Board of Directors: E. Hiirlimann, Chairman. Hans Sulzer, Deputy-Chairman. Max Huber Felix Calender 0. J. Ahegg G. Bachmann Fritz Baumgartner Hans Pfister f
Suh-Managers: Ad. Ammann, Oh. Burnens, 0. 0. Calburn, G. de Bardel,
We have the honour to present to you the Eightieth Annual Report and Statement of Accounts of the Company for the year 1943.
It is gratifying to observe that in the fourth year of war and in spite of the increased difficulty of international communications we have been able to maintain and even further to develop our business connections. We are pleased to see in this a token of the con­ fidence which this Country and our Company enjoy.
The gross premium income has risen from Sfrs. 360,940,429.— to Sfrs. 374,967,185.—. As in the previous year the expansion occurred chiefly in Fire and Marine, which sections are the first to feel the effect of the general appreciation in insured values, and also in Life Assurance where the acquisition of new business was promoted by prevailing easy money conditions.
An unusually dry and storm-free summer in the main territories in which we operate in Hail Insurance led to a satisfactory profit in this account.
We are able to show a profit in the Accident Branch. The experience in Aviation Insurance has also been favourable.
The experience in Sickness Insurance was again good. In Burglary and Theft Insurance increased scarcity in foodstuffs and consumergoods led to a much greater incidence in claims in certain territories. This, together with an increased frequency in robberies, gave rise to a considerable loss in the account.
The sustained high level of new business subscribed by direct writing offices has again brought a notable expansion in our Life Account. The result for the year under review was again satisfactory, notwithstanding numerous war losses.
Whilst the yield on investments has shown a rise in volume, measured by the con­ siderable expansion in interest-bearing assets it has only been of modest dimensions. Returns were again affected by the low rates of interest everywhere prevailing, particularly on short and medium-term bonds, which we have for some years favoured on account of their greater stability.
Listed securities have, as usual, been entered at or below the average market prices ruling in December. Unquoted investments have been valued with our customary caution and with due regard to legal provisions. In fixing the rates of exchange of foreign cur­ rencies for these accounts, consideration was given to the possibilities of transfer and to the exchange risk on both assets and liabilities. Despite the further difficulties experienced in the remittance of funds from abroad, transfers to Switzerland could be effected in a satisfactory measure.
The Profit and Loss Account closed with a profit of . . Frs. 12,933,190.05 which at the General Meeting of the Shareholders it was decided to distribute as follows: Special Reserve Frs. 1,500,000. — Staff Life Insurance and Pension Fund ..... » 1,000,000. — Dividend Frs. 127.70 per share » 7,406,600. — Social Welfare Contribution » 200,000. — Directors' Remuneration » 162,175.— Carry Forward » 2,664,415.05
PROFIT AND LOSS ACCOUNT for the year ending 31st December, 1943.
Life DepL. Premium Reserve from 1942 Annuity Fund from 1942 . . Reserve for Unsettled Claims from 1942 Premiums, less cancellations Consideration for Annuities Interest . Interest, after deduction of interest due to Life Dep^ . . . .
Premiums for Retrocession, less cancellations Frs. 72,721,016.31 Premiums for Retrocession for which no reserve is necessary , 2,350,165.63 Commission, less Retrocession Claims paid Frs. 140,462,548.46 less Retrocession „ 38,305,786.68 Premium Reserve, less Retrocession Reserve for Unsettled Claims, less Retrocession Reserve for Extraordinary Losses ,
Life DepL. Premiums for Retrocession Commission, less Retrocession . Surrenders, less Retrocession Losses paid, less Retrocession Annuities paid, less Retrocession . . . . . . Premium Reserve, less Retrocession .... . Annuity Fund, less Retrocession Reserve for Unsettled Claims, less Retrocession Management Expenses Taxes Depreciation of Investments Balance
Liahilities. Capital (58,000 shares of Frs. 1000 each) 58,000,000 — Reserve Fund . 20,000,000 — Special Reserve Fund 20,000,000 — Reserve for Contingencies 8,500,000 — Due to other Companies 87,063,595. 40 Life and other funds retained from other Companies . 150,331,985 60 Sundry Creditors 4,052,622 87 Reserves: Fire, Accident, Liability, Burglary, Fidelity, Surety and Marine Dep^ Premium Reserve Frs. 113,652,013. — Reserve for Unsettled Claims , 132,526,402.— Reserve for Extraordinary Losses ..'.... , 10,000,000. - 256,178,415 —
Life DepL Premium Reserve Frs. 458,217,309. — Annuity Fund , . . , 9,724,411. Reserve for Unsettled Claims ....... 474,879,315
By order of the Board: E, Hürlimann, P. Alther, E. Bebler,