FAME. YEAR

Press, Volume C, Issue 29553, 30 June 1961, Page 14

FAME. YEAR

9 p.c. Rise In Premiums (NZ Press Association) WELLINGTON. June 29. Net premium income of the F.A.M.E Insurance Company, Ltd., rose £58,582, or 8 8 per cent., to £725.274 in the year ended March 31, 1961, The claims ratio rose from 60.7 per cent, to 66.6 per cent, of premium income. Claims amounted to £482.722 (£404.859 in 195960'. Other income, in addition to premiums. was £20.822 (£16.872) after transfer of £3375 (£3232) to life branch. Addition to provision for unexpired risks was £24,838 (£44,832). Expenses, including depreciation and tax, were £222398 (£221,994). The surplus is £16,138 (£11379). Dividends Steady Steady dividends of 6 per cent, on ordinary and preference capita] take £6OOO (£5213). Paid capital is £lOO.OOO, of which £6O 000 (£46.890) is ordinary, and £40.000 (£40.000) preference.

Revenue reserves are £65,072 (£48.646), including general reserve £40.000 (£35,000>. reinsurance reserve £9OOO (£5000), and investment fluctuation £ll.OOO <£46001 Shareholders' funds amount to £165.072 (£135.536,. Provision for unexpired risks is £300.766 <£275.9281. Life assurance fund, £75.473 <£70.005,. Current assets are £207.103 <£165.338). and current liabilities £203,886 (£145.1721. fixed assets are £77.529 <£73.962), and investments £460.655 (£3873411. During the year the New Zealand Insurance Company. Ltd., purchased all the preference and ordinary capital.