NATIONAL INSURANCE CO.

Press, Volume LXVI, Issue 20083, 12 November 1930, Page 12

NATIONAL INSURANCE CO.

UNDERWRITING PROFIT LARGER. The -National Insurance Company of Xcw Zealand, in its balance-sheet for the year ended September 30th, show a substantial increase in underwriting profit as compared with last year, notwithstanding that there has been a slight increase in losses and expenses. The figures compare as under:1929. 1930. £ i

EGG k AUCTION. ilessrs Harris Bros., Ltd., report that toe usual weekly auction sale of "Feather brand" guaranteed new«laid eggs was held yesterday r.fternoon. The prices realised were: Hen eggs, first grade <2oa or over) Is Id, second grade (under 2oz) Is. —6

Xet--premiums . ... "50,369 256,545" Losses . . 146,113" 146,964 Expenses ... 87,570 89,591 "Underwriting; profit . 16,686 20,290 To the underwriting profit there must be added interest and rents, etc., less income tax, £35,464,- and th® amount brought forward £35.703, making available £93,262, against £38,330 in the previous year, and the allocation of the surplus is as ,*unde r:— 1920. 1330. Dividend 9d per *hare . U7,500 o7~500 Reserve fund 5,000 10,000 Taxation, etc., reserve . -2,391 899 Invest, fluctuation a/c. 5,981 4,907 Premises »/c. — 2,000 .Carry forward 37,508 37,956 • 83,580 93,262 The liabilities and asset* compare as follows :— LIABILITIES. 1929. 1930. £ • Capital paid . . . 350^000 350,000 Reserve fund . 290,000 300,000 Reinsurance reserve . 104,500 108,100 Sundry creditors 45,747 51,553 For losses unpaid -6,860 24,240 Invest, fluctuation a/e. . 10,500 10,000 Taxation reserve 5.000 5.000 Profit and loss* 58,342 53,789 ASSETS. Loans on mortgage 06,729 60.579 Freeholds . 155,600 154,418 Bal. due on sale of ppt} 19,000 19,000 Debentures ... 136,012 110,497 Government securities . U59,589 410,697 Accrued interest, etc. . 9,175 0,493 Branch balances 48.018 47.922 Cash S6.841 95,075 The balance-shetji figures total' £907,682, Anion.? assets loans on mortgage have been reduced by over £36,000 ; debentures are less by about £5500. but Government securities have risen by £51,000,. and cash i s £8000 higher. The shares of the company, of v»hich 1,000.000 have been issued, are £1 each. vrith 7s paid up.