Engineering R. Gliickler H. Gfeller Members of Senior Management R. Bolliger, M. Bommeli, H. Mahrla, K. Staub
The value of the Swiss franc rose against most of the currencies important for the Group, especially against the German mark and in particular against the Italian lira and Spanish peseta. In contrast the US dollar stabilized slightly against the Swiss franc.
At the Swiss-South African Reinsurance Company Lim­ ited, Johannesburg, the gross premiums in Non-Life rein­ surance rose by 12.8% to ZAR 321.0 million. Because of the absence of natural catastrophes and the lower fre­ quency of major fire losses, the underwriting profit was higher. -The gross amount of Life reinsurance business in force rose by 12.6% to ZAR 21,700 million and the under­ writing result showed further improvement because of the more favourable result in disability business. - Investment income was distinctly higher than in the previous year and the published profit amounted to ZAR 30.0 million (pre­ vious year, ZAR 22.4 million), from which a higher dividend of ZAR 14.0 million was paid, an increase of ZAR 2.0 mil­ lion as against the previous year.
proportional Fire business. The absence of natural cata­ strophes led to an increase of the underwriting profit. - In Life reinsurance the gross amount of business in force amounted to AUD 7,700 million.The underwriting profit is higher than in the previous year because of favourable runoff results. - Investment income showed a distinct rise thanks to the favourable development on the stock mar­ kets. The lower market values of real estate as a result of the recession again necessitated higher write-offs.The overall profit amounted to AUD 53.4 million (previous year, AUD 22.5 million). The company paid a dividend of AUD 3.9 million (previous year, AUD 3.6 million).
The Vereinte Versicherungsgruppe, Munich/Hanover, cur­ rently comprises Vereinte Versicherungen, Munich, and the Magdeburger Versicherungsgruppe, Hanover. At the general meetings of the Vereinte Versicherung AG and the Magdeburger Versicherung AG, it was decided to merge the two companies, although this has not yet been entered in the commercial register because of objections filed and actions for annulment. However, in order to implement the planned structural measures, the two companies concluded a joint operating agreement on
Adjustment in policy and annuity valuations - 202 - 1,160 - 1,362 - 1,370 Interest on Life insurance and annuity fund 299 780 1,079 1,030 Commissions and profit commissions Claims incurred incl. adjustment in outstanding
The income from the Group’s capital investment rose by 3.6% (previous year, 20.1%) and, before the crediting of interest in Life and Sickness business, reached a total of CHF 3,595 million. Of this amount, the interest on the Life insurance and Annuity fund accounted forCHF1,079 million (previous year, CHF 1,030 million); in the Non-Life classes it included a credit of CHF 451 million (previous year, CHF413 million) to Sickness business.
Investment income also includes dividend payments of non-consolidated holdings in the amount of CHF 91 mil­ lion (previous year, CHF89 million).
In the year under report, the gross premiums rose by 10.7% to CHF 6,719 million. At constant foreign currency rates, the growth rate would have been 14.3%.
America 17% (15%) ——■ USA/Canada 11% (10%), Latin America 6% (5%)
The 17% increase of premium income in Fire reinsurance was again more than the average. In accordance with the specified objectives, the greatest volume growth in terms of percentage was achieved in non-proportional and especially facultative reinsurance. However, even propor­ tional treaty business, accounting for the largest share, namely 75%, of the total volume, showed a substantial increase of 15%. A breakdown by geographic area is headed by the industrialized countries of Europe and overseas, where it was possible to raise effectively the original premium level, in non-proportional treaty busi­ ness the volume increase declined somewhat with 18% against the previous year. Determined efforts brought fur­ ther improvement of the portfolio in the facultative field: Premium Income in millions of Swiss francs
The premium income of Burglary, Fidelity and Allied lines rose by dissimilar degrees. - The result was negative.
The formulation of long-term goals crucial to the further development of the Swiss Re Group included a resolution passed by the Board of Directors to place the duties of the Group’s Chief Executive Officer in new and younger hands. Accordingly, Mr Lukas Muehlemann, formerly Man­ aging Director of McKinsey & Company, Inc., Switzerland, and a member of the top executive body of McKinsey & Company, Inc., New York, took over as Chief Executive Officer on 1 September 1994.
Overall management expenses rose in the year under report by CHF 15.5 million, or 6.6% to CHF 249.3 million.
Rate fluctuations and depreciation on investments* - realized capital gains 408.2 645.0
Following the capital transactions carried out in the year under report, the share capital on the balance-sheet date amounted to CHF 300,866,020, comprising 14,023,601 registered and 1,019,700 bearer shares with a nominal value of CHF 20 - each.
Corporation 237 Park Avenue, New York, NY 10017 with branch offices in Atlanta, Boston, Chicago, Dallas, Los Angeles, Philadelphia and San Francisco
Spain Suiza de Reaseguros (Ibérica) Agencia de Reaseguros, S.A. Departamento OFATEC Paseo de la Castellana, 135 Madrid 28046
- Incurred but not reported (IBNR) losses (also late claims): Losses which have occurred but which have not yet been reported to the -» insurer or -» reinsurer on the balance-sheet date.