SOUTH BRITISH INSURANCE COMPANY.

Press, Volume LVII, Issue 10784, 11 October 1900, Page 3

SOUTH BRITISH INSURANCE COMPANY.

ANNUAL MEETING.

(PRSS3 ASSOCIATXOy TELEGRAM.)

AUCKLAND, October 10. The annual meeting of the South British Insurance Company was held to-day.

The Chairman, Mr Thos. Peacock, announced that the Company had completed negotiations for the purchase of the business of the Equitable Fire and Marine Insurance Company of Capetown. The nett premiums for the year, he continued, amounted to £215,729, an increase of £7286 over the amount last year. The interest received and accrued was £12,511, an increase of £1670 as compared with last year. The losses amounted to £130,123, being £3737 less than last year, making a record for the lowness of loss ratio, viz., 60.31 per cent. Tlie expense ratio was slightly less than formerly, in spite of the increase of £815 in Government rates and taxes. The figures for the year showed an exceptionally good ratio of "underwriting profit, viz., 12.8 per cent. After adding £4000 to the reinsurance reserve, there remains the handsome balance of £36,192 to carry to profit and loss account. This, together with the balance from iftie previous year, gives a total credit to that amount of £63,737. The two dividends of 2s per share paid during the year absorbed £12,925. The directors, under the power vested in them by the Articles of Association, have passed £20,000 to the reserve fund, which now stands at £120,000. After the deduction of some minor items there is a credit balance of £30,106 carried to the balance-sheet, and after payment of the dividend now recommended, there will still be £23,644 carried forward. The paid up cvpital, reserve funds and undivided profits after the payment of the present dividend, will amount "to no less than £288.272.

The report and balanc.-sheet were adopted, and the retiring directors, Messrs Upton and re-elected.

A dividend was declared at the rate of 2s per chare for the half-year, making 4s for the year.