英文早读第187篇，选自巴菲特年度信，友才翻译。
All major areas of insurance operations, except for the "home state" companies, experienced significantly poorer results for the year.
在保险业务的所有主要领域，除了州内保险业务公司，在1974年都遇到了很糟糕的结果。
The direct business of National Indemnity Company, our largest area of insurance activiy, produced an underwriting loss of approximately 4% after several years of high profitability. Volume increased somewhat, but we are not encouraging such increases until rates are more adequate. At some point in the cycle, after major insurance companies have had their fill of red ink, history indicates that we will experience an inflow of business at compensatory rates. This operation, headed by Phil Liesche, a most able underwriter, is staffed by highly profit-oriented people and we believe it will provide excellent earnings in most future years, as it has in the past.
国家保障公司的直销业务，是我们最大的保险业务，在几年高盈利后获得了大约4%的承保损失。规模稍微有所增长，但是我们在费率更加充足前不鼓励这样的增长。从周期性观点来看，在大型保险公司都充满赤字后，历史显示我们将会经历业务流入，且费率能够弥补承保。这个业务，由最有能力的承保人菲尔莱塞领导，带领高度盈利导向的团队，我们相信在未来最近几年他会提供出色的利润，就像在过去一样。
Intense competition in the reinsurance business has produced major losses for practically every company operating in the area. We have been no exception. Our underwriting loss was something over 12% - a horrendous figure, but probably little different from the average of the industry. What is even more frightening is that, while about the usual number of insurance catasthophes occured during 1974, there really was no "super disaster" which might have accounted for the poor figures of the industry. Rather, a condition of inadequate rates prevails, particularly in the casulty area where we have significant exposure. Our reinsurance department is run by George Young, an exceptionally competent and hardworking manager. He has cancelled a great many contracts where prices are totally inadequate, and is making no attempt to increase volume except in areas where premiums are commensurate with risk. Based upon present rate levels, it seems highly unlikely that the reinsurance industry generally, or we, specifically, will have a profitable year in 1975.
在再保险业务激烈的竞争导致这个领域几乎每家公司都有大的亏损。我们也不例外。我们的承保损失大约超过12%——这是一个可怕的数据，但是很可能和行业平均水平相差不大。更吓人的是在1974年灾难发生的承保与往常大致相同，并没有大的灾难可以对这个行业糟糕的数据有责任。更进一步，承保费率不足的环境还在流行，特别是在我们有较大风险敞口的灾难险领域。我们的再保险部门由乔治杨运营，他是非一般有能力和努力的经理人。他已经取消了大量价格完全不足的合同，而且毫不试图在保险与风险一致的领域外增加规模。基于现在的费率水平，似乎再保险行业或者具体说我们不太可能在1975年会盈利。
Our "home state" companies, under the leadership of John Ringwalt, made good progress in 1974. We appear to be developing a sound agency group, capable of producing business with acceptable loss ratios. Our expense ratios still are much too high, but will come down as the operation develops into units of economic size. The Texas problem which was commented upon in last year's report seems to be improving. We consider the "home state" operation one of our most promising areas for the future.
我们的州内保险业务公司，在约翰灵怀特领导下在1974年进展良好。我们正建设一支不错的代理团队，有能力以可接受的赔付率开展业务。我们的费用比例仍然很高，但是随着运营进入到可观的经历规模将会下来。在去年的报告中提到的德州的问题正在改善。我们认为州内保险业务是未来我们最有潜力的领域之一。
20.compensatory：补偿的；赔偿的；补偿性的
21.horrendous：可怕的；令人震惊的
22.catastrophe：灾难；灾祸；困难；横祸
23.exposure：暴露；亮相；报道
24.competent：有能力的；合格的；足以胜任的
25.commensurate：相称的；相当的
26.adverse：不利的；有害的；反面的
27.outstanding claim：未决索赔
