Company News INSURANCE FIRM’S YEAR

Press, Volume XCVIII, Issue 28979, 21 August 1959, Page 25

Company News INSURANCE FIRM’S YEAR

Standard Shows Bigger Profit

(New Zealand Press Association) DUNEDIN. August 20. The net underwriting revenue of the Standard Insurance Company, Ltd., Dunedin, rose £52,784 to £1,171,527 in the year ended June 30. Underwriting profit rose £7lOB to £50.704 and the income from interest and rents less taxation is £44.585, making a total of £95.289 (£86,688 last year). With £52.000 brought in from last year the total available is £147,295. Dividend, already announced. takes £45.833. Reserve fund receives £35,000 and exchange and investment fluctuation reserve £12,500. Carryforward is £53,962. The balance-sheet shows that general reserve stands at £485.000 after this year's transfer, while exchange and investment fluctuation reserve is up to £53,498. Assets revaluation reserve is unchanged at £lO,OOO. New Reserve A new item—fixed assets revaluation reserve—appears in the books at £140,000. As already announced, directors intend at a later date to consider applying this amount in reduction of shareholders’ liability for unpaid capital. Cash at bank is up from £235.036 to £256.985, while branch balan'ces stand at £269,627 against £291,494 last year. The revaluation of the company’s offices has lifted this item in the books from £327,600 to £608,987.