BONIS ISSUE AND DIV.

Press, Volume CXIII, Issue 33382, 14 November 1973, Page 15

BONIS ISSUE AND DIV.

Nat. Ins. profit 'a record 6V.Z. Press -Association, DUNEDIN, Nov. 13. The National Insurance Company of N.Z., Ltd, has announced record profit for the_ year to August 31, of $1,506,592 — an increase of $198,683 or almost 15.2 per cent. The directors are recommending a final dividend of 13 per cent, which, with the 7 per cent interim dividend, makes a total of 20 per cent, compared with 18 per cent in 1972. In addition, there will be a tax-free centennial bonus dividend of 5 per cent from capital reserves. The directors also recommend a one-for-two bonus issue from capital reserves as at December 17. It is expected that the company will continue a dividend of not less than 17 per cent on the increased capital. Net earned premium income for the year totalled $14,426,683 ($12,924,832). Claims incurred were $9,797,598 ($8,591,038), giving a ratio of losses to earned premiums of 67.9 per cent, compared with 66.5 per cent last year. Expenses, including taxation, were $4,032,783 ($3,843,250), giving an expense ratio of 28 per cent (29.7 per cent). The underwriting surplus for the year was 4.1 per cent of earned premiums, or $596,302 ($490,544). Investment income totalled $910.290 ($817,365). |