Executive Committee and Group Management Chief Executive Officer Walter Diehl, Chairman of the Board of Directors
Holdings, planning and control, law and taxes J.B.R. Lleberman, Senior Executive Manager C. Blanc, Executive Manager Executive Manager R.Jeck Managers H, Arrenbrecht, 0. E, Brooks, P. Egger, H. H. Frey Member of Management M. Gaal
The principal components of the year's result are as follows: - When converted into Swiss francs, gross premiums grew by 6.7% to Sw.frs. 4,734 million; in local curren­ cies the growth rate is 4.3%. Own business accounts for two thirds of these premiums and business ex­ changed within the Swiss Re Group for one third.
Net investment income in the broad sense (i.e. on invest­ ments as set out above, plus money market investments) amounts, after deduction of the interest required for the Life insurance and annuity fund and other technical re­ serves as well as for current-account balances and cash deposits, to Sw. frs. 731 miiiion (previous year, Sw. frs. 648 million). This increase in income by 12.9% (previous year, 11.4%) is due to higher interest earned on the greatly in­ creased overall investment portfolio and to the rise in the interest level.
Of the total increase of Sw.frs. 33.5 million, Sw.frs. 26.8 million applied to Life insurance and Sw.frs. 6.7 million to annuities.
The total of Sw.frs. 731.4 million is a net amount after deduction of various outgo items, such as the interest on the Life reinsurance and annuity fund and other technical reserves as well as outgo interest for bank and current account balances and cash deposits. Income rose as compared with the previous year by 12.9%. Without the effect of foreign currency fluctuations, an increase of 10.2% would have been registered.
Following the capital increase with split, effected in several stages in the year under report, the company's capital on the balance-sheet date was as follows: The share capital amounted to Sw.frs. 192.0 million, com­ prising 1,750,000 registered and 170,000 bearer shares with a nominal value of Sw. frs. 100.- each. The non-voting share capital amounted to Sw. frs. 60.2 million divided into 3,010,000 non-voting bearer shares with a nominal value of Sw.frs. 20.- each. In addition, on 31 December 1989, there was an authorized non-voting share capital of Sw. frs. 2.5 million (125,000 non-voting shares with a nom­ inal value of Sw.frs. 20.-).
Bearer shares and non-voting shares against presentation of Coupon No. 1.
The gross premiums of the Austraiian Reinsurance Com­ pany Limited, Melbourne, fell in Non-Life reinsurance by 1.5% to Austr. $ 96.1 million as a result of lower premium rates and higher retentions by clients. The negative effects of various large losses, e.g. the Newcastle earthquake, could be offset by profits in most other branches. Overall, the underwriting result improved slightly. - In Life reinsur­ ance the gross amount of business in force rose by 17.6% to Austr. $ 6,000 million, while the underwriting result was substantially better than in the previous year. - Investment income again rose. The profit shown amounted to Austr. $ 15.6 million (previous year, Austr. $ 5.1 million). The divi­ dend was raised from Austr. $ 1.5 million to Austr. $ 1.6 million.
The General Surety & Guarantee Company Limited, Wllmslow, which specializes in Surety business, increased its gross premiums by £0.9 million to £5.6 million. The published profit of £304,000 is once again significantly above the previous year's result. The dividend was fixed at £150,000 (previous year, £125,000).
The income from the Group's capital investments rose by 22.5% (previous year, 16.2%) and (before the crediting of interest in Life and Sickness business) reached a total of Sw.frs. 2,582 million (previous year, Sw.frs. 2,108 million). Of this amount, the interest on the Life insurance and An­ nuity fund accounted for Sw. frs. 619 million (previous year, Sw.frs. 499 million); in the Non-Life classes it included a credit of Sw.frs. 314 million (previous year, Sw.frs. 276 mil­ lion) to Sickness business.
This group shows a negative balance of Sw.frs. 41 million (previous year, Sw.frs. 53 million). Realized capital gains on investments produced a profit of Sw.frs. 684 million (previous year, Sw.frs. 615 million), while depreciation on investments amounted to Sw.frs. 660 million (previous year, Sw.frs. 601 million). Foreign currency fluctuations had a negative effect on the result of monetary transfers and conversion of foreign currency balances, producing a loss of Sw.frs. 28 million (previous year, profit of Sw.frs. 8 million). For value adjustments and depreciation on assets outside the investment sphere Sw. frs. 37 million (previous year, Sw.frs. 75 million) was needed.
SwissRe Holding (North America) Inc. US $ 100 377,442 492,224 -
- Net premium: Insurance premium after deduction of the ceded premium (-^ cession) or reinsurance pre­ mium after deduction of the retroceded premium (-* retrocession).
Underwriting result: In the Non-Life sector: Total of ^ earned premiums, less ̂ commissions, ̂ profit commis­ sions and ̂ claims incurred. In the Life sector: ̂ net pre­ miums, plus adjustment in -> policy reserves, less com­ missions, ^ profit commissions and ^ claims incurred.
- Marine insurance: Insurance against damage or loss of ships and cargoes; also includes off-shore drilling platforms and oil rigs.