NORWICH UNION INSURANCE.

Evening Post, Volume CXI, Issue 120, 21 May 1926, Page 9

NORWICH UNION INSURANCE.

The 128 th annual report of the Norwich Union Fire Insurance Society; Ltd. (head offices, Norwich and London) for the year ended 31st December last, shows that after allowing for charges and commissions, and -after setting aside, 40 per cent, of the premium, income as reserve for unexpired risksi the following sums were carried to profit and loss:— Fire: £110,243 (net premiums £2,155,163, net claims paid and outstanding £1,111,742). Personal. Accident: £8775 (net premiums £128,381, net claims paid £66,859). .-'.' • Employers' Liability (Home) : £7600 (net premiums, £265.618. bet claims paid £140,758). General: £73,806 (net premiums £1,162,715, net claims paid and outstanding £600,445). In the marine accident, "the net premiums amounted to £ 321,373. The underwriting account for the year 1924, has been closed, and the loss thereon, £6771, has been charged to profit and loss. The marine fund amounts to £251,567." "The balance in profit and loss account after providing for Home taxation in respect, of profits earned, up to 31st December, 1925; amounts to £327,064," reports the general manager. "The directors recommend In- respect of the year 1925 a dividend of £6 per share loss income tax, payable by equal half-yearly instalments, on Ist May and Ist November next, to members on the. register- on 30th April and 30th October, 1926, respectively. * "The assets of the society, as shown In ;the balance-sn.jet, amount to £5,70ri11. In their last rep<*t the directors referred to a special reserve set up with a view to the subsequent reduction of the uncalled liability on the society's shares. During the past year the sum of £418,000 has been applied out of this fund to increasing the amount paid up on 'each of the society's shares by £9 10s, making £12 10s paid up on each share of £25. The directors have made an addition of £75,000 out of the profits of the past year to the uncalled capital reduction fund, which now stands at £132,000. "Following the sale of the shares of this, society by the .Phoenix Assurance. Company, Limited, to the Norwich Union Life Insurance Society, in July, Sir Gerald Hemmlngton Ryan, Bart., the former chairman; and Mr. Brlstow, Bovill, Lt.-Col. the Hon. Stuart Pleydell Bouverle, D.5.0., Mr. William Francis Fladgate, M.V.0., Mr.' Arthur Melmoth Walters, and Brle.-Gen. John Tyson Wican, C.8., C.M.g:, D.5.0., 'Phoenix' nominated directors, and Mr. K. G. Buxton, retired from the board. Mr. Haynes S: Robinson, /the president of the Norwich Union Life Insurance Society, became chairman, and Dr. Sam Barton, Sir Hugh R. Beevor, "^art., Dr. F W. Burton-Fanning, Col, Granville Duff, M.C., D.L., Mr. Charles H. Finch, and Sir George H. Morse, directors of the Life Society, were appointed directors of this society.'' .