Sirius International Insurance Group, Ltd. (SG) 1999年年度报告「NASDAQ」.pdf

1、1ContentsComments from the President&CEO6Reinsurance and International Insurance12Scandinavian Re16Financial Risks20Investments24Financial Highlights28ABB30Board of Directors Report33Income Statement Consolidated35Balance Sheet Consolidated36Accounting Principles38Notes to the Financial Statements41

2、Income Statement Parent Company48Balance Sheet Parent Company50Notes to the Financial Statements52Proposed Appropriation of Earnings58Auditors Report59Board of Directors60Senior Executives and Management62Definitions642Our innovative andprofessional approach,combined with ourability to developproduc

3、tive long-termrelationships,has yetagain delivered asatisfactory result ina most demandingenvironment.3ConsolidatedUSD million19991998Gross premium income634422Insurance operating result725Investment operating result12379Income before tax128104Net income for the year9473Combined ratio101%98%Solvency

4、 capital1,0181,023Solvency ratio215%277%Number of employees137117A M Bests rating:A(excellent)Moodys rating:A1(good)Standard&Poors rating:A+(strong)4A year of low rates and heavy losses forthe global reinsurance industryRecord group profits following excellent investment resultCautious expansion thr

5、ough acquisition of KemperEurope and opening of Singapore branchSubstantial growth and new markets for ART business5Sirius combined ratio of 101%much better than market averageContinued growth and profitabilityfor London branchScandinavian Re profits up for eleventh consecutive year2000 to be a year

6、 of consolidation67we have thefinancial strength,the range anddiversity of skillto take full advantageof future opportunity.Comments from the President&CEOIn the previous annual report,I predictedthat 1999 would be a turbulent year.I alsoexpressed confidence that SiriusInternational had the strategy