H.W. Kreis, Senior Executive Manager G. Schmidii, Executive Manager Managers J. Brun, P Fürst, R. Held, K. Münger, B. Niethammer Member of Management E. Franclick
The titles in this chart are those used by Swiss Re, Zurich, worldwide excluding North America and certain other territories for which the corresponding hierarchical titles are as follows: General Manager Deputy General Manager Senior Executive Manager Executive Manager Manager
In Fire reinsurance premium income tell appreciably. While the level ot volume could be maintained In Europe, there was a steep drop in America and a slight one in the other overseas territories. This development is attribut­ able to the following causes: reduction ot original pre­ mium rates, the planned cancellation ot negative treaties and restructuring ot reinsurance methods and reduced reinsurance cessions by clients. - There has been a pro­ nounced deterioration in the gross result largely on ac­ count ot a series ot natural catastrophes. The storms which hit northern France and southern England In the
autumn of the reporting year brought Swiss Re alone claims in the region of Sw. frs. 110 million. The gross result has, however, also been clearly impaired by storms in Switzerland, floods in South Africa, frost damage in France and England and an earthquake in New Zealand. In addition, some major industrial fires had to be ab­ sorbed.
Events on the foreign currency markets were once again marked by the weakening of the US dollar. Although it was possible (thanks to the "Louvre Agreement", in which the "G7" group of seven leading industrial nations under­ took to cooperate in the sectors of foreign currency and economic policy) to stabilize foreign currency rates dur­ ing the summer, the clear relaxation of American mone­ tary policy in the 4th quarter and disappointing foreign trade figures soon brought the dollar under renewed heavy pressure. As against the previous year, it again lost about 20% against the Swiss franc, the German mark and the Yen, reaching all-time lows at the end of the year. In comparison, the exchange rate fluctuations of the Euro­ pean currencies against each other and against the Yen were modest.
Net cash deposits (i.e. cash deposits with clients from ac­ tive reinsurance after deduction of the deposit reserves due to retrocessionaires from passive reinsurance) fell by Sw.frs. 10 million to Sw.frs. 1,199 million - exclusively as a result of the development of foreign exchange rates.
The first graphic on page 16 and the following table show how capital market investments and real estate at bal­ ance-sheet values are distributed among the various Investment categories. The second graphic on page 16 shows the breakdown by currency.
Real estate is valued at acquisition cost, less the maxi­ mum depreciation permitted by the tax authorities.
The claims incurred comprise claims paid and the adjust­ ment in the outstanding claims reserve. In the year under report this figure for own account fell by Sw.frs. 51.4 million to Sw.frs. 2,262.4 million.
Balance Sheet Assets Casfi in fiand, postal bank account, bank balances Current-account balances Cash deposits Fixed-interest securities Loans (including mortgages) Shares Real estate Holdings Loans to Group companies Transitory entries and other assets
The net profit in 1987 amounted to Sw. frs. 15.2 million (previous year, Sw. frs. 14.9 million). Dividend payments from company holdings were slightly higher, while the balance of realized capital gains over write-offs and value adjustments was slightly less than in the previous year. From the almost unchanged result for the year, a dividend of Sw. frs. 9.0 million was paid, as in the previous year.
These items correspond to the capital funds at book value of Swiss Re, Zurich. The reserves shown comprise the statutory reserve fund, the special reserve fund, the reserve fund for cafastrophe losses as well as the profit carried forward from the previous year.
Switzerland SWITZERLAND General Insurance Company Limited Gotthardstrasse 43 CH-8022 Zurich with branch offices in Brentwood, Brussels, Copenhagen, Genoa, Hamburg, Istanbul, Milan, Munich, Paris, Thessaloniki, Vienna, Hong Kong, Jakarta, Manila, Melbourne, Montreal and Taipei
Insurer: Insurance company in a direct contractual rela­ tionship with the policyholder.