Board of Directors: E. Hlirlimann, Chairman Hans Sulzer, Deputy-Chairman Max Huber C. J. Abegg Emil Bebler Fritz Baumgartner Paul Ruegger R. S. Hegner Rud. V. Heberleln
K. Hasler, M.Klaas, F. Niquille, PI. Pessina, V. Tisi, H. Wüst
Ch. Robert-Tissot, J.-E. Rossier, H. Ryffel, M. D. de Salis, H. Salzmann, K. Schneider, A. Schütz, R. Waithard, H. Zwingli
Foreign Representatives: United States Branch Oftice New York: J. K. Battershill Inc.
We have the honour to present to you the 90"'Annual Report and Statement of Accounts of the Company for the year 1953.
The overall underwriting results, although not so good as in the foregoing outstandingly profitable years, were still favourable. In substance those branches which ran particularly well in recent years this time produced a smaller surplus, whereas those sections which were unprofitable revealed a certain measure of improvement.
In Fire insurance, our most important account, the profit margin, although much narrower, was still satisfactory. Results were favourable in almost all European countiies as well as in the United States. However, we were affected by a number of conflagrations and major losses in various other overseas territories. Burglary and Theft, together with Machinery, Water Damage and Plate Glass insurance, produced a substantial yield, accompanied by an expansion in volume. In the Marine account a satisfactory result was recorded despite the depression in premium rates and an increased number of total losses. The returns of the Personal Accident department were impaired by the unusually heavy claims which continue to burden the Workmen's Compensation account.
The increase in interest-bearing funds, occasioned by the growth in the net assets and technical reserves, resulted in a further rise in the interest revenue (net of interest applying to Life Reserves), since the average yield remained practically unchanged. Whilst Management Expenses increased only slightly, the tax burden became very perceptibly heavier, attaining the considerable sum of Sw. frcs. 9,917,521.
Investments are, as usual, entered at or below the market rates in force at the end of the year, unlisted securities being assessed on a conservative basis. In converting foreign currencies, transfer facilities and the risk of exchange fluctuations have been taken into account.
The Profit and Loss Account closed with a profit of . . Frs. 21,384,548.84 which, at the General Meeting of the Shareholders, it was decided to distribute as follows: Special Reserve Fund Frs. 2,500,000.— Staff Life Insurance and Pension Fund » 1,800,000.— Dividend Frs. 225.— per share » 18,500,000.— Social Welfare Contributions » 250,000.— Directors' Remuneration » 276,600.— Carry Forward » 3,057,948.84
PROFIT AND LOSS ACCOUNT for the year ending December, 1953. Swiss francs Cts. Swiss francs Cts.
Interest, after deduction of interest due to Life Department . . 22,037,404 74 1,650,931,741 64
Premiums for Retrocession, less cancellations 148,571,043 28 Commission, less Retrocession 163,029,066 59 Claims paid Frs. 308,445,228.35 less Retrocession „ 71,096,859.25 237,348,369 10 Premium Reserve, less Retrocession 257,066,619 41 Reserve for Unsettled Claims, less Retrocession 259,820,622 94 Reserve for Extraordinary Losses 12,000,000 — 1,077,835,721 32
Liabilities, Capital (60,000 shares of Frs. 1000 each) 60,000,000 — Reserve Fund 20,000,000 — Special Reserve Fund 35,000,000 — Reserve for Contingencies 10,000,000 — Due to other Companies 79,072,704 18 Life and other funds retained from other Companies . . 194,606,309 28 Sundry Creditors 11,913,635 — Reserves: Fire, Accident, Liability, Burglary, Fidelity, Surety and Marine Dep^ Premium Reserve Frs. 257,066,619.41 Reserve for Unsettled Claims , 259,820,622.94 Reserve for Extraordinary Losses , 12,000,000.- 528,887,242 35
Contribution to StafF Life Insurance and Pension Fund 1,800,000 — Dividend 13,500,000 — Social Welfare contributions 250,000 — Directors 276,600 — Carried forward 3,057,948 84