Board of Directors: E. HUrlimann, Chairman Hans Suizer, Deputy-Chairman Paul Keller, Deputy-Chairman Max Huber C. J. Abegg Fritz Baumgartner Paul Ruegger R. S. Hegner Rud. V. Heberlein
Suh-Managers: E. Bart, V. Cachin, W. Eschmann, R. Farmer, W. Küster, V. Philippi, C. P. Rehsteiner, Ch. Robert-Tissot, H. Ryffel, M. D. de Sails, H. Saizmann,
In the year 1956 our gross premium income increased by some Sw. Fres. 58 million, attaining the figure of Sw. Frcs. 829,988,771.
Under the influence of unstable political and economic conditions, the results shown by the underwriting departments have proved less favourable than last year. This trend is however mitigated by higher financial yields and a lower tax expenditure as a consequence of a recession in the U.S.A. results.
Our investments, which show an increase over last year, yielded a higher interest income. The greater volume of business handled resulted in a slight rise in administration expenses. Due to the drop in bond quotations it was necessary to write off certain amounts for depreciation of investments. Differences in the exchange account were negligible.
As usual, our investments have been valued on a conservative basis and quoted securities have been entered at rates not higher than those ruling at the close of the year. In the conversion of foreign currencies, transfer facilities and the risk of exchange fluctuations were taken into account.
The Profit and Loss Account closed with a profit of . . Frs. 24,366,619.54 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 » 2,000,000.— Dividend Frs. 57.143 per share » 17,142,900.— Social Welfare Contributions » 300,000.— Directors' Remuneration » 311,300.— Carry Forward . > . » 2,112,419.54
Ry order of the Board: E. Hiirlimann E. Froelich P. Guggenbiihl Chairman General Managers
Premium Reserve from 1955 Reserve for Unsettled Claims from 1955 Reserve for Extraordinary Losses . Premiums, less cancellations
Life and other funds retained from other Companies ......... Sundry Creditors Reserves: Fire, Accident, Liability, Burglary, Fidelity, Surety and Marine Dep^ Premium Reserve Frs. 304,638,077.15 Reserve for Unsettled Claims , 360,560,846.45 Reserve for Extraordinary Losses , 12,000,000.—
Real Estate Frs. 24,242,800.Mortgages ^ 49,139,702.13 Government and other Securities ^ 776,402,948.98 Life and other funds deposited with ceding Companies . „ 610,854,578.19 Bank Balances 43,760,343.15 Cash in hand ggj
By order of the Board: E. Froelich P. Guggenbiihl General Managers
The General Meeting of last year confirmed the re-election of Mr. C. J. Ahegg and Mr. Paul Ruegger for a further period as Members of the Board of Directors. Moreover, Mr. Paul Keller was elected as a new Member of the Board.
Mr. Fritz Baumgartner retires as a Member of the Board upon expiry of his term of office and does not wish to seek re-election. Mr. Baumgartner has sat on the Board of our Company since 1945. We are grateful for the services he has rendered and trust that he may enjoy many years of good health in his retirement.
We regret to report a sad loss in the death last March of our Sub-Manager, Mr. F. Bosshart, whom we shall always remember as a loyal and highly esteemed officer of our Company.
Our Eastern Representative, Mr. U. Neukom, has withdrawn from our services in order to take over the management of our associated company, SwissRe Advisers Ltd., Hongkong.