Board of Directors: Ch. Simon, Chairman. E. Welti, Deputy-Chairman. E. HUrlimann, Managing Director. Rob. Hegner f C. Abegg-Stockar Hans Sulzer Felix Calender
Sub-Managers ; E. Andreoli H. Grossmann V. V. Castelberg A. Hollinger E. Froelich F, Niquille J. Gailloud R. Secretan 0. Wiesmann
The economic crisis which made itself felt in 1929 was still further accentuated during the past year and as is inevitable in the case of a business such as our own, bound up as it is by the various branches with all phases of economic and private life throughout the world, the repercussions have been felt in various ways.
Fire Insurance has suffered on account of the fall in insurance values in conse­ quence of the smaller stocks carried and the collapse in prices. The direct insurer has endeavoured to some extent to make good the consequent shrinkage of premium income by holding for own account more of the business remaining, which means smaller sur­ pluses for the reinsurer. The results of our operations were, however, distinctly better than in the previous year, the improvement being chiefly in respect of the business emanating from European countries, in particular England and Germany. The fact that the cessions from this latter country showed a profit after a number of bad years is particularly pleasing although it would be premature to conclude from this experience that conditions have definitely improved. A number of other Continental countries in which we have important connections have also shown favourable loss ratios. Tbe effects of the economic crisis in the United States produced a shrinkage in the volume of business transacted, the results, however, were again satisfactory.
Third Party Premium income also increased in volume, but less on account of new business than in consequence of an upward tendency in rates. We have for years past emphasized the necessity for increased premiums, but even to-day some companies are not pursuing their efforts in this direction with the necessary energy. The effects of the improved rates have shown themselves in the somewhat better results, but these are by no means yet satisfactory; French business in particular gives cause for complaint. With our North American connections our experience has again been favourable.
As was to be expected in view of the economic situation we have been obliged to meet a depreciation of our investments. The fact that over 60°/o of our funds has been so invested as to be independent of market fluctuations stands us in good stead in view of present day conditions. Apart from those of our investments which are of a permanent nature, our holdings in ordinary shares represent only a small percentage of our funds.
Premium Reserve from 1929 Reserve for unsettled Claims from 1929 . . / ; . . . . Reserve for extraordinary Losses Premiums, less cancellations Frs. 256,475,096.32 Premiums for whicli no reserve is necessary » 17,433,528.33
Life DepL. Premium Reserve from 1929 . . . . Annuity Fund from 1929 . . . . . . Reserve for unsettled Claims from 1929 . . . . . . . . . Premiums, less cancellations . Consideration for Annuities . . .... Interest Interest, after deduction of interest due to Life Dept. . . ' . .
Life DepL. Premiums for Retrocession Commission and Expenses, 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 . . . . . . Expenses of Management . . . . .-. . . ..... . . Taxes • , • • Written off for depreciation of Invesfmenfs . . . . . . . Net Profit . . . . . . . . . .
Liabilities. Capital (50,000 shares of Frs. 1000 each) . . . . . 50,000,000 — Reserve Fund 10,000,000 — Special Reserve Fund 23,500,000 —• Due to other Companies 33,323,824 17 Life and other funds retained from other Companies . 118,098,833 85 Sundry Creditors 804,920 — Reserves: Fire, Accident, Liability, Burglary, Fidelity, Surety and Marine Dep^ Premium Reserve . . Frs. 65,195,368.— Reserve for unsettled Claims . . 48,985,238.-
Life Dept' Premium Reserve Frs 119,811,592. Annuity Fund . . . . . — Reserve for unsettled Claims . , 1,293,619. - 125,585,937 _
Assets. Shareholders' Liability 30,000,000 — Real Estate including account for new bmlding . . . Frs. 4,312,957.20 Mortgages , 26,765,021.15 Government and other Securities . , 152,874,596.15 Life and other funds deposited with ceding Companies . , 218,441,034.94 Bank Balances . , 11,167,474,67 Cash in hand . „ 57,828.73 413,618,912 84 Due by other Companies and Sundry Debtors . ; . 54,622,507 27 Accrued Interest 1,570,160 55