NAT. INSUR. PREMIUMS

Press, Volume CIV, Issue 30936, 17 December 1965, Page 22

NAT. INSUR. PREMIUMS

‘Should Pass £4m Mark’ (N.Z. Pres*' AnociaMow) DUNEDIN, December 16. Premiums written by the National Insurance Company of New Zealand, LtiL, should paas the £4m marie in the coming year, the company's chairman, Mr J. M. Ritchie, said today. He told shareholders at the annual meeting in Dunedin that there had been a 28 per cent increase in premiums written in the last three years. And premiums written in the year to the end of September, 1965, were £3.9m, compared with £3.6m tor 1964. “The insurance industry has been through a difficult two or three year period, but I think I can say we have now turned the corner, and are modestly confident about the future,” said Mr Ritchie. Higher Dividend This year the company’s profit jumped by nearly 42 per cent—or £59,384 from £141,615 to £200,999. Final dividend was increased from 8d to 9d a share making a total for the year Is Id. Mr Ritchie said there had been some deterioration in underwriting conditions in New Zealand compared with previous years, but there was a growing awareness of the importance of taking steps to check any drift before the position became acute. Northern Steel Sales Steady (N.Z. Press Association) WELLINGTON, Dec. 16. The directors of Northern Steel Supplies report that sales and profit margins for the six months to September 30, have been well maintained and compare favourably with those for the same period last year. With the demand for import steel at its present high rate, replacement of stock, which necessitates import licences, is an ever-present problem.

They say that unless extra licences are granted there is likely to be a shortage of steel in New Zealand in the latter part of this licensing year.