Given the positive result and the company’s solid financial situation, we are proposing that the General Meeting distribute the same dividend as last year.
You will soon realize that, to us, integrated financial services mean more than just a compilation of banking and insurance products. They naturally include a full range of solutions from property and personal insurance to pension provision and asset building, but also take into consideration fiscal and legal aspects and the family context. So, provided we come to an agreement, our financial advisors will work out a financial masterplan tailored to your specific situation and needs, in consultation with our legal, economic and tax experts wherever necessary.
Individual regional segments’ shares of premium volume changed only marginally compared with the previous year. Switzerland accounted for 60 percent
(2000: 59 percent), while Germany and the Benelux countries remained at the same levels as the previous year (26 percent and 11 percent respectively). The segment “Other countries” came to a total of only 3 percent – not least as a result of the withdrawal from the Spanish market.
Overall, the Luxembourg Group company was able to surpass the high level of the previous year’s result.
The Baloise is currently working on the possibility of expanding the range to other affinity groups.
infrastructure. In all markets, the primary focus was on pressing ahead with the expansion of electronic sales channels and on targeted support for the sales force in the form of interactive software.
In light of the much expanded range of products and services in the field of future provision and asset formation, top priority was given to the targeted training of customer advisors and sales staff in several Group companies. One third of the 1,000 or so customer advisors in Switzerland received in-house training and a number have already qualified as certified IAF fund advisors. At Deutscher Ring, nearly all sales people have been intensively trained in the use of a new, interactive sales software package and prepared for its application in negotiations with customers. In Belgium, Mercator Bank staff began specific training for the sale of products provided by Mercator Insurance.
Switzerland. Naturally, we would take care of all the administrative details for you. But, as a customer, you wouldn’t have to worry about what is happening behind the scenes. All you care about is that you have excellent solutions to your insurance and investment needs. We, in turn, can rely one hundred percent on Mercator, 24 hours a day. Right now, too, since I should have been on my way ages ago.
In formulating our corporate governance guidelines, we followed, wherever appropriate, the proposed Swiss Code of Best Practice put forward by “economiesuisse”, the Swiss business confederation, and the draft disclosure guidelines of the SWX
Thanks to the result achieved and our solid financial situation, we can adhere to our long-term dividend policy. The Board of Directors has proposed the distribution of an unchanged dividend of CHF 2.40 per share, which corresponds to a distribution ratio of 33 percent. This proposal will be submitted for approval to the Annual General Meeting of May 14, 2002.
Amortization of intangible assets and depreciation of tangible non-current assets 12/13 - 113.7 - 153.3
Other movements in operating assets and liabilities - 10.4 - 257.3
Consolidated net profit for the year – – – – 404.4 404.4
Premiums earned and policy fees for own account 3,859.3 3,829.4 1,560.4 1,525.1
Reinstatement of original value recognized in the income statement 29.5 112.1 84.9 27.4 in CHF m
Reserve ratio in percent 186.0 184.3 in CHF m 1 2001: without Bâloise España
Economic changes, especially changes in unrealized gains and losses on investments - 1,310.0
Financial assets under the headings Held for trading and Available for sale are recorded in the balance sheet at fair market value.
Cash and cash equivalents comprise cash on hand, demand deposits and shortterm highly liquid investments with maturity periods of up to 24 hours. Cash and cash equivalents are stated at their nominal value.
Surplus and profit allocations to policyholders: Insurance contracts may provide for surplus sharing with a client arising from the surplus on his contracts.
Deferred tax takes into account the income tax effects of temporary differences between the assets and liabilities carried in the consolidated balance sheet and their fiscal base. When deferred tax is calculated, unused tax losses are only carried forward to the extent that it is probable that future taxable profit will be available against which the tax losses can be utilized and to the extent that establishing the provision does not contravene local tax law and regulations. A provision for deferred tax is established for tax payable in future by Bâloise-Holding or its subsidiaries on the profits of subsidiaries not yet transferred, provided a distribution is intended and it is therefore probable that a corresponding tax will be charged.
Most of the employees of the Baloise Group are members of defined benefit pension plans. Defined contribution plans are the exception. Pension plans are tailor-made for local circumstances as regards enrolment and the extent of benefits. Benefits in the narrow sense are pension benefits. Other plan benefits may be subsidized premiums or contributions to health insurance and are of minor significance. Payments are made mainly by the employer and in some countries also by the employees. Pension plans are sometimes implemented within companies and sometimes in entities which are legally separate from the employer.
Realized gains on disposal and book gains: Held to maturity – – – – –
Reinstatement of original value accounted for in income statement 31.4 –
Disposals arising from changes in composition of consolidated Group – – – –
Contracts without surplus sharing 115.0 140.7 in CHF m 17. Policyholder Bonuses 17.1 Policyholder Bonuses Credited And Provision For Future Policyholder
The tax on income payable at the end of 2000 and 2001, which is included in other liabilities, amounted to CHF 158.9 m and 114.5 m respectively. At December 2001, the Baloise Group had losses carried forward that can be offset against tax of
The most significant part of total personnel costs consists of actual direct benefits provided to employees. These are divided into the following categories: shortterm and long-term benefits, postemployment benefits, termination benefits and equity benefits.
The Baloise had 8,623 employees on December 31, 2001; on December 31, the number of employees was 8,425. Total personnel costs for the fiscal year 2001 amounted to CHF 1,079.4 m, compared with CHF 1,024.6 m the previous year.
Net liabilities relating to defined benefit plans - 247.0 - 226.9 of which disclosed as liabilities - 379.1 - 383.3 of which disclosed as assets 39.2 39.2 of which not disclosed as assets 92.9 117.2 in CHF m
Total expense relating to defined benefit plans 63.4 68.6 in CHF m 23.2.3 Income from plan assets
Benefits payable to current employees twelve months or more after the end of the fiscal year are disclosed separately in accordance with specific requirements. The requirements are similar to those applying to pension obligations. Most of the benefits are employee service anniversary benefits. At December 31, 2001, the present value of the obligation was CHF 23.0 m (2000: CHF 22.8 m). No plan assets were deducted for long-term benefits. Other long-term employee benefits amounting to CHF 2.7 m (2000: CHF 3.3 m) are included in the income statement.
Dividends proposed are not paid until they have been approved by the Annual
Swiss francs and the euro, and therefore the technical provisions are also in these two currencies. Investments held by foreign subsidiaries are to a large extent currency-matched. In order to increase income, the Swiss companies hold a net euro position of CHF 3,153.6 m (2000: CHF 3,153.0 m), a net US dollar position of CHF 2,164.6 m (2000: 1,886.0 m) and a net Japanese yen position of CHF
tions and in fiscal 2001 it also implemented a 10 for 1 share split. 2 percent of our share capital is currently equivalent to 1,106,143 registered shares. After the capital reductions and share split, the BZ Group remains entered in the share register as holding the number of registered shares that previously corresponded to 2 percent of voting rights.
May 11, 2001, the nominal value of the shares was reduced - by means of repayment to the shareholders - by CHF 9 to CHF 1, which led to a reduction of the share capital by CHF 49.8 m. A 1:10 share split was thus effected. Since then, the