N.Z.INSURANCE

Evening Post, Volume CXXX, Issue 26, 30 July 1940, Page 10

N.Z.INSURANCE

SOME NOTABLE INCREASES

A premium income of £1,763,659 is shown in the accounts of the New Zealand Insurance Co., Ltd., Auckland, for •■ the year ended May 31. This is £357,872 higher than the previous record of £1,405,787, established in 1938----39 Any comparison with the results of previous years, however, is difficult; as for the first time, all figures . in the latest accounts are expressed in New Zealand currency. A further increase occurred m losses which totalled £1,105,965; The ratio to premium income of 62.71 per cent. ' shows a decline, the first downward trend since 1934. Expenses were £85,177 greater. Commissions and management expenses rose by £60,550 to £384,656, while taxes and appropriations were £24,627 higher at £78,152. Directors' fees are £750 lower. The expenses ratio is slightly lower at 26.24 per cent. The year's surplus of £112,885 compares with £94,666 in the previous year With net income from interest and rents, £151,834, there is a total profit of £264,719, against £231,678 a year ago. ... The appropriation for taxation reserve has been increased from £10,000 to £40,000, while an additional £20,000 has been donated to the New Zealand War Expenses Fund. -The usual £50,000 is transferred to reserve, while the year's unchanged dividend of 10 per cent, absorbs £150,000.