巴菲特致股东的信（1998年）③GEICO保险

GEICO (1-800-847-7536)

Combine a great idea with a great manager and you're certain to obtain a great result. That mix is alive and well at GEICO. The idea is low-cost auto insurance, made possible by direct-to-customer marketing, and the manager is Tony Nicely. Quite simply, there is no one in the business world who could run GEICO better than Tony does. His instincts are unerring, his energy is boundless, and his execution is flawless. While maintaining underwriting discipline, Tony is building an organization that is gaining market share at an accelerating rate.

GEICO保险

好的理念加上好的经理人，最后一定可以获得好的成果。这样的完美组合在 GEICO 保险身上获得最佳的印证，通过直销大幅降低成本的汽车保险，搭配像托尼·莱斯利(Tony Nicely)这样优秀的经理人，很显然的全世界再没有其它人可以像 Tony 可以把 GEICO 保险经营的这样好，他的直觉毫无偏差、他的能量没有上限，而他的执行力完美无暇，在严守承保纪律的同时，Tony 所带领的团队正以超高的速度攻占市场占有率。

This pace has been encouraged by our compensation policies. The direct writing of insurance -- that is, without there being an agent or broker between the insurer and its policyholder -- involves a substantial front-end investment. First-year business is therefore unprofitable in a major way. At GEICO, we do not wish this cost to deter our associates from the aggressive pursuit of new business -- which, as it renews, will deliver significant profits -- so we leave it out of our compensation formulas. What's included then? We base 50% of our associates' bonuses and profit sharing on the earnings of our "seasoned" book, meaning policies that have been with us for more than a year. The other 50% is tied to growth in policyholders -- and here we have stepped on the gas.

这样的速度更因我们的薪酬计划而加快，通常的直销保单是指，不通过代理或中介直接由保险公司与客户接洽的业务，这需要一笔相当大的前置费用，也因此第一年刚接到的保单通常都没有什么利润，不过要是客户在接下来年度能够继续续约的话，公司将享有极高的盈利。在 GEICO 保险，我们不希望这一成本阻碍本公司的员工积极开拓新业务，所以我们特别将第一年业绩排除在薪酬计算公式之外，我们将 50%员工奖金与分红基于续保业务的盈利，也就是投保期超过一年以上的保单，另外的 50%则是根据公司保单数量的成长情况，这也是我们正加紧油门全力冲刺的指标。

In 1995, the year prior to its acquisition by Berkshire, GEICO spent $33 million on marketing and had 652 telephone counselors. Last year the company spent $143 million, and the counselor count grew to 2,162. The effects that these efforts had at the company are shown by the new business and in-force figures below:

1995 年当伯克希尔还没有完全买下 GEICO 保险时，该公司每年的营销预算是 3300 万美元，并有 652 位电话销售员，到了去年，公司的营销预算增加为 1.43 亿美元，电话销售员的人数也增加至 2162 位，这些努力所得到的成果可以从下表该公司新接保单与有效保单数字中看出端倪。

* "Voluntary" only; excludes assigned risks and the like.

*仅限“自愿”;不包括已分配的风险等。

In 1999, we will again increase our marketing budget, spending at least $190 million. In fact, there is no limit to what Berkshire is willing to invest in GEICO's new-business activity, as long as we can concurrently build the infrastructure the company needs to properly serve its policyholders.

展望 1999 年我们将继续增加营销预算到至少 1.9 亿美元，事实上伯克希尔对于 GEICO 保险在新业务取得上的投资是没有上限的，只要我们可以帮公司建立起能够为客户提供更好服务的各种措施。

Because of the first-year costs, companies that are concerned about quarterly or annual earnings would shy from similar investments, no matter how intelligent these might be in terms of building long-term value. Our calculus is different: We simply measure whether we are creating more than a dollar of value per dollar spent -- and if that calculation is favorable, the more dollars we spend the happier I am.

而也正是因为新客户第一年的高额成本负担，许多关心短期利益的公司都回避此类投资，不管这些投资对公司建立长期价值是如何的有益，但是我们的盘算就不一样了，我们只是很简单的去评量现在所投入的每一块钱在未来是否能产生高于一块钱的效益，如果估算出来确实有利，那么就算是花再多的钱我也开心。

There is far more to GEICO's success, of course, than low prices and a torrent of advertising. The handling of claims must also be fair, fast and friendly -- and ours is. Here's an impartial scorecard on how we shape up: In New York, our largest-volume state, the Insurance Department recently reported that GEICO's complaint ratio in 1997 was not only the lowest of the five largest auto insurers but was also less than half the average of the other four.

当然 GEICO 保险成功的原因决不仅于低价与强势的营销，索赔的处理也要公正、快速、友好，这里有一个客观的数据可说明这点，在业务量居我们首位的纽约地区，保险主管机关最近公布 GEICO 保险在 1997 年前五大汽车保险公司当中，其投诉比率是最低的，其比例甚至远低于其它四家同业平均数的一半。

GEICO's 1998 profit margin of 6.7% was better than we had anticipated -- and, indeed, better than we wished. Our results reflect an industry-wide phenomenon: In recent years, both the frequency of auto accidents and their severity have unexpectedly declined. We responded by reducing rates 3.3% in 1998, and we will reduce them still more in 1999. These moves will soon bring profit margins down -- at the least to 4%, which is our target, and perhaps considerably lower. Whatever the case, we believe that our margins will continue to be much better than those of the industry.

GEICO 保险 1998 年的承保利润率达到 6.7%，超过我们当初的预期，事实上是远高于我们所能想象的程度，我们的成绩反映出产业间普遍存在的一种现象，近几年来，汽车意外发生的频率与程度都比以往减轻许多，也因此我们立刻反应调降 3.3%的费率，预计在 1999 年还会降得更多，虽然这个举动马上使得我们的利润率下降，但我们的目标至少是 4%或甚至更低，不过不论如何，我们相信 GEICO 保险的利润率还是远比同业要好的多。

With GEICO's growth and profitability both outstanding in 1998, so also were its profit-sharing and bonus payments. Indeed, the profit-sharing payment of $103 million or 32.3% of salary -- which went to all 9,313 associates who had been with us for more than a year -- may well have been the highest percentage payment at any large company in the country. (In addition, associates benefit from a company-funded pension plan.)

由于 GEICO 保险 1998 年优异的绩效与盈利能力，利润分享和奖金数字亦跟着水涨船高，总计 1.03 亿美元，约占年薪的 32.3%，由公司全体年资超过一年以上的 9313 位员工共同来分享，这个数字在全美所有公司当中比例可以说是最高的，(此外员工还受益于公司支持的退休金计划)。

The 32.3% may turn out to be a high-water mark, given that the profitability component in our profit-sharing calculation is almost certain to come down in the future. The growth component, though, may well increase. Overall, we expect the two benchmarks together to dictate very significant profit-sharing payments for decades to come. For our associates, growth pays off in other ways as well: Last year we promoted 4,612 people.

虽然公司分红计划中的成长能力应该还会继续维持，但考量到盈利能力在未来几乎可以肯定会逐渐下降，所以 32.3%的比例可以说是破天荒的新高，当然我们预期这两项因子在未来的十年内仍然会是分红计划中扮演极为重要的角色，不过对于我们的同仁来说，成长还代表着另一个意义，去年总计有 4,612 位员工获得晋升。

Impressive as the GEICO figures are, we have far more to do. Our market share improved significantly in 1998 -- but only from 3% to 3½%. For every policyholder we now have, there are another ten who should be giving us their business.

虽然 GEICO 保险的绩效数字是如此的令人印象深刻，但是我们仍然还有相当大的成长空间。GEICO 保险1998 年的市场占有率确实大幅提升，但也只不过从 3%增加为 3.5%而已，换句话说相较于我们现在服务的每一个保单客户，等于还有十个在外面等待我们去给他们提供服务。

Some of you who are reading this may be in that category. About 40% of those who check our rates find that they can save money by doing business with us. The proportion is not 100% because insurers differ in their underwriting judgements, with some giving more credit than we do to drivers who live in certain geographical areas or work at certain occupations. We believe, however, that we more frequently offer the low price than does any other national carrier selling insurance to all comers. Furthermore, in 40 states we can offer a special discount -- usually 8% -- to our shareholders. So give us a call and check us out.

有些正在读我们年报的人很可能就属于这类的人，在每个来征询 GEICO 保险保单费率的人当中，平均有40%的人会发现，通过我们投保能为他们省下一笔钱，而之所以不是 100%的原因在于每家保险业者对于风险的判断估计都有所不同，有些保险公司对于居住于某些特定地区的居民或从事某些特定职业的客户有偏好，不过我仍然坚信我们提供给一般民众的费率通常都低于其它全国性的业者，在随年报附赠的 GEICO 保险资料中，大家将可以看到我们提供给来自全美 40 州股东最高 8%的折扣费率，所以记得打电话给我们试一试。