E. Hiiriimann, General Manager. P. Althen, E. Bebler, J. Gailloud, A. Hollinger, R. Secretan,
We beg to submit the sixtieth Annual Report and Accounts for the year 1923. On this occasion it will be of interest to look back over the ten years which have elapsed since we celebrated our fiftieth anniversary. These ten years have been the most eventful in the history of our Company. As will be seen from the table attached to this Report, they have brought with them a most important development in the chief branches of our business. The traditional practice of steadily increasing the financial strength of the Company has again stood us in good stead during this period. The extent to which we have felt the effect of the economic consequences of the War is apparent from the fact that Swiss Home business contributes less than 5 ®/o to our total premium income. A degree of prosperity during the War was soon followed by a period of heavy losses, and the influence of the unfavourable trade conditions is still noticeable in certain countries.
In spite of all these adverse influences this Company stands to-day not only unshaken, but materially strengthened, thanks largely to the strict observance of the principle of spreading its liabilities. This is the foundation of all insurance but it gains special importance in the case of reinsurance business, the peculiarities of which place the Company in a particularly exposed position. It is due to the fact that, during the
Inland Transport business shows some improvement but there are no indi­ cations that Ocean Marine business will show favourable results in the immediate future.
The results of the Accident Department have been adversely influenced by a few exceptional losses both in Europe and in America.
A number of losses in Credit, Fidelity and Surety business which were brought about by the general financial conditions of the last few years have now been definitely settled. It is to be hoped that the economic reconstruction of Europe will create sounder conditions in these branches.
All foreign currencies have been converted into Swiss francs at the average rates of exchange ruling for December 1923, both as regards the Profit and Loss statement and the Balance Sheet.
Our investments show a depreciation of Frs. 387,152.99 which amount has been written off.
The Profit & Loss Account closes with a profit of . . . . Frs. 3,553,971.99 which the Board of Directors propose to distribute as follows: Special Reserve Fund Frs. 700,000.— Staff Life Insurance and Pension Fund ... .. . , 250,000.— Dividend , 1,875,000.— Directors and Management . .... . . . . „ 581,250.— Carried forward „ 147,721.99
PROFIT AND LOSS ACCOUNT for the year ending 31®« December, 1923.
Premium Reserve from 1922 .... Reserve for unsettled Claims from 1922 Reserve for extraordinary Losses . . Premiums, less cancellations ....
Life DepL. Premium Reserve from 1922 Annuity Pund from 1922 • Reserve for unsettled Claims from 1922 Premiums, less cancellations Retrocessions withdrawn Consideration for Annuities, less Retrocession . . . Interest Interest, after deduction of interest due to Life Dept-
Premiums for Retrocession, less cancellations Commissions, less Retrocession . Claims paid Frs. 83,772,018.39 less Retrocession , 37,404,043.71 Premium Reserve, less Retrocession Reserve for unsettled Claims Reserve for extraordinary Losses
Life DepL. Premiums for Retrocession Commissions and Expenses, less Retrocession Losses paid, less Retrocession Annuities paid, less Retrocession Premium Reserve, less Retrocession Annuity Fund, less Retrocession Reserve for unsettled Claims, less Retrocession Expenses of Management Taxes Written off for depreciation of investments . . . Net Profit
Year Fire, Marine, Life Fire, Marine, Life Fire, Marine, Life including Accident etc. Life Accident etc. Life Accident etc. annuity fund -•y - yyyy