NORWICH UNION YEAR

Evening Post, Volume CXXVII, Issue 131, 6 June 1939, Page 12

NORWICH UNION YEAR

Norwich Union Fire Insurance Society Limited reports for the year ended December 31, 1938, that the fire account shows that net premiums amounted to £1,789,270, an increase of £45,465 as compared with 1937. Net claims paid and outstanding amounted to £823,437. After making all charges, and setting aside 40 per cent, of premium income as reserve for unexpired risks, the sum of £90,699 has been transferred to profit and loss. The accident and general account showed that net premiums amounted to £1.556,031, an increase of £68.990 as compared with 1937. Net claims paid and outstanding amounted to £837,553. After making all charges, and setting aside 40 per cent, of the premium income as reserve for unexpired risks, the sum of £105,409 has been transferred to profit and loss. In the marine department net premiums amounted to £254,746, which with the balance brought forward make a total of £461|264. Net claims for 1938 and previous years were £191,651. The marine fund amounts to £241,821, which is more than sufficient to meet all anticipated liabilities. The credit balance brought forward was £401,444, to which was added net interest of £155,110, and transfers of £90,699 and £105,409 from the fire and accident accounts respectively, giving with transfer fees a total of £752.667. Payment of dividend for 1937 and debenture interest absorbed £204,192, and directors' remuneration, income tax, national defence contribution, and bad debts £62,442. After transferring £75,000 to pension fund the balance remaining is £411,033.