Notes - Additional information on the financial statements, Swiss Reinsurance Company, Zurich
Please be patient, this page may take a few seconds to load.
Tables on this page
- 1. Result from technical and deposit account
- 2. Result from investments
- 3. Other income and expenses
- 4. Liabilities
- 5. Shareholders' equity
Page contents
- Contingent liabilities
- Leasing commitments
- Security deposits
- Fire insurance value of tangible assets
- Obligations towards employee pension funds
- Bonds
- Investments in subsidiaries
- Own shares Swiss Re Group
- Claims on and obligations towards Group companies
- Other provisions
- Debts, liabilities from derivative financial instruments and other liabilities
- Conditional capital
- Change in undisclosed reserves
- Major shareholders
- Personnel information
1. Result from technical and deposit account
|
CHF millions |
Gross |
Retro |
2002
Net |
Gross |
Retro |
2003
Net |
|
|
||||||
| Premiums written |
17198
|
-1447
|
15751
|
18602
|
-1205
|
17397
|
| Change in unearned premium reserves |
-1571
|
9
|
-1562
|
-217
|
74
|
-143
|
|
|
||||||
| Premiums earned |
15627
|
-1438
|
14189
|
18385
|
-1131
|
17254
|
| Claims paid |
-4851
|
636
|
-4215
|
-7592
|
691
|
-6901
|
| Change in provision for claims outstanding |
-6091
|
406
|
-5685
|
-3139
|
-284
|
-3423
|
|
|
||||||
| Claims incurred |
-10942
|
1042
|
-9900
|
-10731
|
407
|
-10324
|
|
|
||||||
| Change in future policy reserves |
-1491
|
-180
|
-1671
|
-2382
|
4
|
-2378
|
|
|
||||||
| Change in equalisation reserve |
22
|
-
|
22
|
206
|
-
|
206
|
| Fixed commissions |
-3465
|
203
|
-3262
|
-3282
|
156
|
-3126
|
| Profit commissions |
-497
|
12
|
-485
|
-264
|
8
|
-256
|
|
|
||||||
| Commissions incurred |
-3962
|
215
|
-3747
|
-3546
|
164
|
-3382
|
| Other technical income and expenses |
19
|
-53
|
-34
|
74
|
6
|
80
|
| Result from cash deposits |
457
|
-13
|
444
|
508
|
-6
|
502
|
|
|
||||||
| Other technical result |
476
|
-66
|
410
|
582
|
0
|
582
|
|
|
||||||
| Operating costs |
-1140
|
-1183
|
||||
|
|
||||||
| Allocated investment return |
600
|
688
|
||||
|
|
||||||
| Result from technical account |
-1237
|
1463
|
||||
|
|
||||||
| Result from deposit account |
-267
|
74
|
||||
|
|
||||||
| Result from technical and deposit account¹ |
-1504
|
1537
|
||||
|
|
||||||
¹ 2002 including transition impact of CHF -40 million
Back to Top
2. Result from investments
| CHF millions |
2002
|
2003
|
|
|
||
| Income from investment real estate |
98
|
95
|
| Income from subsidiaries and affiliated companies |
614
|
1192
|
| Income from equity securities |
139
|
161
|
| Income from fixed income securities, mortgages and loans |
354
|
408
|
| Income from short-term investments |
27
|
33
|
| Income from investment services |
1
|
8
|
| Realised gains on sale of investments |
1911
|
1964
|
|
|
||
| Investment income |
3144
|
3861
|
| Investment management expenses |
-182
|
-89
|
| Valuation adjustments on investments |
-2248
|
-1278
|
| Realised losses on sale of investments |
-842
|
-1669
|
|
|
||
| Investment expenses |
-3272
|
-3036
|
| Allocated investment return |
-605
|
-686
|
|
|
||
| Investment result² |
-733
|
139
|
|
|
||
² 2002 including transition impact of CHF -163 million
Back to Top
3. Other income and expenses
| CHF millions |
2002
|
2003
|
|
|
||
| Other interest income |
22
|
42
|
| Other interest expenses |
-158
|
-161
|
| Other income |
3459
|
214
|
| Other expenses |
-856
|
-198
|
|
|
||
| Total other income and expenses |
2467
|
-103
|
|
|
||
4. Liabilities
|
Liabilities from technical account CHF millions |
Gross |
Retro |
2002
Net |
Gross |
Retro |
2003
Net |
|
|
||||||
| Payables from technical account |
1397
|
330
|
1727
|
1388
|
382
|
1770
|
| Cash deposits withheld from retrocession |
-
|
226
|
226
|
-
|
266
|
266
|
| Unearned premium reserves |
3955
|
-22
|
3933
|
4039
|
-92
|
3947
|
| Future policy reserves |
4181
|
194
|
4375
|
6402
|
197
|
6599
|
| Provisions for claims outstanding |
26282
|
-1678
|
24604
|
28454
|
-1419
|
27035
|
| Provisions for profit commissions |
146
|
- 1
|
145
|
145
|
-1
|
144
|
| Equalisation reserve |
412
|
-
|
412
|
206
|
-
|
206
|
|
|
||||||
| Liabilities from technical account |
36373
|
-951
|
35422
|
40634
|
-667
|
39967
|
|
|
||||||
|
Liabilities from deposit account CHF millions |
2002 |
2003 |
|
|
||
| Payables from deposit account |
1147
|
2779
|
| Deposits from deposit account |
68
|
63
|
|
|
||
| Total liabilities from deposit account |
1215
|
2842
|
|
|
||
|
Debt CHF millions |
2002 |
2003 |
|
|
||
| Amounts owed to banks |
1
|
0
|
| Debentures |
2393
|
2468
|
| Loans |
781
|
402
|
|
|
||
| Total debt |
3175
|
2870
|
|
|
||
5. Shareholders' equity
|
Change in shareholders' equity CHF millions |
2002 |
2003 |
|
|
|
|||
| Shareholders' equity on 31 December (previous year) |
10945
|
10287
|
|
| Dividend paid for the previous year |
-776
|
-310
|
|
| Capital increase including premium |
12
|
-
|
|
| Profit for the financial year |
106
|
1190
|
|
|
|
|||
| Shareholders' equity on 31 December before allocation of profit |
10287
|
11167
|
|
| Dividend payment |
-310
|
-3411
|
|
|
|
|||
| Shareholders' equity on 31 December after allocation of profit |
9977
|
10826
|
|
|
|
|||
¹ Board of Directors' proposal to the Annual General Meeting of 14 May 2004
|
Source of shareholders' equity (after allocation of profit) CHF millions |
2002 |
2003 |
|
|
||
| From nominal capital, less capital repayment |
32
|
32
|
| From share premium |
5769
|
5769
|
| From profit allocation |
3877
|
4726
|
| From other allocations |
299
|
299
|
|
|
||
| Shareholders' equity on 31 December after allocation of profit |
9977
|
10826
|
|
|
||
Contingent liabilities
Contingent liabilities, mainly towards Group companies, amounted on 31 December 2003 to
CHF 2 450 million (2002: CHF 3 181 million). In addition, there were 28 unlimited guarantees; 24 of these are for obligations of Group companies. No payments are expected under these guarantees.
Back to Top
Leasing commitments
| CHF millions |
2002
|
2003
|
|
|
||
| Remaining contract term up to 1 year |
1
|
4
|
| Remaining contract term up to 5 years |
13
|
15
|
| Remaining contract term more than 5 years |
2
|
-
|
These off-balance sheet commitments pertain primarily to office and apartment space rented by the company. The amounts are shown for the non-cancellable contract period only.
Back to Top
Security deposits
To secure the technical provisions on the 2003 balance sheet date, securities in the amount of
CHF 5 905 million were deposited in favour of ceding companies (2002: CHF 4 752 million).
Back to Top
Fire insurance value of tangible assets
The insurance value of tangible assets, comprising the real estate portfolio and other tangible assets, amounted on 31 December 2003 to CHF 2 596 million (2002: CHF 2 554 million).
Back to Top
Obligations towards employee pension funds
The current account obligations towards employee pension funds amounted to CHF 23 million on the 2003 balance sheet date (2002: CHF 220 million).
Back to Top
Bonds
The company has the following outstanding bonds:
3¾% interest, CHF 500 million, 2 July 1997-2007
3¾% interest, CHF 600 million, perpetual from 15 June 1999 but no less than 12 years.
These bonds are included in the item "Debt".
Back to Top
Investments in subsidiaries
Details on the Swiss Re Group's subsidiaries
Back to Top
Own shares Swiss Re Group
Own shares held by the Swiss Re Group
Back to Top
Claims on and obligations towards Group companies
| CHF millions |
2002
|
2003
|
|
|
||
| Deposits from technical and deposit account |
4261
|
5371
|
| Debtors |
2937
|
1764
|
| Deposits retained from ceded reinsurance business |
167
|
158
|
| Other liabilities |
1160
|
1171
|
Other provisions
This item contains provisions for taxation in the amount of CHF 344 million (2002: CHF 81 million) and other provisions totalling CHF 529 million (2002: CHF 667 million). Other provisions include a provision for currency fluctuations of CHF 268 million (2002: CHF 450 million).
Back to Top
Debt, liabilities from derivative financial instruments and other liabilities
These items contain long-term liabilities in the amount of CHF 3 127 million
(2002: CHF 3 838 million) which include subordinated liabilities of CHF 1 968 million
(2002: CHF 1 893 million), and short-term liabilities amounting to CHF 2 231 million
(2002: CHF 1 594 million).
Back to Top
Conditional capital
The Annual General Meeting on 31 May 2001 approved the creation of conditional capital as follows: an amount of CHF 900 000 for conversion rights and warrants granted in connection with bonds and similar financial instruments issued by the company or by Group companies; and an amount of
CHF 700 000 for employee participation purposes of which, during the year 2003, CHF nil was issued (2002: CHF 36 948).
Back to Top
Change in undisclosed reserves
The undisclosed reserves on investments in securities and participations, as the difference between the cost or lower market valuation and the book values, and other financial provisions decreased by a net amount of CHF 199 million (2002: decrease of CHF 3 654 million) in the year under report.
Back to Top
Major shareholders
As of 31 December 2003, there were two shareholders with a participation exceeding the 5% threshold of Swiss Re's share capital. As these shares have mostly not been registered under their name, Swiss Re is unable to track, on its own, changes in their holdings.
The Capital Group Companies, Inc., domiciled in Los Angeles, informed SWX Swiss Exchange on 24 June 2002 that it held 5.06% of Swiss Re's voting rights on behalf of funds and clients.
Franklin Resources, Inc., Ft. Lauderdale, Florida, known as Franklin Templeton Investments, announced on 23 December 2003 that, in its capacity as investment manager for mutual funds and clients and through a number of its group companies, it has an aggregate voting right of 5.02% which may be exercised autonomously of the beneficial owners.
Back to Top
Personnel information
Swiss Reinsurance Company, Zurich, employed a staff of 2959 on the balance sheet date (2002: 2941). Personnel expenses for the 2003 financial year amounted to CHF 865 million (2002: CHF 870 million).
Next section
Back to main page
