FRESH RECORDS.

Auckland Star, Volume LXX, Issue 179, 1 August 1939, Page 4

FRESH RECORDS.

N.Z. INSURANCE COMPANY. PREMIUMS EXCEED £1,400.000 HIGH RATIO OF LOSSES. A record premium income in again shown in the accounts of the New Zealand Insurance Company, Ltd., for its 80th year ended on May 31. The net revenue from fire, marine and accident piemiunis was £1.405,787, or £45.794 higher than the previous record figure of £1,359.993 eeU&bliehed in 1937-38. A further increase occurred in which at £910,489 also attained the highest level since the war. The iatio i>l t>4.77 per cent maintains the rising tendency of recent years, and is the highest since 1922. I Expenses were £ 14.29.3 »neater, cominisIsions and management" t-xpenstn rising by £13,.">32 to £324.11X1, and the taxes and I appropriations irroup l>.v i.'763 to i - .i3..">i>. The expenses ratio, however, owing to the higher piemiuni income, showed only a slijrht increase to 26.87 per cent, from 26.71 per cent in the previous year. Interest and Rents. The year's surplus at" £!)4,60i is £8862 aibove that of the previous year, and the most satisfactory figure since 19,'i0. Interest and lents provided £2143 more at £137,012.

The final dividend of 1/ a share recommended by the directors, making the year's distribution unchanged at' 2/ a share, equal to 10 per cent, was announced in the "Star" on July 5.

The directors' report shows that the surplus on the years opeiations. after making full provision for all ascertained loesee, taxation and other appropriations, of £94,666, with the net income from i-nter-eet and rents. £137.012, makes a total profit of £231,678, compared with £22').H73 in the previous vear. With £ir>5."214 ■lv one-lit in. fehcre is £42«.802 available. The interim dividend of 1 ' a share paid in February rook £75,000, and £,">i>.iMM) was transferred to reserve fund, ami a further I £10.000 to reserve fund for taxation. 'The | proposed final dividend will iwjiiiri , i £7.>.000, leaving £216,892 lo be can icd forward. The retiring directors. Sir .Tames Tf. i Oiirmon and Mr. V. A. Hellaby. .ire avail-! able for re-election at the annual meeting on Aupruet 8. Comparison of Results. Following w a compu , ison of the company's result's and appropriations for the past three years:— j If>»7. 1038. 1!».'M». I t t t I I'rein. income 1.15.",.(i3fi J ,3.1»,f1!>a 1.4'>5.7»7 i Fxs. and taxes U51.f)03 3H3.:j:57 377.052 Rutin p.c. . . 20.(18 "jr..71 _(>.S7 li<>i*spH 7<>5.!»55 B'J3.S.V_ f>lo.(Kft I'ntio p.e. . . r.n.."»4 flO.r.ft H4.77 i To risks res. 44.."i<M» 87,000 1>3.1100 1 Surplus .... 83.i>78 R5.804 fl4.»!•;•', Int. and rents 125.5f1f» 134.5«0 137.01S Bt. forward . 1f.5.ti»7 174.r>41 V.J5.214 Total available 374.r.41 42U>!)2 To reserve . . 50.000 50,000 50.000 To tax res. . — — 10.000 Dlr., 10 p.c. ir.lt.o»o 150.000 l-~.0. no Car. forward 174,541 1U5.214 210,50U Movements in the balance-sheet over the past year are a* follows: — LIABILITIES. Variation Paid enpital 1.500.000 Same Reserve fund 700.000 +50,000 Unex. risk* ree. ... 7(v8.000 + 23,"00 C'ting'eies & inves. res. 278.069 +8,130 Tax provision 50,000 +]o.oou ' I'nadjusted losses .. . 2150.001 +4:4.703 Creditors 10i»."21 — .'J7.774 Balance 291,892 +21,678 ASSETS. Mortgagee 'J.74tj Same Shares 004.478 -t-144.01l Shares in subsidiary . 7.">.7!)7 -r797 Premises, properties 553.»>tfl +4.342 Bonds and debs 2.1(11.573 —47.5ft0 Fixed deposits 62.525 -rl.!»f>3 Accrued int. and rents 50.001 +5,070 Branch balances and debtors 2U3.f!30 —13.80S Cash 150,i553 +21,013 THE TRUSTEE BRANCH. FURTHER GROWTH OF BUSINESS. The statement of trust, executo? and agency business of the company's trustee branch as ac May 31 again reveals a steady growth in this class of business. Total funds controlled etand at £6,212.640, apart from securities held as trustees for debenture holders, amounting to £ 5.,755,708. The total value of asset's nov under administration of the branch ie £7.988.348, against £7,713,196 in 1938 and £6,811,.314 in 1987.