitability will continue in 2022. Our improved understanding of risk, a strong client base and the optimised business intelligence solutions give us the necessary tools to achieve these goals.

The sale to Swiss Life International is expected to be approved by regulators in the coming months. The completion of the transition is scheduled for mid-2022. Then the integration efforts will start.

The successful conclusion of the 2021 financial year is the basis to be optimistic about the future. We will remain a reliable partner for our customers.