As sistant Managers: W. Baumann, W. Belser, Ch. Burnens, A.-L. Chenaud,
Sui-Managers; F. Bosshart, V. Cachin, R. Farmer, V. Philippi, C. P. Rehsteiner,
Unfortunately no easing of the conflicts and tensions between East and West followed upon the conclusion of the truce in Korea and we continue to live in an atmosphere of uncertainty which is becoming tantamount to normal. Although a high degree of inter­ national trade and industrial activity was, in general, maintained there have been additional signs in certain countries of importance to us, and in particular in the United States of America, of a general levelling off in economic development. As output and consumption showed hardly any further expansion, the creation of new insurable values slackened; moreover, the influence of inflation which was in evidence for so many years has now lost much of its power. For all these reasons the volume of our business increased to a lesser extent than during the last few years. The gross premium income rose from Sw. frcs. 669,987,761 to Sw. frcs. 695,884,475.
The experience in Health insurance was again good. Our premium income from Public Liability and above all Motor Third Party and Motor Damage insurance also increased, in line with the further marked development of these classes almost everywhere. The year still closed with a deficit but the loss was nevertheless appreciably smaller. Of the two countries where we have the largest business, the United States produced a further notable improvement, whereas Germany brought an increased loss. Swiss business, in particular, was profitable in the year under review. Fidelity, Surety and Credit insurance ran quite satisfactorily. We have to report a loss in Hail insurance due mainly to storms of a catastrophic nature in Italy.
Our Life portfolio once more registered an increase in new business. For the first time reinsurances in force exceed three milliard Swiss francs. Thanks to the continued favourable mortality experience the underwriting results were again very gratifying.
Premium Reserve from 1952 245,281,635 65 Reserve for Unsettled Claims from 1952 236,632,425 29 Reserve for Extraordinary Losses 12,000,000 — Premiums, less cancellations 598,862,696 16 1,092,776,757 10
Life Department. Premium Reserve from 1952 411,202,367 56 Annuity Fund from 1952 6,938,055 58 Reserve for Unsettled Claims from 1952 3,944,564 73 Premiums, less cancellations 97,021,779 61 Consideration for Annuities 1,113,567 03 Interest 13,141,976 21 533,362,310 72
Life Department. Premiums for Retrocession 14,038,355 23 Commission, less Retrocession 18,179,131 22 Surrenders, less Retrocession 17,498,718 92 Losses paid, less Retrocession 33,154,251 76 Annuities paid, less Retrocession . 715,954 84 Premium Reserve, less Retrocession 434,669,121 38 Annuity Fund, less Retrocession 7,521,491 24 Reserve for Unsettled Claims, less Retrocession 3,825,678 26 529,502,702 85
Managemenl Expenses 9,431,744 66 Taxes 9,917,521 — Depreciation of Investments 2,859,502 97 Balance 21,384,548 84
Life Department Premium Reserve Frs. 434,569,121.38 Annuity Fund ............. 7,521,491.24 Reserve for Unsettled Claims 3,825,678.26 445,916,290 88
Assets, Real Estate Frs. 20,871,700.— Mortgages , 31,864,917.64 Government and other Securities , 622,797,879.05 Life and other funds deposited with ceding Companies , 552,701,835.38 Bank Balances , 37,601,607.19 Cash in hand 643,998.71 1,266,481,937 97 Due by other Companies 132,613,807 74 Sundry Debtors 544,744 06 Accrued Interest 4,640,240 76