South British to pay 10c after good half-year

Press, 8 March 1978, Page 14

South British to pay 10c after good half-year

South British Insurance '] Company, Ltd. will pay an [ interim dividend of 10c share, after increasing unau-[ dited group net profit 38 perl’ cent to $6.7M in the six i months to December 31. : The interim dividend paid last year was 9c a share, i The issued capital was in- : creased from $19,398,705 to < $23,275,896 by a one-for-five i bonus issue of shares in No- i vember, and shares re- 1 jeeived the 10c dividend, i [which is payable on April I 118. ex dividend .March 21. “Although the net profit/ of $6,688,000 was consid-i; erably greater than the i

profit of the first half of last vear, it must be emphasised that the results for the six : months do not necessarily ; provide a reliable basis on 'which to forecast those for a full year,” the directors Underwriting profit did not continue at the level achieved in the second half of last year. However, overall results were better than those for the corresponding first six months of last year, and the profit rose from $278,000 to SI.4M. “In the period under rejview no one particular event I gave rise to claims having a major influence on the.

Recounts, and it is pleasing ito report that all financial ! territories returned profits (except the United Kingdom. I where claims in the fire and I accident section were unusually heavy,” the report says.

Premium income, after reinsurance, rose 13.8 per cent to $108.2M in the sii months, and all written continues to be strictly scrutinised to ensure the policy of the group to charge fair but realistic prices is maintained. Income from investment# increased 27.2 per cent to ,$6.7M.