2013/2014 Compensation report

Helvetia Holding AG
2013/2014
Compensation
report
(Pursuant to the Ordinance Against
Excessive Compensation (VegüV))
Your Swiss insurer.
2013/2014 Compensation
report of Helvetia Holding AG
(pursuant to the Ordinance Against Excessive
Compensation (VegüV))
In contrast to the compensation report in the annual report (IFRS basis), Helvetia Group Holding
AG’s compensation report (pursuant to the Ordinance Against Excessive Compensation (VegüV))
for shareholders and interested third parties consists of three parts:
– A first section describes the general principles and key elements and criteria of the compensation concept and participation rights as well as the loan terms and conditions for members
of the Board of Directors and the Executive Management. It provides an overview of the philosophy, guiding principles and processes pertaining to compensation that apply across all
operational and management levels.
– The application of the general principles in the reporting year and the specific payments
are clearly explained in a second part.
– Finally, the third part goes beyond the annual report to deal with the compensation amounts to
be decided by the Shareholders’ Meeting.
All three parts comply with the requirements of the Corporate Governance Guidelines, the “Swiss
Code of Best Practice for Corporate Governance”, the FINMA (Swiss Financial Market Supervisory
Authority) Circular 2010/1 on “Remuneration Schemes”, the Swiss Code of Obligations as
well as the Ordinance Against Excessive Compensation in Swiss Listed Companies (VegüV) of
20 November 2013 which entered into force on 1 January 2014.
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1. General compensation principles
Helvetia salary model
Board of Directors
1.1. Principles
Helvetia Group applies a multi-level and yet transparent
compensation system for all employees in Switzerland as well
as its governing and executive bodies (Board of Directors
and Executive Management; there are no advisory boards,
etc.). As shown below, this system is composed of fixed and
Group Executive Management/CEO
All employees (Switzerland)
Fixed component
Variable component
Basic salary/basic
Long-term compensation
Results-based
Individual target
compensation
component (LTC) as % of
compensation as % of
achievement as % of
basic salary/basic
basic salary
basic salary
variable compensation components. At Helvetia, compensation is
compensation
deliberately designed so that
Board of Directors:
Long-term investment
– it is simple, transparent and comprehensible, and fair and
standard basic
instrument (shares)
appropriate for the members of the Board of Directors and
Executive Management, and for all managers and employees.
Those who do good work should also be paid well;
– it takes account of the responsibility carried by the function
holder, the quality of his or her work and the effort and time
involved in carrying out the work;
– there is an appropriate relationship between the fixed and
variable salary components to ensure that the variable
compensation is not so high that it has a negative impact on
employees’ risk tolerance and motivates them to focus on shortterm criteria only;
compensation (exception:
Chairman of Board
of Directors) with
allowances for serving on
and chairing committees
(cash).
ExM and employees:
Long-term investment
Compensation paid
Variable salary
fixed compensation
instrument (ExM only:
dependent on general
component based
based on individual
basis of calculation:
business performance
on personal target
function (position, skills,
shares, transfer of
(cash)
achievement (cash)
responsibility, etc.) incl.
ownership in shares
fringe benefits (cash).
or cash)
The Board of Directors is in charge of general compensation issues and compensation models.
– it is function-appropriate and shaped to a considerable extent
It is supported in its work by the Nomination and Compensation Committee. A new feature
by individual targets and the overall result of the company;
resulting from the Ordinance Against Excessive Compensation in Swiss Listed Companies
– it is reasonable and competitive compared to the salaries paid
(VegüV) is that it is now mandatory for the Board of Directors to compile a compensation report,
by other companies in the same labour market and business
followed by the final approval of the compensation for the Board of Directors and the Executive
sector; and
Management by the Shareholders’ Meeting. Therefore no payment/share allocations may take
– it is reasonable when the lowest and highest salaries within
place prior to this date.
Helvetia are compared.
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competitors are also analysed. Publications by different interest
Therefore, as of 2014, the Shareholders´ Meeting has the
groups such as “Ethos”, information obtained from advisors
following competencies in matters concerning compensation:
a)
Review of the compensation report and thus the principles
specialising in personnel issues and audits, and articles that
and conditions under which the compensation of the members
appeared in the media also provide an important basis
of the Board of Directors and the Executive Management are
for comparison.
determined.
b)Approval of the following total amounts:
– Fixed compensation to the Board of Directors for the period
from the current Shareholders´ Meeting up to the next
Shareholders´ Meeting (prospective).
b) Variable
compensation
Board of Directors and the Group Executive Management – and
component
all Helvetia employees in Switzerland – are determined by the
Nomination and Compensation Committee during the first quarter
– Fixed compensation to the Executive Management for the
of every year once the key figures for the past financial year are
period from the 1 July following the current Shareholders´
available and on the basis of individual target achievement and
Meeting up to 30 June of the next year (prospective).
are submitted to the Board of Directors for the final approval of
– Variable compensation to the Board of Directors for the past
the Shareholders´ Meeting (total amounts Board of Directors and
financial year (retrospective).
The variable compensation components for members of the
Executive Management). The Nomination and Compensation
– Variable compensation to the Executive Management for the
Committee uses a criteria matrix to assess the results-based
past financial year (retrospective).
target achievement; this matrix is discussed in detail below in
The delineation of powers for compensation questions is defined
conjunction with the long-term compensation component (LTC)
in Appendix I of the organisational regulations:
that has been in force since 2010.
www.helvetia.com/en/gruppe/governance.
a) Fixed compensation The Nomination and Compensation Committee defines the
component
principles on which compensation decisions are based. With
regard to the Shareholders´ Meeting that takes place in April/May
and the compensation periods beginning subsequently (Board of
Directors: Shareholders’ Meeting to Shareholders’ Meeting,
Executive Management: 1 July to 30 June), the Nomination and
Compensation Committee reviews the compensation concepts to
ensure that they are still appropriate and in line with the market
and submits these to the Board of Directors and the Shareholders´
Meeting at which final approval will be granted for appropriate
adaptations to be made to the total sum.
Various documents are used as the basis for ensuring that the
c) Other compensation Helvetia also offers employee benefits packages, which are
component
attractive in a market comparison, to all its employees and
managerial staff. The employee benefits insurance provides
employees and their dependants with the assurance that they will
be financially secure on retirement or if they should become sick
or disabled or in the event of death in a way befitting employees
who work for a leading insurance company.
Helvetia’s compensation systems as well as the employee benefits
programmes, some of which can be optimised at an individual
level, have proved their value; they are correct and fair, balanced
and competitive, and the amounts that are paid can be justified
at all times.
fixed compensation components are appropriate and in line with
the market. For example, renowned independent institutes are
commissioned from time to time to prepare comparative studies that
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can serve as a benchmark. The compensation reports of comparable
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2. Compensation of the members of the Board of
Directors and the Executive Management
b) Variable
compensation
The variable compensation paid to a Board member is calculated
based on a reference value of 30% of the fixed compensation. This
reference value is multiplied by the extent of target achievement
that applies to the LTC (for the calculation of the percentage of
2.1. The Board of
Directors
target achieved, see the explanations on the LTC below). The
The compensation principles which are used for the Board of
Board member is then allocated a prospective number of shares
Directors, individual components of the compensation concept as
(deferred shares) for this amount. The relevant share price is
well as the procedure used for determining performance-related
calculated as the average of the stock exchange prices for
payments are set out in the compensation regulations approved
Helvetia Holding shares for five consecutive trading days from
by the full Board of Directors.
the day on which the business result is announced. Ownership
The compensation paid to the members of the Board of Directors
of the resulting number of shares is transferred after three years.
consists of the following simple and transparent components,
When a director leaves the Board, the LTC is paid on a pro rata
whereby the fixed cash component is the largest component
basis up to the end of the month in which he or she leaves the
by far:
Board of Directors, in the case of newly appointed directors from
the month of the Shareholders´ Meeting. Here, too, the deferred
allocation of LTC shares applicable to each member of the Board
a) Fixed compensation All members of the Board of Directors receive the same basic fixed
of Directors takes place only after the approval of the total amount
salary determined in advance, except for the Chairman whose
by the Shareholders´ Meeting.
salary is higher. The Chairman’s higher basic salary takes the
Chairman’s greater involvement in the leadership and operational
management of the company into account. The Vice-Chairman
and the chairmen and members of the committees also receive
c) Meeting attendance
No attendance fee is paid.
fees
an allowance in addition to their basic remuneration. These
payments take account of the responsibility and specific functions
d) Expenses
The members of the Board of Directors receive lump-sum expense
of each of the individual Board members. The compensation for
allowances of CHF 10,000 per member per year. These lump-
each individual Board member calculated in this way is paid out
sum expense allowances are included in the fixed compensation
in cash. When a director leaves the Board during his or her term
reported for the term of office and cover smaller expenses and travel
of office, the fixed compensation is paid on a pro rata basis up
expenses of the member of the Board of Directors within Switzerland.
to the end of the month in which he or she leaves the Board of
Costs for accommodation at the meeting location and for foreign
Directors. A payment of the compensation established on this
trips are paid by the company.
basis is made only after the approval of the total amount by the
Shareholders´ Meeting.
e) Shares and options
The variable compensation is paid to the members of the Board of
Directors in the form of shares (see b). They do not participate in
any employee share purchase plans. They also did not participate
in any previous share option programmes.
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f) Severance pay,
loans and discounts
No severance payments are granted. Loans are granted at usual
Results-based
This compensation component based on the annual result is
market conditions. Board members also do not benefit from any
compensation
multiplied by the extent of target achievement, which in each case
discounts (premium discounts, etc.) that are offered to Helvetia
component (20% of
is also used for establishing the results-based variable
employees.
fixed compensation):
compensation for all employees in Switzerland. The resulting
amount is paid out to the member of Executive Management in
cash. The amount of the results-based compensation is based on
2.2. The Executive
Management
The compensation of the members of the Executive Management
the operating result and the achievement of the budget goals set
comprises the components described below:
for the respective financial year with a special consideration of
the processes in Switzerland.
a) Fixed compensation The members of the Executive Management are paid fixed
compensation in cash which is determined every year for
the period from 1 July – 30 June of the following year by
the Nomination and Compensation Committee and the total
amount of which is approved by the Shareholders’Meeting. This
compensation is determined on an individual basis in accordance
with the aforementioned criteria and takes account of the function
and level of responsibility of the individual member of Executive
Management. It also includes all child or education allowances
and anniversary bonuses.
b) Variable
compensation
The definitive amount of the variable compensation, which must
also be approved by the Shareholders´ Meeting before it is paid
out, is dependent on the following three factors:
Individual target
This reference value is multiplied by the extent of achievement of
achievement (20% of
the personal targets agreed with the line manager in advance.
fixed compensation):
The result of this multiplication is paid out to the member of
Executive Management in cash. The individual targets of a member of the Executive Management can include quantitative and/
or qualitative components and depend on his or her operational
responsibility. Compensation for individual target achievement
is due to the Executive Management member regardless of the
general business result.
Long-term results-
This compensation component with a longer-term orientation
based compensation
is multiplied by the extent of the strategic target achievement.
component (LTC; up to
In contrast to the regular results-based compensation component,
no more than 40% of
the amount calculated in this way is not paid out to the Executive
fixed compensation):
Management member in cash, but in the form of a deferred
claim to a certain number of shares. The relevant share price is
calculated as the average of the stock exchange prices for Helvetia
Holding shares for five consecutive trading days from the day on
which the business result is announced. This number of shares
is transferred to the ownership of the Executive Management
member after three years either in the form of shares or as a cash
payment based on the share price at that time, provided that there
were no negative developments in this period that were triggered
in the reporting year and can be attributed to the conduct of
the Executive Management member in question. If the person in
question leaves the Executive Management, his or her deferred
claim lapses as follows: cancellation of all claims for the year in
which notice was given, cancellation of one half of the claims for
the first preceding year and no cancellation of any claims from
the second preceding year. This concept establishes a direct link
between the members of the Executive Management and the
long-term development of the company in two ways: positive or
negative share price trends over the three-year period and the
possibility that the number of allocated shares can be reduced
retroactively.
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The extent of strategic target achievement (ranging between 0 There is an additional restriction for the LTC in that no deferred
and 125%) is fixed annually during the first quarter following the
shares are allocated if the Group as a whole reports a loss, and/
end of a financial year by the Nomination and Compensation
or the solvency figures are insufficient.
Committee of the Board of Directors on the basis of the following
criteria. The Nomination and Compensation Committee also has
The final extent of target achievement (LTC, results-based
additional discretionary powers when fixing this percentage,
component) as calculated by the Nomination and Compensation
allowing it to take further criteria and an overall assessment into
Committee of the Board of Directors, is multiplied by the
account within the scope of the fixed upper limit of 125%:
respective target values (percentage of the fixed compensation).
– Profit: the reference figure is the annually reported Group profit
The results-based component calculated in this way and the result
for the period relative to the budget.
of the individual target achievement together comprise the total
– Growth: the reference figure is the growth in business volume
variable compensation of the Executive Management.
achieved in the sectors operated compared to the relevant
market segment in the financial year.
– Risk-adjusted return: the calculation is based on the return on
equity (ROE) in the reporting year relative to the important
c) Expenses and
benefits in kind
The reimbursement of expenses is governed by written regulations.
The members of Executive Management are entitled to a Helvetia
company car which they may also use for private purposes for a
sector-relevant solvency figures.
fixed fee. The employer does not grant any other benefits in kind.
– Shareholder value: the reference figure is the performance of
the Helvetia registered share compared with the performance
of the DJ European Insurance SXIE (index of European
insurance stocks).
d) Shares and options
The members of the Group Executive Management can, on
a voluntary basis, acquire the maximum number of shares
available to them under the employee share purchase plan.
Compensation of the Executive Management
The same conditions apply as for all other employees of Helvetia
in Switzerland. For example, they also benefit from a discount of
16.038%, which is granted because these shares do not vest for
Max.
40%
20%
20%
Fixed remuneration (in cash) +
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three years.
80% of fixed
compensation
0–
12
5%
0–
125
%
There have not been any share option programmes since 2003.
e) Severance pay and
loans
No severance payments are granted. Loans are granted at usual
employee conditions.
0 – 100%
Variable remuneration
Long-term compensation
component (deferred shares)
Results-based (cash)
Individual target achievement
(cash)
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f) Pension benefits
The benefits to which members of the Executive Management
executive officers are entitled under occupational pension plans
Compensation paid to the Board of Directors
Fixed remuneration
are in line with the model for internal pension regulations
Variable remuneration
in shares
in shares
Total remuneration
applicable to all employees. In addition, the employer makes
2013
2012
2013
2012
2013
the standard matching contribution. The employer also finances
in CHF
in CHF
in CHF
in CHF
in CHF
in CHF
680,000
680,000
180,374
126,081
860,374
806,081
195,000
191,000
24,142
16,988
219,142
207,988
the option for members of the Executive Management to retire
Erich Walser (Chairman)
upon reaching the age of 60. These additional contributions are
Doris Russi Schurter
presented as part of the overall pension contributions made to
members of the Executive Management.
No extraordinary benefits were paid.
(Vice-Chairwoman)
2012
Hans-Jürg Bernet (member)
170,000
164,000
24,142
16,988
194,142
180,988
Jean-René Fournier (member)
120,000
114,000
24,142
16,988
144,142
130,988
Paola Ghillani (member)
120,000
120,000
24,142
16,988
144,142
136,988
Christoph Lechner (member)
150,000
140,000
24,142
16,988
174,142
156,988
170,000
166,000
24,142
16,988
194,142
182,988
Herbert J. Scheidt (member)
150,000
148,000
24,142
16,988
174,142
164,988
of Directors and the Group Executive Management
Pierin Vincenz (member)
150,000
144,000
24,142
16,988
174,142
160,988
in 2013
Total
1,905,000 1,867,000
373,510
John Martin Manser
3. The compensation paid to members of the Board
(member)
261,985 2,278,510 2,128,985
The shares held by the members of the Board of Directors
and persons closely related to them as of 31 December 2013
3.1. Compensation
The members of the Board of Directors received fixed
are listed in the following table. The members of the Board of
paid to the Board compensation totalling CHF 1,905,000 for the reporting year.
Directors did not take part in any option programmes. They do
of Directors
not participate in the employee share purchase plan.
The fixed compensation includes all allowances and expenses
set out in the compensation regulations. Subject to approval by
the Shareholders´ Meeting, variable payment of CHF 373,510 in
as of 31.12.
the form of a total of 820 deferred shares at a stock exchange
price of CHF 455.50 on 26 February 2014 was granted to
the Board of Directors. These shares will pass to the ownership
of the beneficiaries in three years. In the previous year, the
members of the Board of Directors received fixed compensation
of CHF 1,867,000 and variable compensation of CHF 261,985
paid in the form of a total of 694 deferred shares at a stock
exchange price of CHF 377.50.
Erich Walser (Chairman)
Doris Russi Schurter (Vice-Chairwoman)
Hans-Jürg Bernet (member)
Jean-René Fournier (member)
2012
number
number
2,237
2,237
719
719
1,008
1,008
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20
Paola Ghillani (member)
164
164
Christoph Lechner (member)
363
363
John Martin Manser (member)
595
595
Herbert J. Scheidt (member)
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2013
350
100
Pierin Vincenz (member)
2,200
2,200
Total
7,656
7,406
In addition to the ownership of shares as set out here, as of
Compensation of the Executive Management
31 December 2013, the active members of the Board of Directors
as of 31/12
have deferred claims to a total of 1,916 shares acquired under
the LTC programme.
Salaries and other short-term employee benefits:
At the reporting date, a mortgage loan had been granted
– fixed remuneration (incl. expenses allowances,
child/education allowances, long service awards,
company car)
to Jean‑René Fournier for CHF 765,000 (previous year:
CHF 765,000). In the reporting year, the loan, a fixed mortgage
at normal customer conditions, earned interest at 2%. There are
no other insurance contracts, loans or guarantees.
Board members or persons closely related to them do not have
any significant personal business relationships with Helvetia
Group and also did not bill the Group for any relevant fees or
other compensation relating to additional services.
Resigning Board members did not receive any payments.
3.2. Compensation
paid to the
2013
2012
in CHF
in CHF
3,652,802
3,560,278
808,404
805,043
4,461,206
4,365,321
–
–
– Variable remuneration
1,416,539
1,313,512
–D
eferred share-based compensation (LTC) acquired in
the financial year2)
1,228,939
840,315
79,272
72,184
Total variable compensation
2,724,750
2,226,011
Total compensation
7,185,956
6,591,332
– employer contributions to pension funds on the fixed
compensation
Total fixed compensation paid
– Share-based compensation1)
–E
mployer contributions to pension funds on the
variable compensation
The members of the Executive Management received fixed
compensation including employer contributions to pension funds
Executive
totalling CHF 4,461,206 for the reporting year. The fixed
Management
compensation includes all allowances and expenses set out in
1)
Includes the discount of 16.038% on share purchases under the voluntary share purchase plan.
2)
Includes the value of the deferred shares granted under the LTC.
the compensation regulations. Variable compensation, including
employer contributions for pension funds on the variable
As of 31 December 2013, the members of the Group Executive
compensation, of CHF 2,724,750 was granted to the Executive
Management and persons closely related to them held the shares
Management – subject to approval by the Shareholders´ Meeting.
listed in the following table, some of which were acquired under the
In the previous year, members of the Executive Management
employee share purchase plan and which have a vesting period of
received fixed compensation of CHF 4,365,321 and variable
three years from the purchase date. There is no share option plan.
compensation of CHF 2,226,011.
as of 31/12
Stefan Loacker
Markus Gemperle
2012
number
number
551
551
648
873
1,326
1,728
Ralph-Th. Honegger
980
980
Paul Norton
295
295
Wolfram Wrabetz
300
575
4,100
5,002
Phillip Gmür
Total
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2013
In addition to the ownership of shares as set out here, the active
3.3. Compensation
The following table lists the total compensation paid to the
members of the Group Executive Management have deferred
paid to members
members of the Board of Directors and the Group Executive
claims to a total of 6,229 shares acquired under the LTC
of the Board of
Management:
programme.
Directors and the
Group Executive
Members of the Group Executive Management may conclude
Management
insurance contracts, loans and other services under the terms
and conditions currently in effect for employees. At the reporting
date, a mortgage loan had been granted to Philipp Gmür for
Total compensation
as of 31/12
CHF 1,000,000 (previous year: CHF 1,000,000). In the reporting
year, the loan, a fixed mortgage at employee conditions, earned
interest at 1.65% (previous year: 1.92%). There are no other
2013
2012
in CHF
in CHF
Salaries and other short-term employee benefits:
insurance contracts, loans or guarantees.
– fixed remuneration (incl. expenses allowances,
child/education allowances, long service awards,
company car)
During the reporting year, members of the Group Executive
– employer contributions to pension funds
Management received non-monetary benefits as part of the
– share-based
company car programme to the value of CHF 14,844 (previous
Total fixed compensation paid
compensation1)
5,557,802
5,427,278
808,404
805,043
–
–
6,366,206
6,232,321
year: CHF 14,854). This amount is included in the fixed
compensation set out above. None of the members of the Group
– Variable remuneration
1,416,539
1,313,512
Executive Management or any closely related persons have
–D
eferred share-based compensation (LTC) acquired
in the financial year2)
1,602,449
1,102,300
79,272
72,184
Total variable compensation
3,098,260
2,487,996
Total compensation
9,464,466
8,720,317
significant personal business relationships with Helvetia Group.
They did not receive any other benefits in kind or bill the company
for any additional services. Normal market conditions apply to
transactions with members of the Group Executive Management
that are not subject to preferential employee conditions.
–E
mployer contributions to pension funds on the
variable compensation
1)
Includes the discount of 16.038% on share purchases under the voluntary share purchase plan.
2)
Includes the value of the deferred shares granted under the LTC.
3.4. Highest individual The highest individual amount paid out in the reporting year
compensation
was paid to Stefan Loacker (CEO). Subject to approval by the
Shareholders’ Meeting this amounts to a total of CHF 1,634,412
(previous year: CHF 1,448,732), comprising the following:
total salary of CHF 1,189,195 (fixed component CHF 859,392,
variable component CHF 329,803), share-based payments of
CHF 340,259 in the form of deferred shares, and employer
contributions to pension funds of CHF 104,958.
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4. Compensation for the Board of Directors and
the Executive Management to be approved by
the 2014 Shareholders´ Meeting
As a consequence of the vote in favour of the Minder initiative,
the Ordinance Against Excessive Compensation in Swiss Listed
Companies (VegüV) adopted by the Federal Council and the
4.3. Approval of the
total amount
The calculation of the variable compensation of the Board of
Directors was described under section 2 and the amount was
of variable
disclosed under section 3.
compensation
The Board of Directors will submit a proposal to the
for the Board of
Shareholders´ Meeting that it give approval to a total
Directors for the
amount of variable compensation for the Board of
past financial
Directors for the past financial year 2013 of CHF 375,000.
year 2013
articles of incorporation to be adapted accordingly at the 2014
Shareholders´ Meeting, the Shareholders´ Meeting must approve
the following compensation:
4.4. Approval of the
The components of the variable compensation of the Executive
total amount
Management and calculation of these were described under
of variable
section 2 and the amount was disclosed under section 3.
The Board of Directors has reviewed its fixed compensation and
compensation
The Board of Directors will submit a proposal to the
total amount
decided not to change the 2014 compensation, while maintaining
for the Executive
Shareholders´ Meeting that it give approval to a total
of the fixed
its old areas of responsibility. Under the new regime, the Board of
Management for
amount of CHF 2,725,000 of variable compensation
compensation
Directors will submit a proposal to the Shareholders´ Meeting that
the past financial
for the Executive Management for the past financial
for the Board
it not change the fixed compensation for the Board of Directors,
year 2013
year 2013.
of Directors
including for the period from the 2014 Shareholders´ Meeting
for the period
until the 2015 Shareholders´ Meeting.
from the 2014
It will therefore submit a proposal to the Shareholders´
Shareholders´
Meeting that it give approval of a total amount of CHF
Meeting until
1,905,000 for the fixed compensation for the Board of
the 2015
Directors for the period from the 2014 Shareholders´
Shareholders´
Meeting until the 2015 Shareholders´ Meeting.
4.1. Approval of the
Meeting
4.2. Approval
The fixed compensation for the Executive Management was
of the total
reviewed on 1 January 2014 and individual job-related
amount of fixed
adjustments were made, while again retaining the old areas of
compensation
responsibility. Under the new areas of responsibility, the Board
for the Executive
of Directors will submit a proposal to the Shareholders´ Meeting
Management for
that it not to change this compensation, including for the period
the period from
from 1 July 2014 to 30 June 2015.
1 July 2014 to
It will therefore submit a proposal to the Shareholders´
30 June 2015
Meeting that it give approval to a total of CHF
4,632,000 for the fixed compensation for the Executive
Management for the period from 1 July 2014 to
20
30 June 2015.
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04.14
Helvetia Holding AG
Dufourstrasse 40
P.O. Box
CH-9001 St.Gall
Your Swiss insurer.