NEW ZEALAND INSURANCE COMPANY.

Gisborne Times, Volume XXVII, Issue 2423, 11 February 1909, Page 5

NEW ZEALAND INSURANCE COMPANY.

ANN UAL MEETING. ~ [Pbess Association.] AUCKLAND, Fob. 10. Tlie general meeting of shareholders of the New Zealand insurance Company was held this afternoon. The chairman (the Hon, S. Thorne George) said the amount of business for the year had been about normal, the premium iucomo amounting to £020,424, a slight increase on the previous year. Interest and rents amounted to £20,875, giving a return of 3.7 S per cent., which was a shade lower than last year, investments amounted to £710,512, which had been only once exceeded in the history of the company, in 1905, the year before the Sail Francisco calamity, when they were £829,202, less the purchase money due to the New Zealand Accident 'lnsurance Company, amounting to £115,000, leaving net £714,202; so that the company had again reached the strong financial position hold at that date. In 1905 the company’s paid-up capital, reserves, and undivided profits were £723680, whilst at the present date they amounted to £758,884, being a record in the history of the company. .The expenses had been £159,323, being a somewhat heavy increase on the previous year. To a certain extent this was more apparent than real, as it was partly accounted for by a change in the company’s system, now debiting certain accident charges to expenses, which were formerly debited to premiums; and there were also contributions to various Fire Boards in the Dominion, - which was entirely a new item coniiug into the account. The ratio was 25.68 per cent. The losses during the year amounted to £409,357. The Joss ratio to premium income was 65.98 per cent., as against 65.96 the previous year, and the surplus on underwriting amounted to £51,744, or-8.34 per cent on the net premium income. After allowing for the interim dividend amounting to £15,000 paid in August last, the available balance to be dealt with amounted to £70,293, from which t le directors recommended the following appropriations: £30,000 ftp the reserve fund, which will Mien amount to £185,000; and £i5,000 to the reinsurance fund, which will then amount to £250,000; the two funds together amounting to the sum or £435,000. Out of the the directors recommend the payment of a. dividend of 2s per share, amounting to £15,000, being equal (with the interim dividend) to 10 per cent, for the year. Reference was then made to the operation of the Workers’ Compensation Act in relation to miners’ disease, the chairman expressing the opinion that the Government in accepting the risks had taken an unfair advantage over private companies. The' Hon. S. Thorne George and Messrs .Baghall and C. Rhodes mcio re-electccl directors.,