RO. Box Telephone Telex Telefax Cables CH-8022 Zurich 01 285 2121 815 722 srech 01 285 29 99 swissre
Dividend Total dividend per share per non-voting share 105 * Sw. frs. 48- * Sw. frs. 9.60*
Total Investments Technical reserves Group capital funds shown based on capital entitled to dividend
Auditors Term to expire in Revisuisse Price Waterhouse Ltd., Zurich 1994
H. Fischer, Executive Manager H. Lüthi, Manager* Managers M. A. Bloesch, E. Stalder
- The healthy rise in the positive balance of rate fluctua­ tions, write-offs and value adjustments (37.7%) was brought about through capital gains realized on the ma­ turity of bonds previously written off and on the sale of shares.
World economic growth continued to slow down in 1991. In the OECD countries, it advanced by an average of only 0.5% in real terms, thus lagging clearly behind the value of 2.5% achieved in the previous year. Recession hit the Unit­ ed States, Canada, Great Britain and Australia. Despite a distinctly expansive monetary policy of the central bank, the economy in the United States did not manage to re­ cover by the end of the year. Continental Europe and Ja­ pan initially recorded a favourable economic development. However, fhe essentially restrictive monetary policy pur­ sued by the German central bank in particular slowed down economic growth significantly and eased inflation­ ary pressures in the course of the year under review. As a result, the average rate of inflation in the OECD countries dropped from 7% to 5.6%.
Bonds, certificates of deposit and mortgage bonds 4,979 4,296 Loans (including mortgages) 658 787 Fixed-interest securities with equity character 145 139 Shares 759 678 Real estate 1,238 1,133
These result from the total of the net premiums and the difference in the unearned premium reserve over the last year under report. At Sw.frs. 4,274.1 million they were Sw.frs. 903.5 million, or 26.8% above the previous year's amount.
Contingent liabilities (sureties and guarantees) amounted to Sw.frs. 50.9 million per 31 December 1991.
Investment income rose by 4.3% to Sw. frs. 1,209 million. Rate fluctuations, depreciation and value adjustments again showed a significantly higher positive balance of Sw.frs. 254 million (previous year, Sw.frs. 138 million). After having fallen in the previous year, management ex­ penses again rose steeply by 13.3% to Sw. frs. 563 million, although this can partly be attributed to special circum­ stances. Taxes showed a distinct rise in keeping with the development of business. The consolidated Group profit of the reinsurance companies amounted to Sw.frs. 169 million (previous year, Sw.frs. 97 million).
Building society deposits — — 1,406 1,154 Transitory entries, value adjustments and other liabilities 826 640 1,608 1,568
Balances receivable and payable as well as interest and dividend payments between consolidated companies are eliminated. Similarly the Group's consolidated figures contain no premiums from the intra-Group exchange of business. The consolidation and valuation principles are the same as in the previous year.
United States North American Reassurance Company 237 Park Avenue, New York, NY 10017 with a branch office in Dallas
Argentina OFATEC Buenos Aires S.A. Av. Cordoba 456, Piso 2 A 1054 Buenos Aires
Philippines SwissRe Advisers Limited 11th Floor, PCI Bank Tower II Makati Avenue cor. H.V. de la Costa Street Makati, Metro Manila
- Reinsurance premium: Premium paid to the ̂ rein­ surer by the ^ insurer for the ^ risk accepted.
- Business interruption/Loss of Profits/Business In­ come Protection Insurance: Insurance against finan­ cial effects of a loss on a company's income. The insur­ ance covers overhead costs (interest, salaries, etc.) and lost profit. This business is mostly included in the corre­ sponding insurance class (principally Fire and Engineer­ ing insurance).
- Death and Maturity Benefits: Life insurance in which the benefits take the form of a contractually determined amount payable upon death or on survival to a specified age.