28 Annual Report 2020 Overall technical result Life New Life business as well as business in force contributed to the positive Life result The negative Life result in the previous year was due to a strengthening of the Life fluctuation reserve The balance sheet position Other investments reads as follows in CHF 2020 2019 Short term investments 147 696 027 172 234 548 Bond funds 60 114 178 59 196 436 Equity funds 17 973 785 17 973 785 Special funds 1 512 993 273 1 706 429 972 Total 1 738 777 263 1 955 834 741 The Net result from derivative financial instruments decreased by CHF 79m from CHF 147m to CHF 67m Whilst the positive result related to our Life reinsur ance business covering market risks which developed positively in line with the growth of our portfolio the decrease compared to the previous year resulted from direct losses and lower performance of intra group Weather business Administration costs The two positions Administration costs for the Life technical result and Adminis tration costs Investments have been regrouped and must therefore be consid ered together Net result from derivative financial instruments in CHF 2020 Current income Write ups Total investment income Current expenses Write downs and value adjustments Total investment expenses Insurance risk related instruments 847 666 723 19 389 589 867 056 312 47 575 038 1 124 668 646 1 172 243 684 Other derivatives instruments 38 168 900 1 843 196 669 1 881 365 569 20 681 586 1 488 149 144 1 508 830 730 Total 2 748 421 881 Total 2 681 074 414 2019 Insurance risk related instruments 469 860 835 55 686 174 525 547 009 62 511 852 315 231 468 377 743 320 Other derivatives instruments 15 920 785 1 069 853 205 1 085 773 990 21 993 354 1 064 810 828 1 086 804 182 Total 1 611 320 999 Total 1 464 547 502 Personnel expenses Personnel expenses for fiscal year 2020 amount to CHF 25 910 175 2019 CHF 26 847 441 and are included in the line items Administration costs Other income and expenses A large component of Other income and Other expenses was foreign exchange gains and losses which were in part off set by currency hedges see Income statement for details The offsetting gains and losses from currency hedge transactions with derivatives are recorded within the investment result Other investments decreased by CHF 217m in 2020 This was due to a disposal of a special fund Overall technical result Non life The positive Non life technical result was mainly driven by profits in Property and Casualty excl Covid 19 Reserve releases in long tail business such as Motor were partially offset by Covid 19 losses NewRe AnnualReport 2020 indd 28 28 04 21 19 06

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