Board of Directors: E. HUrlimann, Chairman Hans Sulzer, Deputy-Chairman Max Huber C. J. Abegg Fritz Baumgartner Paul Ruegger R. S. Hegner Rud. V. Heberlein
Managers : G. de Bardel, M. Eisenring, W. Habicht, K. Hasier, M. Klaas, F. Niquille, PI. Pessina, V. Tisi, H. Wiist
Foreign Representatives: United States Branch Office New York: J. K. Battershill Inc. Eastern Representative: U. Neukom
In politics, the international situation improved to some extent during the year. Although peace is not yet firmly established, it has nevertheless proved possible to bring hostilities to an end in the Far East and by sustained diplomatic activity to prevent open conflict elsewhere. In the business world trends in 1955 resembled the previous year, pro­ duction, particularly in the building trade, continuing at a high level in most countries. These conditions were reflected in our own activities which are outstandingly international in cha­ racter, bringing an increased volume of business, thanks in particular to the establishment of new connections.
Our gross premium income rose from Sw. Frcs. 744,245,068 to Sw. Frcs. 771,531,837 and was relatively little affected by currency devaluations. Tbe overall tech­ nical results can be regarded as quite satisfactory. Experience in the individual branches was as follows: —
In F i r e insurance, our most important branch, we suffered no loss of major propor­ tions in the year under review. The results of individual treaties, however, varied consi­ derably in contrast to former years. Nevertheless, the results can be regarded as good, although the margin of profit is unmistakably smaller due to the increase in acquisition
In valuing our investments we have been guided by the prudent principles adhered to in the past. The conversion of foreign currencies was made at rates which took into account transfer possibilities and the risk of exchange fluctuations.
The Profit and Loss Account closed with a profit of . . Frs. 24,191,105.45 which, at the General Meeting of the Shareholders, it was decided to distribute as follows: Special Reserve Fund Frs. 5,000,000.— Staff Life Insurance and Pension Fund » 2,000,000.— Dividend Frs. 225.— per share » 13,500,000.— Social Welfare Contributions - . . » 300,000.— Directors' Remuneration » 340,000.— Carry Forward » 3,051,105.45
PROFIT AND LOSS ACCOUNT for the year ending 31^* December, 1955.
Life Department. Preminm Reserve from 1954 451,514,898 52 Annuity Fund from 1954 7,074,758 44 Reserve for Unsettled Claims from 1954 3,423,739 09 Preminms, less cancellations 111,924,082 75 Consideration for Annuities 1,670,443 28 Interest 13,983,522 22 589,591,444 30
Interest, after deduction of interest due to Life Department . . 26,262,180 04 1,842,409,340 48
Life Department. Premiums for Retrocession 16,041,466 30 Commission, less Retrocession 20,967,601 14 Surrenders, less Retrocession 14,165,896 22 Losses paid, less Retrocession 26,382,840 94 Annuities paid, less Retrocession 874,177 23 Premium Reserve, less Retrocession 494,123,429 61 Annuity Fund, less Retrocession 8,021,820 03 Reserve for Unsettled Claims, less Retrocession 4,226,644 20 584,803,875 67
Liabilities* Capital Reserve Fund Special Reserve Fund Reserve for Contingencies Due to other Companies Life and other funds retained from other Companies Sundry Creditors Reserves: Fire, Accident, Liability, Burglary, Fidelity, Surety and Marine Dep^ Premium Reserve Frs. 291,561,912.27 Reserve for Unsettled Claims „ 316,481,950.11 Reserve for Extraordinary Losses ...... , 12,000,000.—
Life Department Premium Reserve Frs. 494,123,429.61 Annuity Fund , 8,021,820.03 Reserve for Unsettled Claims „ 4,226,644.20
Real Estate Frs. 24,158,200.— Mortgages , 47,661,061.96 Government and other Securities , 705,298,435.17 Life and other funds deposited with ceding Companies . „ 563,777,508.78 Bank Balances , 42,057,872.19 Cash in hand „ 560,896.23