' not comparable with the reporting year foiiowing change in balance-sheet date per 31st December, 1979 ' Subject to approval by the General Meeting ' Consolidated figures (of. notes on page 38)
Hans R.Lüthy* Küsnacht, Chairman and Managing Director of IBM (Switzerland), Zurich 1981
Technical and Special lines Special lines: Marine, Aviation, Engineering and Nuclear Energy reinsurance J.C. Rocs 5: Finance
The volume of Burglary, Fidelity and allied lines in­ creased slightly both in absolute terms and percentage­ wise, although for years extreme restraint has been exer­ cised in these branches.
in contrast, the bond markets were greatly impaired by the rise in interest rates. The market values of fixedinterest securities dropped so prominently that the hid­ den surplus which had been built up in previous years clearly diminished, in addition, where the price declines exceeded the hidden surplus, write-offs were necessary.
The foreign exchange markets were without large-scale upheavals. A series of majorforeign currencies showed a distinct recovery against the Swiss franc. This was partic­ ularly true of the Japanese yen, the pound sterling and the U.S. and Australian dollars.
The account for fluctuations in stock exchange and for­ eign currency rates and depreciation closed with a sur­ plus of Sw. frs. 7.4 million (previous year, Sw. frs. 16.6 mil­ lion). /War/ret rate differences on investments contributed a net profit of Sw. frs. 31.4 million (previous year, Sw. frs. 21.7 million) to this result. They are the result of net capital gains in the amount of Sw. frs. 147.5 million (previous year, Sw. frs. 77.6 million) and written down book values on capital investments in the amount of Sw. frs. 116.1 mil­ lion (previous year, Sw. frs. 55.9 million).
All classes excl. Life (incl. valuation of current annuity indemnities) Life business
We have ascertained that: the Balance Sheet and the Profit and Loss Account agree with the accounts, the accounts have been kept In proper order, the legally prescribed methods of valuation and the provi­ sions of the Articles of Association have been adhered to in the presentation of the assets and the operating re­ sults.
SwissRe Life Insurance Company, New York 0 Canadian Reassurance Company, Toronto • Canadian Reinsurance Company, Toronto • Australian Reinsurance Company Ltd., Melbourne • Swiss-South African Reinsurance Co. Ltd., Johannesburg
As a result of persistently high interest rates In leading markets, investment income in the year under report rose considerably, although the high rates also made higher write-offs on fixed-interest securities necessary. When comparing investment income, depreciation, man­ agement expenses and the tax burden with the cor­ responding items of the previous year the change over of the balance-sheet date of the Swiss Re and the European General should be borne in mind.
Another very good result was shown by the General Surety & Guarantee Co. Ltd., Wilmslow; its premium in­ come was £ 2.5 million.
Commissions and profit commissions 326 163 489 266 Surrenders 74 19 93 124 Insurance claims 429 59 488 302 Adjustment in outstanding claims reserve 26 — 26 49 Result from Life business 54 23 77 75
The items "Share capital", "Non-voting share capital", "Statutory reserve fund", "Special reserve fund", and "Reserve fund for catastrophe losses" correspond to the capital funds at book value of the Swiss Re as parent company.
Vereinigte Aachen-Berlinische Versicherungs-AG Vereinigte Eos-Isar Lebensversicherung AG Salus Krankenhauskosten-Versicherungs-AG Vereinigte Krankenversicherung AG Fritz-Schäffer-Strasse 9, D-8000 Munich 83 Saar-Rhein Allgemeine Versicherungs-AG Sulzbachstrasse 16-18, D-6600 Saarbrücken 3
GEATEC (Mexico) S.A. de C. V. Comunal 80 Bis, Piso 5 Col. Acacias, 03240 Mexico, D. E.