Board of Directors: Ch. Simon, Chairman. E. Welti, Deputy-Chairman. W. C. Escher Rob. Hegner C. Abegg-Stockar Hans Sulzer Felix Calender
. We have pleasure in submitting the sixty-third Annual Report and Accounts for the year 1926.
The past year has brought us a further important growth of business in the General branches, especially in the Fire, Personal Accident and Liability departments. Although economic conditions in Europe have somewhat improved, political instability continues to hamper the normal development of economic life. In consequence Fire business in certain Continental countries has not proved satisfactory and the results in Europe as a whole show a narrower margin of profit than last year. On the other hand. Fire business in the United States has further improved in spite of the losses caused by the tornado which devastated parts of Florida. The Overseas Fire business generally has again shown satisfactory results.
Our Hail account closes with a small profit. Marine Insurance has had a trying year, unfavourable weather conditions having occasioned many total losses. Reference has been made in previous reports to the influence which the ever increasing danger of motor traffic is having on the results of Personal Accident and Liability business and for which the rates at present ruling do not offer adequate compen­ sation. Unfortunately there are no signs of real improvement in this connection and as the cost of this business in common with other branches is too high, results continue to be unsatisfactory on the Continent of Europe and the prospects are not encouraging. Some time will elapse before increases in rates can have full effect on account of the fact that in many cases policies at present in force have been written for long terms.
All foreign currencies, both as regards the Profit and Loss Account and the Balance Sheet, have been converted into Swiss francs at the average rates of exchange ruling for December 1926.
Interest, after deduction of interest accruing to the Life Department, amounts to Frs. 5,989,137.15.
Premium Reserve from 1926 60,387,275 _ Reserve for unsettled Claims from 1925 . . . . . . . . 29,082.999 Reserve for extraordinary Losses ........... 12,000,000 Premiums, less cancellations . . . . . . . 237,247,393 58 338,717,667 58
Life DepL. Premium Reserve from 1925 54,902,889 Annuity Fund from 1925 . , 4,759,686 Reserve for unsettled Claims from 1925 . ..... . . . 744,082 Premiums, less cancellations ........... 37.377,674 20 Consideration for Annuities ... . . . ... . . . . 225,073 31 Interest 2,601,299 38 100,610,708 89 Interest, after deduction of interest due to Life Dept- . . . . 5,989,137 15 Profit on Investments 449,800 36
Cr. Fire, Accident, Liability, Burglary, 445,921,514 49 Cr. Fire, Accident, Liability, Burglary, Fidelity, Surety and Marine DepH.
' Reserve Fund . . . . , . 5,000,000 • — Special Reserve Fund . . . . . . . . . 8,800,000 — Due to other Companies 26,888,126 91
' 'ij- ^ * Life and other funds retained from other Companies . . . . . . . -. . 61,865,517 06 Sundry Creditors 6,871,388 74
Annuity Fund — - - Reserve for unsettled Claims . . . . . i . . , 1,889,944. - 68,842,668
' Directors and Management • . - . . . . . 687,500 — -• ,- Carried forward 169,888 51 325,178,312 22
Assets. : Shareholders' Liability . , 22,500,000 — • • • Real Estate .- . Frs. 2,500,000.-
_ Bank Balances , 7,888,970.19 •'• ' • - : • •• Cash in hand . , 42,878.22 252,966,759 08 ^ v..-*' Due by other Companies and Sundry Debtors ... 48,143,485 29