Since the negative trends at the international financial markets required considerable value adjustments and hedging transactions for our investments, the reported Group profit after taxation amounted to CHF 100.6 million, a decline of 37.6 per cent on the previous year.
Swiss currency and even 7.2 percentage points in local currencies. We managed to expand our premium income in the stagnating and fiercely contested non-life insurance market by 1.1 per cent in local currency. The combined ratio (the sum of expense ratio and claims ratio) has been again lowered considerably as a result of targeted cost-reducing measures, a more favourable claims trend, well-oiled procedures and as a result of the range of our products which have been standardized as much as possible. The life insurance and pension plan segment generated a premium growth of 11.8 per cent (in local currency 12.4 per cent). This strong advance can be credited to both, the increasing need for securing the standard of living and our range of various new products and services.
We invest exclusively in markets and products that offer on a medium-termbasis adequate profitability of the invested capital.
Members of the Board of Directors are to be individuals with experience and knowledge in various fields providing thus the necessary competencies to warrant independent positions in the dialogue with the Executive
Chairman, both Deputy Chairmen and the Delegate. It discusses important and urgent topics and takes on the functions of the nomination and remuneration committee. The Chairman’s Committee meets as often as business requires it. Its most important responsibilities are: Nominating and dismissing directors and other members of the management of all country markets
The Audit Committee supervises and assesses the auditor functions of the internal and external auditing, helps setting up the audit programs, looks through the audit results and brings its comments to the attention of the Board of Directors. The Audit
Human Resource policies and the current strategic objectives. Studying of the markets and the surroundings was completed by also scrutinizing the intensely changing environment of the insurance industry. The HR
work accordingly, then assessed them and developed the necessary measures. Those defined areas will largely shape the direction the Human Resource activities will take in
Core tasks of the personnel management include developing executive personnel as well as recruiting and retaining of qualified and motivated employees. Various, sometimes supranational training programs help the employees to expand their knowledge necessary for their work and to broaden their personal network.
Should I run the risk of getting into an accident, asks the Rega (Swiss Air-Rescue) pilot
Profit after taxation and minority interests 100.6 161.1 the Group, reaching 5.8 per cent in Swiss
It goes without saying that the adverse stock market developments in the past year impacted the operating results of all country units. The Swiss life business was more intensely affected due to its high investment volume – with a correspondingly high share quota. Lower operating results were also recorded for Germany, Der ANKER as well as for Helvetia CVN. The other companies of the Group – including the Swiss non-life business and the assumed reinsurance –
ANKER in Austria and business in Spain showed only incremental growth in premium volumes as a result of specific measures taken to reorganize the motor vehicle sectors in both countries.
Deny any responsibility. It’s never your fault, no matter what happened and no matter how stupid you were. What? You didn’t know that matches cause fires? Why wasn’t written it in the book of matches? To write something in, isn’t it that what books are for? Your beautiful house a pile of rubble.
Since you were burnt and thus incapable of talking during that time, you could not ask for the lottery slip at the kiosk. I am sure you would have picked the right numbers. For decades you were already playing exactly those numbers which won the 5 million jackpot on that weekend. Wanna bet you’ll win.
The amount of CHF 100 million was allocated to the fund for results-linked and non-results-linked policyholders’ dividends.
Our very good claims ratio, however, clearly strengthened our resolve to follow our business policy: Taking the reduced costs into consideration we have attained a combined ratio (sum of claims ratio and expense ratio) of below 100 per cent which we consider to be a sound success.
Our non-life business will continue on its growth course. We are confident to attain a good operating result also for the current business year thanks to our high portfolio quality.
Philippine embroiderers got down to work. Part of the silk fabrics from China caught saltwater between Shanghai and Manila.
Life. The additional premium income amounts to about Euro 25 million. The employees as well as most of the agents have stayed with the new company. Norwich
In the beginning of the year the tax treatment for life insurance and pension products were dramatically modified. The complex changes made the customers and the intermediaries very unsure resulting in the output of innovative pension products to remain below the set targets.
France further strengthened its market position. The market continues to be characterized by acquisitions and portfolio transfers and the competitive pressure remains continuously high. The Helvetia France has further broadened and intensified its broker relationships within this difficult environment.
Our subsidiary Previsión Española, whose acquisition was fully completed last year, managed in 2001 to further improve the already good operating results of the previous years. Responsible for this pleasing development were both, the very high portfolio quality as well as the prudent risk selection, while making a conscious decision to rather accept a slightly below marketaverage growth rate.
Gross change in reserves for unearned premiums - 19 361 - 5 697
Net change in other underwriting reserves - 2 534 - 7934 - 68.1%
P r o f i t a n d l o s s a c c o u n t in CHF thousand in CHF thousand
Total cash inflow before changes in working capital 95295 - 3228 - 3052.1%
The financial statements of subsidiaries outside Switzerland are consistently translated into Swiss francs at the rate ruling at the end of the year. Any differences arising from translation are taken straight to Group reserves, with no impact on results for the year.
Other balance sheet items are shown using the valuation methods applied for individual company accounts.
abroad, the personnel is insured according to the national legal requirements at the minimum.
F inanc ia l s ta temen t s fo r He lve t ia Pa t r ia Ho ld ing
Helvetia Patria Holding under the non-cash contribution agreement of June 3, 1996, and the public take-over offer of June 10, 1996
Three shareholders were entered in the share register as owning more than five per cent of the share capital on December 31, 2001: Patria Genossenschaft (37.9%) (please see item 3, paragraph 4 above), Nouvelle Compagnie de Réassurances (Münchener Rück
• Combined Ratio The sum of the net expense ratio and the claims ratio is used to evaluate the profitability of the non-life insurance business before underwriting investment income is taken into consideration.
• Equalisation reserve Underwriting reserves designed to balance out extremes in annual claims payments.
• Net premiums earned The net premiums earned from total business (i.e. gross premiums less premiums ceded to reinsurers) within a financial year, with due regard to changes in the reserves for unearned premiums.
• Net premiums from total business If a risk is reinsured, the reinsurer will receive a part of the gross premium in proportion to the extent of total risk assumed. Net premiums from total business thus correspond to gross premiums written less the premiums ceded to reinsurers in exchange for their bearing part of the overall risk.
If I were a car you wouldn't stop talking about my merits.
• Reserves Amounts set aside on the balance sheet to meet likely future commitments.
Sede Madrid Jozef M. Paagman Paseo de Recoletos, 6 ES-28001 Madrid