INSURANCE BUSINESS.

Auckland Star, Volume LXV, Issue 142, 18 June 1934, Page 4

INSURANCE BUSINESS.

BRITISH CO.'S PROFITS. A statement that the reserve funds of the London and Lancashire Insurance Company had been built up in 52 years from £25,000 to £10,000,000 was made at the annual meeting of the company held in London on May 2. The governor and chairman of the company, Mr. F. W. Pascoe Rutter, in his address said that during the year 1933-34 the company had done very well in its hre insurance department, better than the previous year in its accident department, ana had again obtained a handsome profit trom its marine business. Taking the underwriting figures as a whole (fire, accident and marine), for the company and all its subsidiaries, the total premium income, said the chairman, was £5,538.534, or £458.393 less than in the previous year. The total profit was £586,588. or 10.59 per cent, before deducting British income tax. The chairman remarked: "This we may regard as a harbinger of better times. The indications of returning prosperity are not confined to our own country (Britain), for we, as a company, have had similar encouraging evidence from different quarters of the globe."