Allocated investment return, ie the investment return generated on technical provisions, was CHF 1.525 billion in 1994. This led to a technical result after allocated investment return of CHF 512 million, a CHF 158 million increase over the previous year (CHF 354 million).
5 July Swiss Re introduces its new publication "Global warming: element of risk" during the summer press conference.The brochure attracts broad public interest.
12 September The Swiss Re publication series "sIgma" receives the award "Analyst/Researcher of the Year" from the English magazine "The Review". Since 1987 the "sIgma" series reports Swiss Re's economic findings and market analyses six times a yearto clients and other Interested parties.
26 September Swiss Re opens a contact office In Seoul. This enables Swiss Re to additionally place Its know-how at the disposal of South Korea's Insurance Industry on location. As part of Its new strategy for Asia, Swiss Re expects a significant Increase in Its market share In South Korea.
In the wake of the creation of the Common Market and the accompanying deregulation of national markets, commercial operating conditions have funda­ mentally changed for primary insurers. "We assume that the number of market participants will continue to fall in a global environment. In addition to large international companies, strongly anchored local companies, direct insurers and niche specialists will also enjoy good prospects of success. Reduction of the expense ratio, enhanced quality of services, more efficient and economical distribution channels, and highly professional underwriting are more than ever becoming the key to success. Judicial changes will give new momentum to the insurance industry in several countries.
India The liberalisation and reprivatisation of the insurance industry in India appears likely to be further delayed for political reasons. We are currently refocusing our strategy to reflect the changes in the market environment and bolstering our existing favourable business relationships.
Consolidation continues in the American reinsurance market; more than half of the professional reinsurers exited the market in the past 12 years. This trend should especially benefit the large, well-financed reinsurers.
Investment result 4. Allocated investment return 5. Interest charges 6. Other income, including valuation readjustments 7. Other charges, including other valuation adjustments
I Investments 1. Land and buildings 2. Investments in unconsolidated subsidiaries and affiliated companies 3. Loans to unconsolidated subsidiaries and affiliated companies 4. Shares 5. Fixed income securities 6. Loans 7. Mortgages 8. Time deposits 9.^ther investments 10. Deposits with ceding companies
Net technical account by line Premiums 3 750 1758 2 283 1 048 2 022 10861 1 318 12179 Change in the provision for unearned premiums 115 8 - 35 - 27 - 76 - 31 3 - 34 Allocated investment return 240 425 287 213 191 1 356 169 1 525 Other technical income 3 6 1 23 5 38 24 62 Claims paid -2 187 - 922 -1 624 - 720 -1 084 -6 537 - 808 -7 345 Change in the provision for claims outstanding - 374 - 897 - 277 - 210 - 373 -2 131 - 29 -2 160 Change in the provision for life, health and disability reinsurance - 59 - 59 - 73 - 132 Change in other technical provisions - 95 - 11 2 19 2 - 87 - 10 - 97 Bonuses and rebates - 70 7 - 31 - 27 - 23 - 158 - 104 - 262 Operating expenses -1 122 - 419 - 523 - 280 - 584 -2 928 - 296 -3 224 in%
Net premiums written 12179 Allocated investment return 1 525 Net claims paid - 7 345 Bonuses and rebates - 177 Operating expenses - 3 208 Other net technical charges for own account 46 Change in debtors and liabilities from reinsurance operations - 128 Change in cash deposits (assets and liabilities) 353
Hanspeter Thiel Peter Ochsner Auditors in charge 57 Swiss Re Group
Shareholders' capital and reserves stated in the balance sheet Shareholders' capital and reserves at market value, after taxes 58 Swiss Re Group
Stock exchange listing The shares of Swiss Re are listed on the stock exchanges of Zurich, Basle and Geneva.
' 1995: of which 555088 registered shares from warrant exercises not entitled to dividend for the account year 1994; price on 13 October 1995: CHF1200 2 Figures from 1993 onward not comparable with previous years ' Per share entitled to dividend ^ Includes published unrealised capital gains, ie based on mar­
The Netherlands Algemene Levensherverzekering Maatschappij N.V.^ Burgemeester Rijnderslaan 28 1185 MC Amsteiveen
North American • 100 f USD -11.4 25.6 Specialty Insurance Company 650 Elm Street Manchester, NH 03101-2524 with branch offices in Cleveland and Sarasota
Western Atlantic • 100 f USD -3.5 94.9 Reinsurance Corporation 380 Madison Avenue New York, NY 10017 87 Swiss Re Group
A specialised publication which reports regularly on economic trends and changes, and their consequences for the Insurance market. AR 23, languages E, G, F, S, I
General Third Party Liability insurance: Insurance of Industrial, commercial, employers, products, professional or private liability to third parties.