Assistant Managers Reto Arpagaus* Balthasar Heyer Walter Minoretti Rubo Schilling* Engelbert Betz Ernst Hirzel Werner Müller Frangoise Schulthess Peter Bieri Gerhard Holzel Jörg Niederer* Paul Schweizer Christoph Blanc Martin Imbach Bruno Nigg Dieter Söhner Edmond Capt Hans W. Kreis Rudolf Oberle* Hans Spörri Simon Gourant* Werner Künzle Theodor Obrist Jürg Steinrisser Pierre Darioli Karl Küstahler Bernard Perrin Paul Szöllösy Enzo Deled Bruno Laube* Luis T. Pozzi* Kurt Wettenschwiler Erich Etter J.B. Richard Lieberman Egon J.Ritter Urs Winter Fritz Eugster Fulco Lock Felix E. Rohner* Louis Wüger Heinz Fischer Robert Martignier Werner G. RQegg Edwin Wydler Hans H. Frey* Simon R. Menn Robert Rüesch John W. Youngs Leon Genoud Roger P. Merkelbach Rene Rüttimann Hans-Kaspar Zulauf Georges Heering Jean-Pierre Michot Werner Schiegg
The good experience of annuity business helped to im­ prove the overall result of Life reassurance from Sw. frs. 24 million to Sw. frs. 26 million.
The pictures show the Swiss Re's advisory offices in 1, 2 Caracas 3 Singapore 4 Manila 5, 6 Hong Kong
Technical Reserves for Own Account Compared with the Balance-sheet Total in thousand millions of francs
Capital market investments and real estate 3,323 3,116 2,818 3,095 2,609
The actuarial auditor, Mr. Marc-Henri Amsler, has more­ over confirmed in his report that the technical reserves of the Life reassurance business at the end of 1979 were cal­ culated on the basis approved by the Swiss Federal Council.
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.
The Croup profit ot the reinsurance companies declined by Sw. trs. 7 million to Sw. trs. 90 million (previous year, increase ot the profit by Sw. trs. 5 million).
The rationalization measures instigated some time ago led to further reductions of costs. This development did not, however, have any effect on the result because of the worse loss experience and the high allocations to con­ tingency reserves prescribed by the supervisory authori­ ties. Overall the underwriting result of the Property insur­ ance companies declined. The fact that both insurance groups nevertheless showed better underwriting results is attributable to the much lower allocation to reserves for bonuses in personal insurance. The year's profit is clearly below expectations.
The SwissRe Holding Ltd. comprises all the majority hold­ ings whose figures have been consolidated - with the ex­ ception of Swiss Re, Zurich - together with a number of minority holdings.
In the reporting year dividend payments rose by Sw. frs. 5.5 million to Sw. frs. 26.2 million. This increase is due to higher dividends paid by Group companies and by cer­ tain minority holdings. In addition, payments were made for the first time on newly issued shares of the Bavarian Reinsurance Company Ltd. and on the shares of the «SWITZERLAND» General acquired from the parent com­ pany in the previous year. Moreover, SR Beteiligun­ gen AG, Munich, resumed paying a dividend.
In contrast to the previous year the effect of foreign ex­ change rates on dividend income was insignificant, in that positive and negative rate fluctuations largely offset each other. Of the Group companies increased dividends were paid in particular by SwissRe Holding (North
SWITZERLAND General Insurance Corporation of New York 102 White Plains Road, Tarrytown, N.Y 10591
Magdeburger Feuerversicherungs-AG Magdeburger Allgemeine Lebens- und Rentenversicherungs-AG Magdeburger Hagelversicherungs-AG Magdeburger Rückversicherungs-AG
North American Reinsurance Corporation 245 Park Avenue, New York, N.Y. 10167 with branch offices in Atlanta, Boston, Chicago, Dallas, Houston, Los Angeles, Philadelphia, San Francisco and Seattle