Late Commercial RECORD PREMIUM INCOME

Dominion, Volume 34, Issue 259, 29 July 1941, Page 10

Late Commercial RECORD PREMIUM INCOME

N.Z. Insurance Company Dominion Special Service. ■ AUCKLAND, July 28. _ A record premium income of £1,948,595 is shown iu the accounts of the New Zealand Insurance Co., Ltd., for the year ended Alny 31. This is an increase of £184.936 over the previous peak, which was attained in 1939-10. In the first downward move for seven years, losses declined by £6222 to £1,099,743. ConHcciueatly, the ratio of losses to premium income fell to 56.43 per cent., the lowest ligure since 1933-34. All expenses, including taxes, are now totalled in one group, the aggregate being £570,148, against £462,809 in the previous year. Included are directors’ fees, shown unchanged at £7OOO. The ratio of expenses to premium income has risen to 2.9.27 per cent, from 26.64 per cent, a year ago, and 26.87 per eent. in 19J839. The surplus on the underwriting account was £185,904, an increase of £73,019, and net: income from interest and rents of £142,492, a decline of £9342, made a total profit of £328,396. The directors have transferred £50,000 to the reserve fund and £75,000 to the investment, fluctuation exchange and contingencies reserve fund, and propose, as has already been announced, a dividend of 2/- a share for the year (final 1/-), and a bonus of 6d. a share. The year’s dividend requires £150,000, and the bonus will absorb £37,500, leaving £237.507 to be carried forward, against £221 611 brought in. The total of investments is £4,283,069, against £3,957,143 last year. AUSTRALIAN STOCK EXCHANGE (By Telegraph.—Press Assn.—Copyright.) (Received July 28, 11.10 p.m.) SYDNEY, July 2S. Business was restricted on the Stock Exchange today. Some. industrial shares were shaded and tin was practically neglected. __ Sales: Oil Search, o/3. Bank ot New South Wales, £26/12/6; Selfridges, 19/6; Howard Smith, 20/6; Broken Hill Proprietary, 38/104; Mount Morgan, 8/8; Arahura, deferred, 20/9; Goldsbrotigh Mort, 27/44; Tooheys, 28/4 J; Colonial Sugar, £49/10/-; A.C. Industries. 47/6; Rawang, 8/2. MELBOURNE, July 28. Sales: Dunlop, 21/3; Commercial Bank of Australia, 14/-; Younghusbanl, 26/-.