Board of Directors: Ch. Simon, Chairman, C. Abegg-Stockar, Deputy-Chairman. E. HUrlimann, Managing Director. Hans Suizer E. Welti Felix Calender Louis Dapples
Assistant Managers: V. V. Castelberg A. Hollinger E. Froelich F. Niquille J. Gailloud 0. Wiesmann
The period under review was not marked by any improvement in the general eco­ nomic situation. However, there are symptoms which seem "to indicate that trade is be­ coming partially adjusted to the altered conditions. Among such indications is not merely the arrest observable last year in certain countries in the severe fall "in premiums, which had been in progress for some time as a result of the shrinkage of insurance values, but the fact that there was actually an advance in premium income in various territories. The circumstance that, notwithstanding this change of tendency, our premium figures still show some contraction, is mainly due to the further depreciation of certain foreign currencies.
We have reason to be ptisfied with the result of the year's operations. Fire Insurance was profitable in the majority of countries, both in Europe and
Our Marine Department is of small importance in comparison with our total business; the premium income remained unchanged. The fall in rates is becoming more and more marked. The results were good, although less so than in previous years.
The situation in Personal Accident Insurance continues to react unfavourably upon the Reinsurer. We have in previous years referred to the inadequacy of the pre­ miums, which have not as yet been brought into line with the accentuated risk resulting from the increase in traffic; to this must be added the moral hazard, which is particu­ larly pronounced in times of economic stress, more especially in cases where the sums insured are large.
The improvement in Third Party Liability Insurance, which we have noticed for the last few years, was maintained. On the whole our results were good. Among the exceptions we may mention in particular Switzerland, Germany and Italy, where we made a loss, owing to the unsatisfactory running of motor car business. Competitive methods have led in certain countries to the adoption of premium reductions and policy conditions which give ground for concern.
From Fidelity and Credit lines we experienced a small loss. We have restricted our activities in these classes as much as possible.
"Premium Reserve from 1933 . . "Reserve for Unsettled Claims from 1933 . . . . ... . Reserve for Extraordinary Losses . . . Premiums, less cancellations Prs. 148,820,491.60 Premiums for wliich no reserve is necessary » 29,576,767.11
Life DepL. "Premium Reserve from 1933 Annuity Fund from 1933 . . .... "Reserve for Unsettled Claims from 1933 • • Premiums, less cancellations Consideration for Annuities . Interest Interest, after deduction of interest due to Life Dept- . . . .
Liabilities. Capital (58,000 shares of Prs. 1000 each) 58,000,000 — Reserve Fund 10,000,000 — Special Reserve Fund 23,200,000 — Reserve for Contingencies . 6,000,000 — Due to other Companies 31,516,064 36 Life and other funds retained from other Companies . , 77,467,491 03 Sundry Creditors 2,998,332 77 Reserves: Fire, Accident, Liability, Burglary, Fidelity, Surety and Marine DepllPremium Reserve . Prs. 46,985,895.— Reserve for Unsettled Claims ....... . , 60,734,807. Reserve for Extraordinary Losses . , 10,000,000. 117,720,702 —