National Ins. bonus after good year
PA Wellington The National Insurance Company of New Zealand, Ltd. reports that, subject to audit, group net profit for the year to August 31 increased 31.5 per cent to $5,368,702. Net earned premium income rose 8 per cent to $49.0M, and claims rose 7 per cent to 533.9 M, giving a claims ratio to earned premiums of 69.2 per cent, against 69.7 per cent last year. The directors are recommending a final divided of 8c a share, payable December 15. making a total for the year of 13.5 c a share (last year 12.5 a share). In addition they are recommending a bonus share issue from capital reserves
on the basis of one share for each six shares held on December 15. It is expected that an annual divided rate of not less than 13.5 c a share will be maintained on the increased capital. Expenses, including taxation, rose 10 per cent to 514.4 M. giving an expense ratio of 29.3 per cent against 28.8 per cent last year. The underwriting surplus for the year was $746,372 ($686,127) and investment income was $4,622,330 ($3,396,439). Total assets of the group increased to $102.5M from 594.6 M. Shareholders' funds total $25,958,035 ($21,762,401), including issued capital $1.357.745 at $6.3M.
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Press, 10 November 1978, Page 14
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212National Ins. bonus after good year Press, 10 November 1978, Page 14
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