SOUTH BRITISH.

Auckland Star, Volume LXVI, Issue 244, 15 October 1935, Page 13

SOUTH BRITISH.

PREMIUMS HIGHER. DIVIDEND RATE UNCHANGED. LESS UNDERWRITING PROFIT. The accounts of the South British Insurance Company for the year ended August 31 show an increase in net premium income, but as expenses are higher the surplus from underwriting is lower. Income from interest and rents shows a slight increase, and the dividend rate is unchanged. Net premium income totalled £895,697, tlio highest figure since 1930. Interest and rents received and accrued, less rates and taxes, amounted to £126,750, which, added to the premium income, makes a total of £1,022,453. After full provision has been made for losses outstanding and for taxation, there is a surplus of £94,782 in underwriting account. The total amount available is £221,538, after adding income from interests and rents. This amount has been dealt with as follows: Written oil' premises, £30,000; transfer to contingencies reserve, £50,000; interim dividend of 1/4 a share, £68,770; and a iinal dividend now recommended of 1/4 a share, making 2/8 a share for the year, £05,776. This leaves £3986, which, with the balance brought forward, £215,744, makes a carry forward of £219,730. The directors state that during the year Mr. P. H. Upton retired from the position orgeneral manager, and accepted a seat on the board. Mr. James Morton was appointed general manager. The retiring directors are Mr. S. Austin Carr and Mr. E. K. N. Kussell, who are available for re-election. Results Compared. Following is a comparison of the company's results for the past three years: — 1933. ] 034. 1935. £ £ £ Prcm. income . 791,538 813,472 895,097 Expenses 295,571 270,104 277,974 Ratio p.c 37.34 33.83 31.03 Losses 431,505 422,009 482,'J41 Ratio p.e 54.51 52.00 53.92 Risks reserve . 450,000 450,000 490,000 Surplus ; 04,402 115,339 94,782 Int. and rents 122,025 124,000 120,750 Brought for'ard 203,432 213,207 215,744 Totals 390,810 453,206 437,252 To reserve ... — 100,000 —- Premises ac. . . 40,000 — 30,000 Coating, res. . — — 50,000 DiV., 2/S 137,552 137,552 137,552 Carried for'ard 213,207 215,744 219,730 The Guardian Trust. A statement of the position of the Guardian Trust and Executors Company of New Zealand, Ltd., as at August 31, shows that the amount at credit of estates under administration, including amount due to creditors of trust estates, was £9,047,624, and securities held as trustee for debenture-holders totalled £3,591,673. New business for the year' affected assets totalling £1,045,037. The total value of assets now under the administration and control of the company is £12,039,297.