Assistant Managers: V. V. Castelberg, J. Gailloud, Oh. Ocbsenbein, 0. Weidenmann, H. WUst
We have the honour to present to you the Eighty-first Annual Report and State­ ment of Accounts of the Company for the year 1944.
Marine Insurance gave an excellent profit. Further extensive Government requisition­ ing has reduced the usually less remunerative Hull business, so that the incidence of Cargo business, which generally reveals a better trend, was more pronounced.
The trend of Burglary and Theft Insurance was unfavourably influenced by the distress and the slackening in morale prevailing in certain territories as a consequence of the war. Numerous burglaries and large-scale robberies led to a substantial loss.
In spite of the important volume of new policies written Life business in force decreased owing to depreciations in various currencies. Although the mortality rate was influenced by an increased number of war losses the account again closed with a very satisfactory surplus.
The Investment Revenue was somewhat larger than in the pi-eceding year although, owing to the lower rates of interest on new issues and conversions, the average yield on investments has dropped still further.
Thanks to the special reserves which have been set aside for the purpose over a number of years the financial situation of our company will be affected only slightly, if at all, by the events which have occurred since the close of the year. Among other advantages we may mention the fact that we have no investments in real estate outside Switzerland.
The Profit and Loss Account closed with a profit of . . Frs. 12,644,475.34 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 » 500,000. — Dividend Frs. 128.— per share » 7,424,000.— Social Welfare Contribution » 200,000. — Directors' Remuneration » 162,500.-^ Garry Forward » 2,857,975. 34
Life DepL. Premiums for Retrocession Commission, less Retrocession Surrenders, less Retrocession Losses paid, less Retrocession Annuities paid, less Retrocession Premium Reserve, less Retrocession : . . . Annuity Pund, less Retrocession ' . . . Reserve for Unsettled Claims, less Retrocession Management Expenses Taxes Depreciation of Investments Balance
Liabilities. Capital (58,000 shares of Prs. 1000 each) 58,000,000 — Reserve Fund 20,000,000 — Special Reserve Fund 21,500,000 — Reserve for Contingencies 8,500,000 — Due to other Companies 60,049,400 65 Life and other funds retained from other Companies . 146,454,008 30 Sundry Creditors 5,349,847 94 Reserves: Fire, Accident, Liability, Burglary, Fidelity, Surety and Marine DepllPremium Reserve Frs. 105,905,632. Reserve for Unsettled Claims , 123,162,930.-
Contribution to Statf Life Insurance and Pension Fund 500,000 Dividend 7,424,000 — Social Welfare contributions 200,000 Directors 162,500 — Carried forward 2,857,975 34
Mortgages . . , 19,573,961.88 Government and other Securities . „ 303,833,280.47 Life and other funds deposited with ceding Companies . , 518,367,411.76 Bank Balances . , 33,004,359.22 Cash in hand . „ 286,712.72 882,065,726 05 Due by other Companies 113,326,305 78 Sundry Debtors 554,451 20 Accrued Interest 2,210,639 20