Deputy Genera! Managers Paul E. Christen Paul-Francis Niquille *With effect from 1st January, 1980
Gross premium income from non-Life reinsurance, when expressed in Swiss francs, rose by Sw. frs. 152 million, or 6.1°/o, over the previous year to Sw. frs. 2,642 million. In original currencies the growth rate is 12.5 °/o. In the year under report, 94°/o of the premium volume was paid in foreign currencies. After deduction of the retrocession within and outside the Swiss Re Group, the remaining net premiums amounted to Sw. frs. 2,036 million (previous year, Sw. frs. 1,911 million).
The Swiss Re has been active in the field of loss prevention for years, particularly in Property insur­ ance. In numerous countries it organizes seminars and deals with matters of loss prevention and reduc­ tion with insurers and representatives of industry. The Swiss Re's fire protection engineers are also used to assess and rate major industrial risks in collaboration with direct insurers' specialists. Recently increased attention has been paid to the complex problems of loss prevention and reduction in the context of Busi­ ness Liability.
Fire reinsurance closed in the year under report with a somewhat lower profit than in the previous year. An exceptionally good result on the part of American Fire business helped counterbalance the high natural hazards damage registered in this branch in Switzer­ land. A slight increase in the overall Fire premium income stands in contrast to a decline in the premium volume from overseas territories. Here certain treaties which have brought losses for years were not re­ newed. Other reinsurance connections had to be given up as efforts extending over many years failed to produce reliable information on coinsured natural hazards. Although industrial Fire business in West Germany still gave a modest profit, the premium rates in this branch are so low that a loss is surely to be expected in 1979.
The last General Meeting confirmed the re-election of Mr. Edwin Stopper for a further four-year term of office and at the same time elected Mr. Helmut F. Rudolf to the Board of Directors for the first time.
Having reached retirement age, Mr. Helmut F. Rudolf, General Manager, retired on 31st December, 1978, but retained overall supervision of the American and
On 31st December, 1978, Mr. Ernst Tanner, Member of the Management in an Advisory Capacity, and on 30th June, 1979, Mr. Gunnar Benktander, Deputy Manager, retired. We should like to express our sincere gratitude to both gentlemen for their many years of successful service to our Company.
Life Business Premium income and annuities purchased 540 277 817 786 Adjustment in policy and annuity valuations — 94 —157 —251 —247 Interest on Life assurance and annuity fund 61 87 148 139
All figures from foreign Group companies were con­ verted into Swiss francs using the average foreign currency rates as at 30th June of the following year. Of the foreign currencies used in the Group accounts the U.S. dollar, Canadian dollar, Australian dollar and rand again showed lower exchange rates than In the previous year, whereas the pound sterling and Ger­ man mark were valued slightly higher (of. table on page 18). The foreign currency loss of Sw. frs. 13.2 million (previous year, Sw. frs. 32.1 million) resulting from the new valuation of the opening balance-sheet figures was, as before, debited to the consolidation reserve fund.
The capital funds applicable to minority shareholders correspond to that part of the relevant Group com­ pany's capital funds which is held by non-Group shareholders. These funds registered only minor changes in the year under report.
Swiss Reinsurance Company (U.K.) Ltd. 108 Cannon Street, London EC4N 6HE with a branch office in Hong Kong
Swiss-South African Reinsurance Co. Ltd. Swiss House, 86 Main Street, Johannesburg 2000 with branch offices in Cape Town and Pretoria