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oup： Net Investment Ine。〃）
各位可以从下表看出我们是如何计算透视盈余的，不过我还是要提醒各位这些数字有点粗糙，（被投资公司所分配的股利收入已经包含在保险事业的净投资收益项下）
Berkshire's Share of Undistributed
Berkshire's Approximate Operating Earnings
Berkshire's Major Investees Ownership at Yearend （in millions）
Capital Cities/ABC Inc。 The Coca…Cola pany Federal Home Loan Mortgage Corp。 GEICO Corp General Dynamics Corp。 The Gillette pany Guinness PLC The Washington Post pany Wells Fargo & pany
1992 18。2％ 7。1％ 8。2％（1） 48。1％ 14。1％ 10。9％ 2。0％ 14。6％ 11。5％
1991 18。1％ 7。0％ 3。4％（1） 48。2％ 11。0％ 1。6％ 14。6％ 9。6％
1992 70 82 29（2） 34（3） 11（2） 38 7 11 16（2）
1991 61 69 15 69（3） 23（2） 10 （17）（2）
Berkshire's share of undistributed earnings of major investees Hypothetical tax on these undistributed investee earnings Reported operating earnings of Berkshire Total look…through earnings of Berkshire
1992 298 （42） 348 604
1991 230 （30） 316 516
（1） Net of minority interest at Wesco已扣除Wesco的少数股权
（2） Calculated on average ownership for the year以年平均持有股权比例计算
（3） Excludes realized capital gains； which have been both recurring and significant扣除重复发生且金额大的已实现资本利得，
Insurance Operations保险事业营运
Shown below is an updated version of our usual table presenting key figures for the property…casualty insurance industry：
下表是产物意外险业的最新的几项重要指数
Yearly Change bined Ratio in Premiums After Policyholder
Written （％） Dividends
1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 （Revised） 1992 （Est。）
3。8 3。7 5。0 8。5 22。1 22。2 9。4 4。5 3。2 4。5 2。4 2。7
106。0 109。6 112。0 118。0 116。3 108。0 104。6 105。4 109。2 109。6 108。8 114。8
The bined ratio represents total insurance costs （losses incurred plus expenses） pared to revenue from premiums： A ratio below 100 indicates an underwriting profit； and one above 100 indicates a loss。 The higher the ratio； the worse the year。 When the investment ine that an insurer earns from holding policyholders' funds （〃the float〃） is taken into account； a bined ratio in the 106 … 110 range typically produces an overall break…even result； exclusive of earnings on the funds provided by shareholders。
综合比率代表保险的总成本（理赔损失加上费用）占保费收入的比例，比率在100以下代表有承保的损失，在100以上则代表有承保的获利综合比率代表的是保险的总成本（损失加上费用）占保费收入的比率，100以下代表会有承销利益，100以上代表会有承销损失，若把持有保费收入浮存金（扣除股东权益部份所产生的盈余）所产生的投资收益列入考量，损益两平的范围大概是在106…110之间。
About four points in the industry's 1992 bined ratio can be attributed to Hurricane Andrew； which caused the largest insured loss in history。 Andrew destroyed a few small insurers。 Beyond that； it awakened some larger panies to the fact that their reinsurance protection against catastrophes was far from adequate。 （It's only when the tide goes out that you learn who's been swimming naked。） One major insurer escaped insolvency solely because it had a wealthy parent that could promptly supply a massive transfusion of capital。
1992年的综合比率由于史上最大的单一损失理赔事件…Andrew 飓风发生而多增加了4个百分点，Andrew让几家小型保险公司因此倒闭，另外他也让许多大型保险公司发觉自己并未寻求到足够的再保险保护，（只有当浪退了，大家才知道是谁没穿衣服还在游泳的），还有一家大型的保险公司要不是因为背后有个有钱的母公司及时供应资金的话，可能早就已经关门大吉了。
Bad as it was； however； Andrew could easily have been far more damaging if it had hit Florida 20 or 30 miles north of where it actually did and had hit Louisiana further east than was the case。 All in all； many panies will rethink their reinsurance programs in light of the Andrew experience。
坏归坏，还好Andrew没有往北20…30英哩侵袭到佛罗里达，或是往东侵袭到路易西安那州，否则损失可能难以估计，总而言之，很多公司因为Andrew事件可能会重新考虑现有的再保险安排是否适当。
As you know we are a large writer … perhaps the largest in the world … of 〃super…cat〃 coverages； which are the policies that other insurance panies buy to protect themselves against major catastrophic losses。 Consequently； we too took our lumps from Andrew； suffering losses from it of about 125 million； an amount roughly equal to our 1992 super…cat premium ine。 Our other super…cat losses； though； were negligible。 This line of business therefore produced an overall loss of only 2 million for the year。 （In addition； our investee； GEICO； suffered a net loss from Andrew； after reinsurance recoveries and tax savings； of about 50 million； of which our share is roughly 25 million。 This loss did not affect our operating earnings； but did reduce our look…through earnings。）
大家知道Berkshire一直都是霹雳猫保单相当大的发行公司，或许规模已是全世界最大的，这类保单通常是由其它保险公司买来分散他们本身在重大意外事故所需承担的风险，也因此我们必须承受一大块Andrew所造成的损失，金额约为1。25亿美元，这数字相当于我们一整年的保费收入，不过还好其它霹雳猫保单实际发生的损失都相当轻微，所以结算下来全年的总损失只有200万美元，（另外我们的被投资公司GEICO也因Andrew飓风产生了一些损失，在扣除再保分摊与税负抵减之后，金额约为5；000万美元，依我们的持股比例大概要分摊2；500万美元，虽然这项损失不会反应在我们的帐上，但确实已对我们的透视盈余造成影响）。
In last year's report I told you that I hoped that our super…cat business would over time achieve a 10％ profit margin。 But I also warned you that in any given year the line was likely to be 〃either enormously profitable or enormously unprofitable。〃 Instead； both 1991 and 1992 have e in close to a break…even level。 Nonetheless； I see these results as aberrations and stick with my prediction of huge annual swings in profitability from this business。
在去年的年报中，我曾告诉各位我们希望能从霹雳猫保险这类业务获得10％的利润空间，但我还是要提醒各位在某些特定的年度中，有可能一下子大赚或是一下子大亏，然而1991年与1992年倒是维持在损益两平的边缘，不过我还是认为这样的结果有点异常，同时我还是坚持在这行获利可能大好大坏的预测。
Let me remind you of some characteristics of our super…cat policies。 Generally； they are activated only when two things happen。 First； the direct insurer or reinsurer we protect must suffer losses of a given amount … that's the policyholder's 〃retention〃 … from a catastrophe； and second； industry…wide insured losses from the catastrophe must exceed some minimum level； which usually is 3 billion or more。 In most cases； the policies we issue cover only a specific geographical area； such as a portion of the U。S。； the entire U。S。； or everywhere other than the U。S。 Also； many policies are not activated by the first super…cat that meets the policy terms； but instead cover only a 〃second…event〃 or even a third… or fourth…event。 Finally； some policies are triggered only by a catastrophe of a specific type； such as an earthquake。 Our exposures are large： We have one policy that calls for us to pay 100 million to the policyholder if a specified catastrophe occurs。 （Now you know why I suffer eyestrain： from watching The Weather Channel。）
我还是苦口婆心再提醒各位霹雳猫保单的特点，通常只有在两种情况发生时，理赔才会生效，首先受我们保护的保险或再保公司的损失必须超过一定金额…也就是保户的自留保额部份；第二整个保险业界的损失也必须超过一定的上限，比如说30亿美元以上或甚至更多。在大部分的状况之下，我们发行的保单只包含特定�