The takeover of Credit Suisse by UBS – no cause for concern for persons insured by the Helvetia Foundations.
At its press conference on Sunday, 19 March 2023, the Swiss Federal Council announced the takeover of Credit Suisse (CS) by UBS. This has only minor repercussions for the Helvetia Foundations. There is no cause for concern for persons insured by the Helvetia Foundations.
Helvetia offers various pension fund solutions in the area of occupational benefits. All the Helvetia Foundations (Helvetia Collective Foundation, Helvetia BVG Invest Collective Foundation and Helvetia Prisma Collective Foundation) accord top priority to the interests of the insured persons, who have entrusted a large proportion of their retirement provision to us.
At all three Helvetia Foundations, the pension assets are broadly diversified and invested very prudently. Based on its investment strategy Helvetia Swiss Life Insurance Company Ltd also holds investments in CS securities, either directly or indirectly by way of reinsurance arrangements. However, they account for only a very small proportion of the overall portfolio.
The possible losses incurred due to the presence of CS securities in the portfolio are in the low per-mill range. They are therefore within the normal volatility of the overall investment portfolio, and their impact would be very slight. Our investment specialists are continuing to take all the necessary measures to ensure that the Foundations pursue investment strategies that are both tried-and-tested and in the interests of all insured persons.
Payment transactions with the Foundations via CS are continuing without any restrictions. To this end, Helvetia is staying closely in touch with the responsible persons at CS. Both the transfer of payments into the schemes and the disbursement of benefits – e.g. pension payments – are guaranteed and are taking place in the usual way.
Date: 21 March 2023
