GRATIFYING REPORT

Evening Post, Volume CXXVI, Issue 58, 6 September 1938, Page 14

GRATIFYING REPORT

EARNINGS OVERSEAS

THE STANDARD INSURANCE

(Special to the "Evening Post.") DUNEDIN, This Day.

"During the year unusual difficulties have had to be faced and results from the underwriting point of view have not been so good as usual. However, we are optimistic enough to believe that our difficulties will be surmounted in due course," said Mr. W. F. Edmond, chairman of directors of the Standard Insurance Company. He informed shareholders that "our overseas business has been mainly responsible for the eminently gratifying report. • But New Zealand is our homeland, and in the past it has been the company's stronghold. On thfe occasion the board has in tangible manner shown its appreciation of the staff's work by placing to the credit of the provident fund the sum of £3250." Premium income at £184,880 showed a substantial increase, being £13,031 more than that of last year, which had necessitated placing of £8500 to reserve for unearned premiums, thereby maintaining the percentage of 62 per cent.-

Interest from investments amounted to £25,380 16s sd, a sum more than sufficient to pay the annual dividend. It was seven years, said the chairman, since the company was in that fortunate position; at the same time it would be too optimistic to suggest that these figures could be maintained, as the company had a large holding of 1938 bonds maturing in November next which, after conversion, would show a very low rate of interest indeed. This, naturally, would reduce the income materially. . . After providing for depreciation of property and'securities, unearned premiums, and staff provident fund, and placing £15,000 to reserve, there remained £34,880 19s to be dealt with. The directors recommended payment of a dividend of Is 3d per share for the half-year ended June 30, and to carry forward the balance of £22,384 19s.