1977年巴菲特财务报告(编辑修改稿)

1977年巴菲特财务报告(编辑修改稿)内容摘要：

aditional auto and general liability business during 1977. Large volume gains have been acpanied by excellent underwriting margins following contraction or withdrawal by many petitors in the wake of the 197475 crisis period. These conditions will reverse before long. In the meantime, National Indemnity’s underwriting profitability has increased dramatically and, in addition, large sums have been made available for investment. As markets loosen and rates bee inadequate, we again will face the challenge of philosophically accepting reduced volume. Unusual managerial discipline will be required, as it runs counter to normal institutional behavior to let the other fellow take away business even at foolish prices. 講到這裡，我們必須再度將殊榮歸予 Phil Liesche，在核保部門 Roland Miller 以及理 賠部門 Bill Lyons 的大力協助下，國家產險 1977 年在傳統的汽車及責任險業務方面又 大放異彩，保費收入不但大幅成長，相較於其他同業不堪 197475 年的危機陸續退出 市場，其優異的核保利益更屬難得，國家產險的核保利益大幅地成長，此外可供投資 的資金亦迅速累積，只可惜這樣的情況維持不了多久，這些業者又會再度捲土重來， 隨著市場緊繃情勢轉為寬鬆，費率又將變得失控，屆時我們又必須回復過去冷靜地接 受保費收入 銳減的考驗，嚴格的核保紀律絕對必須維持，如此我們才能抗拒直覺，眼 睜睜地看著其他業者以瘋狂的價格搶走生意。 Our reinsurance department, managed by Gee Young, improved its underwriting performance during 1977. Although the bined ratio (see definition on page 12) of was unsatisfactory, its trend was downward throughout the year. In addition, reinsurance generates unusually high funds for investment as a percentage of premium volume. 1977 年由 Gee Young 管理的再保險部門改善了其核保的績效，雖然高達 的綜合比率不算理想 (相關定義請參閱第 12 頁 )，但至少趨勢是向下，此外再保險的保 費收入依然貢獻大量的資金以供我們進行投資。 At Home and Auto, John Seward continued to make progress on all fronts. John was a battlefield promotion several years ago when Home and Auto’s underwriting was awash in red ink and the pany faced possible extinction. Under his management it currently is sound, profitable, and growing. 至於 John Seward 領導的家庭與汽車保險在各個方面都有重大進展，幾年前當該公司 因核保大幅虧損，面臨倒閉危機時， John跳上火線，在他的管理之下，公司的營運漸 上軌道。 John Ringwalt’s homestate operation now consists of five panies, with Kansas Fire and Casualty Company being operational late in 1977 under the direction of Floyd Taylor. The homestate panies had premium volume of $23 million, up from $ million just three years ago. All four panies that operated throughout the year achieved bined ratios below 100, with Cornhusker Casualty Company, at , the leader. In addition to actively supervising the other four homestate operations, John Ringwalt manages the operations of Cornhusker which has recorded bined ratios below 100 in six of its seven full years of existence and, from a standing start in 1970, has grown to be one of the leading insurance panies operating in Nebraska utilizing the conventional independent agency system. Lakeland Fire and Casualty Company, managed by Jim Stodolka, was the winner of the Chairman’s Cup in 1977 for achieving the lowest loss ratio among the homestate panies. All in all, the homestate operation continues to make excellent progress. John Ringwalt 負責的 Homestate 業務旗下主要包含五家公司，其中堪薩斯火險在 Floyd Taylor 籌備下於 1977 年底正式營運， Homestate 1977 年的保費淨收入達到 2,300 萬美元，三年前不過只有 550 萬美元，其餘四家的年度綜合比率都低於 100， 其中 Cornhusker 甚至只有 ， John在努力管理其他四家公司的同時，更讓 Cornhusker 過去七年有六年的綜合比率低於 100，從 1970 年正式營運以來，該公司 已順利成為內布拉斯加州傳統獨立經紀系統的領導業者，至於由 Jim Stodolka 帶 領的 Lakeland 火險則榮獲 1977 年主席杯的頭銜，因為去年該公司的綜合比率最低，總的 來說， Homestate 集團的營運在去年大有進展。 The newest addition to our insurance group is Cypress Insurance Company of South Pasadena, California. This Worker’s Compensation insurer was purchased for cash in the final days of 1977 and, therefore, its approximate $ million of volume for that year was not included in our results. Cypress and National Indemnity’s present California Worker’s Compensation operation will not be bined, but will operate independently utilizing somewhat different marketing strategies. Milt Thornton, President of Cypress since 1968, runs a firstclass operation for policyholders, agents, employees and owners alike. We look forward to working with him. 我們旗下保險事業最新加入的成員是位於加州的賽普路斯保險，至於勞工退休金保險 則因為是在 1977 年底以現金買下，所以其 1,250 萬美元的保費收入並未列入我們當 年的營運記錄，賽普路斯與國家產險現有的勞工退休金保險業務不會合併，而會採用 不同的行銷策略各自獨立經營，賽普路斯現任總裁 Milt Thornton，在保戶、業務員、 員工及股東方面的營運管理皆屬一流，對於能與他一起共事，我們相當期待。 Insurance panies offer standardized policies which can be copied by anyone. Their only products are promises. It is not difficult to be licensed, and rates are an open book. There are no important advantages from trademarks, patents, location, corporate longevity, raw material sources, etc., and very little consumer differentiation to produce insulation from petition. It is monplace, in corporate annual reports, to stress the difference that people make. Sometimes this is true and sometimes it isn’t. But there is no question that the nature of the insurance business magnifies the effect which individual managers have on pany performance. We are very fortunate to have the group of managers that are associated with us. 保險公司提供的制式保單很容易為其他同業所模仿，他們唯一的產品就是承諾，保險 執照不難取得，而費率也是公開的，這行業商標、專利、地點、企業年資、原物料等 都不重 要，消費者對於產品也很難產生特別的偏好，在企業的年報中，常常看到有人 強調自己不同於其他同業的特殊之處，有時這樣的說法有道理，有時沒什麼道理，但 不可否認的是，保險事業的本質使得經理人的表現，對於公司績效的影響具有舉足輕 重的地位，很幸運的是與我們共事的是一群優秀的經理人。 Insurance Investments 保險事業的投資 During the past two years insurance investments at cost (excluding the investment。