Company News NEW ZEALAND INSURANCE

Press, Volume XCIX, Issue 29270, 30 July 1960, Page 16

Company News NEW ZEALAND INSURANCE

Record Profit Reported (New Zealand Press Association > AUCKLAND. July 28. Net profit of the New Zealand Insurance Company Ltd., Auckland, advanced by £135,734 to a record level of £872.691 for the year ended May 31. The increase is accompanied by a rise of £505,453 in net premium income to £8,099.572—-also the highest figure recorded in the 101 years’ operation of the company. Losses, including unadjusted claims, rose £191,246 to £5,504,270. The ratio of losses to premium income was reduced by 2 per cent, to 68 per cent., which is the lowest proportion since 1954-55. Expenses rose by £154,664 to £2,143,053. They included depreciation of £67,258, against £72,815 in 195859. The ratio of expenses to premium income rose from 26.2 per cent, to 26.5 per cent. A net addition of £78,431 has been made to reserve for unexpired risks, now £4,477,000, after deduction of an exchange adjustment of £9983. The underwriting surplus of £373,818 was £97,252 higher than a year before. Net income from interest, rents and dividends increased by £38,482 to £498,873. As previously announced, dividend for the year is at the rate of 111 per cent. BIDS FOR MACKY LOGAN Independent Report By Shareholders (New Zealand Press Association) WELLINGTON, July 28. A group of shareholders in Macky Logan Caldwell, Ltd., will issue an independent report on the takeover bids by Bing Harris and Company, Ltd., and Alliance Textiles, Ltd. An Auckland ■ message suggesting that this might be done was confirmed in Wellington yesterday. The group advises shareholders not to accept either offer till this report has been received.