The outstanding feature of last year's business is the contrast which exists between the excellent underwriting results and the manner in which the final figures have been affected by the depreciation of various foreign currencies, especially that of the U. S. Dollar.
In the Marine Department the results for the year under review were again satis­ factory. This branch of our business particularly portrays the effects of the depression in trade and industry.
Hail business, which continues to be unimportant, on the whole again denotes a favorable loss experience.
Personal Accident business shows a small profit in Europe, following on the somewhat disappointing results of previous years. In the United States the unfavourable experience which we have had with this class of business for many years finds compen­ sation in the highly gratifying manner in which the Liability section has been running constantly in that countiy. The latter was also satisfactory in Europe.
The results in the minor branches of our business have on the whole been of the required standard and no special remarks are called for.
Investments have been valued at the market prices ruling in December, where quotations were available, and in other cases the valuation is as warranted by prevailing conditions, in accordance with our usual practice.
In several departments we have for many years past transacted a large and profi­ table business in the United States, through branch offices and affiliated companies. This has made it necessary for us to deposit in that country, not only the ordinary under­ writing reserves, but additional funds in the form of capital and surplus. This situation has given rise to considerable exchange losses. As stated in our annual report last year, we made provision in the 1932 Balance Sheet for the occurrence of losses of this kind. Depreciation has however been more far-reaching than could be foreseen at that time, and we have been compelled to devote a portion of the profit of the past year to cove­ ring the losses which have thus been incurred.
Premium Reserve from 1932 . Reserve for unsettled Claims from 1932 . Reserve for extraordinary Losses Premiums, less cancellations Frs. 159,350,173.95 Premiums for which no reserve is necessary » 28,197,092.65
Liahilities. Capital (50,000 shares of Frs. 1000 each) 50,000,000 — Reserve Fund 10,000,000 — Special Reserve Fund ........ 21,000,000 — Due to other Companies 42,008,915 60 Life and other funds retained from other Companies . 135,045,125 99 Sundry Creditors 2,156,400 74 Reserves: Fire, Accident, LiabiRty, Burglary, Fidelity, Surety and Marine Dep^ Premium Reserve Frs. 36,022,474. — Reserve for unsettled Claims , 45,013,538. — Reserve for extraordinary Losses . , 10,000,000. — 91,036,012 —
Life DeptPremium Reserve i Frs. 136,182,043.— Annuity Fund . , 4,902,404.— Reserve for unsettled Claims . . 1,771,080. 142,855,527 ; Contribution to Staff Life Insurance and Pension Fund 300,000 Dividend 6,283,000 — Directors 154,639 — Carried forward . 615,396 79
Assets. Shareholders' Liability 30,000,000 Real Estate . Frs. 7,590,000. Mortgages . , 26,141,438.20 Government and other Securities . , 111,700,909.65 Life and other funds deposited with ceding Companies . , 251,171,781.60 Bank Balances , „ 14,998,868.33 Cash in hand 411,697,884 53 Due by other Companies ........... 56,819,650 59 Sundry Debtors . . 1,450,000 — Accrued Interest 1,487,482