RECORD FIGURES

Auckland Star, Volume LXXII, Issue 238, 8 October 1941, Page 3

RECORD FIGURES

SOUTH BRITISH YEAR PREMIUM INCOME, £2,145,516 LOW RATIO OF LOSSES t ~^ eCOrd ] bl f. ln l es ?» considerably exceeding the record high levels attained last yeai° was achieved by the South British Insurance Company, Limited, in the year ended August 31. I lie accounts show thai' Premium income amounted to mm tt an "»woase of £393,037 dver Underwriting surplus, at £252.022. is also a record, the increase on last year's figure bein£ £68,936. Ch'ims stand at £1,039,776, a rise of ctlo,ol,>, while general expenses increased by -U 1 53,21)4 to £628,818. The proportion ot losses to premium income has been reduced from 58.32 per cent ro 48.46, the lowest since 1920, but the rise in expenses is reflected by a rise in the ratio of expenses to premium income from 23.42 per cent to 29.31. Following are the expenditure and income over five years, together with the reserves at' the clo6e of each year: — Underwriting Interest surplus earned Div. Reserves £ £ £ £ 105,904 141,755 141.850 2,536,755 1938 ... 102.163 147,261 146,149 2,706,822 1939 .... 128,120 147,494 146,149 2,723,973 1940 183.986 158,110 176,238 3,472,575 1941 252,922 179.136 232,119 3.973,329 In comparing figures over the last five years it should be mentioned that this is the second year in which the whole of the overseas assets, earnings and expenditure have been converted to a basis of New Zealand currency at t'he ruling rates of exchange. Income from interest and rents totalled £179,136, a rise of £21,026, so that total revenue was £2,324,653, against £1,910,589 in 1940. With the underwriting surplus, interest and rents and £246,323 brought in, there is £678.382 available. The directors have transferred £50,000 to contingencies reserve and £130,000 to investment fluctuation fund. An interim dividend of 9d a share paid in April took £77,373, and, as announced in the Star on September 24, a final dividend of 1/ and a bonus of 6d a share, is recommended, making 2/3 for t'he year, against 1/8% last year. The final payment will require £154,746, leaving £266,263 to be carried forward (£246,323 last year).

Messrs. V. J. Larner (chairman) and S. Austin Carr are due to retire from the directorate, but are eligible for re-election. Balance-sheet figures, with those last year, are: —

LIABILITIES £ £ Paid capital 1,031.640 1,031,640 Reserve fund 1,031,640 1.031,640 Unexpired risks reserve .... 1.180.00 C 956.000 Losses reserve 417,119 375,057 Exchange, investment fluctuation fund 744,569 688,611 Contingencies reserve 600.000 550,000 Creditors, etc 452,145 250,634 P. and L 421.008 349.487 ASSETS £ £ Premises 497,397 473,250 Mortgage loans 286,879 246.000 Shares in subsidiaries 313.240 313,240 Government securities 2,640,361 2.125,260 Other investments 1,113,975 974,887 Cash items 729,924 988,118 Balances 138,467 282,982 Debtors, etc 157,878 129,331 The accounts balance at £5,878,122, an increase of £645,052. TRUSTEE BUSINESS STEADY GROWTH REPORTED In reviewing the operations of the Guardian Trust and Executors Company of New Zealand. Limited, the directors stated that new business for the year amounted to £1,514,872, and the total value of assets under the company's control was now £15,649.971. Trustee business had become more complex. Taxation problems, returns of securities and remittance of funds overseas had thrown an increased burden on the staff, many of whom were serving with the forces. Amount at credit of estates was £11,633,361 and securities held as trustees for debenture-holders amounted to £4,016,610.