Claims ratio up for AA Mutual
Net premium income of the Fire and Accident Insurance account of AA Mutual Insurance Group, the North Island insurance and finance arm of the Automobile Association, rose 9.8 per cent to $37.7 million in the year ended June 30. However, claims incurred increased 14.5 per cent to $26.7 million, and the ratio of claims to net premium income rose from 67.9 per cent to 70.8 per cent. As the ratio of expenses to premium income fell from 21.5 per cent to 19.7 per cent, underwriting profit was $2.2 million. In addition, investment income and capital profits totalled $5.4 million, giving an overall pre-tax surplus of $7.6 million. Premium income of the wholly-owned life subsidiary, at $2.8 million, was 19.8 per cent greater than the previous year, and invest-
ment income at $1.3 million, represented an average yield of 13.9 per cent on funds employed. The consolidated after-tax profit of $5.1 million arising from the group’s other operations has been transferred to general reserve. The book value of all group assets increased $14.0 million to $64.3 million, and their market value on June 30 was $96.4 million.
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Press, 28 September 1984, Page 15
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192Claims ratio up for AA Mutual Press, 28 September 1984, Page 15
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