STANDARD GOODWILL

Press, Volume CII, Issue 30302, 30 November 1963, Page 18

STANDARD GOODWILL

£115,500 Paid By Nat. Ins. (N.Z. Press Association) DUNEDIN. November 29. The National Insurance Company of New Zealand, Ltd., has now paid £115,500 in goodwill for the business it took over from the Standard Insurance Company, Ltd. In its latest accounts for the year ended September 30, the National Insurance Company says there is still more owing, but it is not likely to exceed £17,500, which still brings the total payment for Standard’s business to about £133.000. The National Insurance Company has included the unpaid liability to the Standard liquidator in sundry creditors. Profit Down As announced earlier this month, net profit of the National Insurance Company was down from £282,711 to £175,289—a fall of 37.9 per cent. The company’s decreased profit had resulted largely from an increase in ' claims from £2,073,363 to £2,299,593, which had helped cut underwriting profit from £177,473 to £69,255. Out of the year's net profits the 10 per cent dividend has been maintained and a transfer of £50,000 has been made to the general reserve, while £25,000 has been allowed for additional depreciation.