Assistant Managers: V. V. Castelbeng, J. Gailloud, P. Guggenbiihl PI. Pessina, 0. Wiesmann
Suh-Manag ers: Ad. Ammann, Ch. Bunnens, C. C. Calbunn, G. de Bardel, F. Eggenbengen, W. Habicht, Ch. Ochsenbein, P. Simon,
We have the honour to present the Seventy-fifth Annual Report and State­ ment of Accounts of the Company for the year ended 31®' December 1988.
The technical results during the past year were the best in the Company's history. Profits were earned in all branches of the business with the exception of Per­ sonal Accident.
Accident business again showed an improvement. The fact that the result disclosed a deficit, as in the previous year, is due to aviation, which, on account of keen competition or official policy in encouragement of flying, is not sufficiently rated.
The results of Third Party operations are liable to considerable fluctuations. Following upon a decidedly unfavourable experience in 1937, the past year closed with a gratifying profit. Such violent changes are partly due to Motor Insurance regulations in some countries, which make it difficult to assess the risk or to estimate the indemnity to be paid.
Burglary, Surety and Fidelity Guarantee show only small variations from the very satisfactory profit ratios of the previous year.
The Profit & Loss Account closes with a profit of . . . Frs. 12,308,927.95 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. 127.66 per share » 7,404,280. Directors , 158,000.— Social Welfare contribution » 200,000. carry forward » 2,046,647.95
Premiums for Retrocession, less cancellations Frs. 52,520,149.86 Premiums for Retrocession for which no reserve is necessary , 6,506,639.35 Commission, less Retrocession Claims paid Frs. 120,205,400.86 less Retrocession „ 31,995,821.62 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 Expenses of Management Taxes
Depreciation of Investments, including transfer of Frs. 1,300,000 to the Reserve for Contingencies
Liabilities. Capital (58,000 shares of Frs. 1000 each) 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 Prg. 70,353,292. — Reserve for Unsettled Claims ^ 94,384,995. Reserve for Extraordinary Losses ........ 10,000,000
Life Dep^ Premium Reserve Frs. 323,682,177 Annuity Fund ^ 8,293,888 Reserve for Unsettled Claims ^ 5,235,660
Contribution to Staff Life Insurance and Pension Fund Dividend Directors Social Welfare contribution Carried forward
Assets. Shareholders' Liability Real Estate 8,400,000. Mortgages 26,141,537.80 Government and other Securities ^ 217,961 098.11 Life and other funds deposited with ceding Companies . , 410,736,030. 72 Bank Balances Cash in hand