Managers; G. de Dardel, M. Eisenring, W. Habicht, K. Hasler, F. Niquille, V. Tisi, H. Wüst
Assistant Managers: W. Reiser, W. Bruppacher, Ch. Rumens, A.-L Chenaud, M. Grossmann, H. Jeckiin, A. Ott, C. P. Rehsteiner, J.-E. Rossier, H. Zwingli
Zurich, 60 Mythenquai Postal address: P. 0. Box 172, Zurich 22 / Switzerland
In insurance, the volume of business has risen in most countries and branches. Continu­ ing inflation has contributed in no small measure to this trend in many important territories. Our gross premium income rose by Sw. Frcs. 76 million to Sw. Frcs. 906,368,616.
The aggregate result of the technical departments remained nearly unchanged. In Fire insurance a normal growth in premium income was counterbalanced by re­
as unsatisfactory as in the preceding year, and the deficit has grown with the larger pre­ mium. A certain improvement in Motor insurance which took place in some territories was more than absorbed by the bad results in General Third Party, to which the losses de­ riving from Aviation contributed. The Motor losses were an important factor in the United States and Canada, in view of the considerable volume of our business there. For years we have constantly renewed our efforts to improve the results in the Third Party branches and have indeed been successful for a number of contracts; our endeavours have however been outweighed by losses which have occurred under hitherto satisfactory participations and by the deterioration of treaties which were already in difficulties. In Surety, Fi­ delity and Credit insurance there has been a notable growth in premium. After losses in two years we can again show a small profit. — In view of the general increase in our volume of business, and the greater risks deriving from developments in the technical field, the reserve for extraordinary losses has been increased to Sw. Frcs. 15 million.
The premium volume and the results of the Life department have been maintained at about the same level as last year. The premium income was adversely aff"ected by the devaluation of certain currencies which are important for this branch. The total sums of Life reassurances in force have passed the 4,000 million Franc mark.
As usual, our investments have been valued on a conservative basis; 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 fluc­ tuations were taken into account.
The investments and liquid funds are made up as follows: Securities: Balance Sheet Value
The Profit and Loss Account closed with a profit of . Sw. Frcs. 24,476,300.16 which, at the General Meeting of the Shareholders, it was decided to distribute as follows: Special Reserve Fund Sw. Frcs. 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 » » 332,300.— Carry Forward » » 2,201,100.16
T.ife Department. Premiums for Retrocession 17,688,899 58 Commission, less Retrocession 26,989,573 74 Surrenders, less Retrocession 15,121,039 79 Losses paid, less Retrocession 29,571,204 46 Annuities paid, less Retrocession 866,568 87 Premium Reserve, less Retrocession 557,777,065 89 Annuity Fund, less Retrocession 9,461,729 97 Reserve for Unsettled Claims, less Retrocession 3,981,795 76 661,457,878 06
Management Expenses 11,297,229 77 Taxes 5,478,067 97 Depreciation of Investments . 5,149,792 53 Balance 24,476,300 16
Liabilities, Capital Reserve Fund Special Reserve Fund Due to other Companies Life and other funds retained from other Companies Sundry Creditors Reserves: Fire, Accident, Liability, Burglary, Fidelity, Surety and Marine Dep^ Premium Reserve Frs. 322,881,907.91 Reserve for Unsettled Claims „ 405,900,494.66 Reserve for Extraordinary Losses , 15,000,000.—
On the 31st December 1957 Mr. E. Froelich retired from the post of General Manager and is now a member of the Board. He devoted many years of fruitful industry to the interests of our companies. After his appointment as General Manager he attended mainly to our overseas business, and his successful activity has contributed in large measure to the present position of our company in these territories. We should like to express our sincere thanks to him for his service.