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Board of Directors: Ch. Simon, Chairman. E. Welti, Deputy-Chairman. W. C. Escher. Rob. Hegner. C. Abegg. Hans Suizer. Felix Caionder.
The unsatisfactory state of Fire and Marine business was accentuated by the increased moral hazard and in the Life Department the heavy War losses were followed by the serious effect of various influenza epidemics. On the other hand, the mortality rate has been particularly favourable during the last few years.
The situation arising out of the depreciation of many currencies resulted in financial difficulties for certain Companies and we have also frequently had cause to doubt the goodwill on the part of some Companies with whom we entertained business relations to meet their liabilities. Conditions such as these are felt more particularly by a Reinsurer who, more than is generally the case in business, bas to build on the good faith of those with whom he deals and, unhappily, this is too often lacking.
last ten years, we have extended our connections chiefly in countries outside the Con­ tinent of Europe that this Company to-day occupies a leading position as a purely rein­ surance company — not only in regard to the volume of its business but especially in regard to its financial strength.
The premium income in the Fire Department showed an important increase during the past year in spite of the fact that in many countries further and in some cases heavy depreciations in currency have taken place. The results were satisfactory in all the im­ portant fields with the exception of the United States of America, Canada, and Australia. This is no doubt due to the fact that the consequences of the War are still being felt in these countries. Germany also showed unsatisfactory results. In certain continental countries keen competition for Fire business has, for some years, unfavourably influenced the results; unfortunately this is true also in the case of Switzerland where the previous sound conditions seem to be disappearing.
Liability business on the Continent of Europe was particularly unsatisfactory; this has been the case already for a period of years. The main cause of these unfavourable results is that in some countries the rates for motor car business are quite inadequate.
The production of new Life business was again gratifying. On the other hand, owing to the further fall in certain currencies, the amount of business in force has been adversely affected. The Mortality experience was favourable. All first year com­ missions have, as usual, been fully written off.
Interest, after deduction of interest accruing to the Life Department, amounts to Frs. 4,905,924.13.
Capital (30,000 shares of Frs. 1000 each) .... Reserve Fund . Special Reserve Fund . Due to other Companies Life and other funds deposited hy ceding Companies Sundry Creditors Reserves: Fire, Accident, Liability, Burglary, Fidelity, Surety and Marine Depjl Premium Reserve Frs. 48,803,95! Reserve for unsettled Claims 27,112,822 Reserve for extraordinary Losses . .
Assets. Shareholders' Liability . Real Estate . Frs. 2,500,000.— Mortgages Government and other Securities . Life and other funds deposited with ceding Companies Bank Balances Cash in hand
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