Spain, Portugal, Greece, Turkey, Japan, Asia, Middle East, Latin America, direct ceding companies in US/UK, Caribbean, English- and Portuguese-speaking Africa H. Haag, Senior Executive Manager G. Holzel, Executive Manager Executive Managers R Bieri, W. B. Kielholz, B. Rorro Managers G. Ayers, J. Bleuler, R, Brandle, G. GantlenI, R Hagnauer, U.R. Käser, P. Marclonelli, L.T. PozzI, F. Renggll Member of Management J. Hofmann
The following aspects should be noted for individual ele­ ments of income and outgo: - Income from investments improved only marginally (1.5%), as there was no significant rise in the investment portfolio in 1989 and 1990 and the interest level re­ mained virtually unchanged against the previous year.
In the year under report, the gross premiums reached Sw.frs. 4,987.7 million, a rise of 18.4% over the previous year. At unchanged foreign currency rates, the growth rate would have been 14.5%.
The Board of Directors approved the concept of this man­ agement structure on 25 June 1992. At the same time, the designated Group Management from 1 January 1993 was given the authority to elaborate this concept in such a way that the corporate law implications can be clarified in good time.
Claims comprise benefits for term and endowment insur­ ance, paid annuities and the adjustment in the outstanding claims reserve. The total figure for own account rose in the year under report by Sw.frs. 87.0 million to Sw.frs. 403.6 million.
Gross premiums totalled Sw.frs. 663.5 million, Sw.frs. 8.3 million of which were for annuities purchased. After de­ duction of retrocession premiums of Sw.frs. 34.1 million, the remaining net premiums amounted to Sw.frs. 629.4 million, corresponding to a rise of 17.1 % over the previous year. Without the effect of foreign currency fluctuations, net premiums would have risen by 13.2%.
The total increase of Sw.frs. 72.6 million is formed by arise of Sw.frs. 71.5 million applied to Life insurance and of Sw.frs. 1.1 million applied to annuities.
The balance-sheet value of holdings rose by Sw. frs. 95.1 million to Sw. frs. 376.1 million. Loans to Group companies increased by Sw.frs. 425.8 million and amounted on the balance-sheet date to Sw.frs. 2,344.8 million (cf. page 21).
Bank balances on the balance-sheet date amounted to Sw.frs. 75.0 million.
Changes Valuation difference based on exchange rate fluctuations + 298.6 - 704.1 Increase of technical reserves in year under report + 1,029.8 + 300.7 Totai business in force on balance-sheet date 9,902.3 8,573.9
Balance Sheet Assets Casfi in fiand, postal bank account, bank balances Current-account balances Cash deposits
The radar radiotelescope of Arecibo, Puerto Rico, USA - the largest of its kind on earth occasionaiiy used in the search for messages from extraterrestrial intelligences
In Non-Life reinsurance the consolidated net premiums rose in Swiss francs by 20.2% to Sw. frs. 7,083 million (pre­ vious year, drop of 1.5% to Sw.frs. 5,892 million). In local currencies the growth rate was 15.5% (previous year, 10.2%). The undenwriting loss fell from Sw.frs. 701 million to Sw. frs. 690 million. The persistently high loss burdens of Group companies in Europe prevented it from dropping any further.
The gross premiums of the Bavarian Reinsurance Com­ pany Limited, Munich, rose in Non-Life reinsurance by 10.2% to DM 2,132.8 million. The growth is mainly due to new business from the new German states. The under­ writing result was considerably burdened by an accumula-
Gross premiums as well as all balance sheet and profit and loss account figures from foreign Group companies which are shown in the various local currencies were uniformly converted into Swiss francs using the average foreign cur­ rency rates as at 31 December 1991.
Thomas Howell Group Contact address Trinity Court 42 Trinity Square London EC3N 4TH
Accumulation: Concentration of ^ risks which may be affected by the same loss event or concentration of shares in the same risk through ^ reinsurance treaties.
Co-insurance basis: System of Life reinsurance under which the^ reinsurer assumes a share of therisk (pre­ miums, benefits, setting-up of reserves, etc.) at the same terms as the reinsurer's client (cf. risk premium basis).
Hall Insurance: insurance of crops in open fields or of greenhouses and their contents against hail, storm and other natural hazards.
- Annuity Insurance: Life insurance in which the benefits consist of a regular income payment for a specified peri­ od of time.