New Zealand Accident Insurance Company

Grey River Argus, Volume LVII, Issue 10271, 29 April 1899, Page 4

New Zealand Accident Insurance Company

(Extract from the Anstralasiah Insurance and Banking Record) ':■"■'• The report of the New. Zealand; Accident Insurance Company for ; the ' year ended 31st December, 1898, indicates considerable progress on sound ; •lines throughout '-.. the Colonies,r the operations not being conflned to New-; Zealand. That the company has up i to date paid away L150,000."for 18j.500| '•cMras, : and that ibhas accumulated re-] serves amounting ; to L30,000i is an' illustration . .of what may be done in the^yay of pushing a well-defined and serviceable branch of insurance business?. "A comparison of the figures with, {those ior previous years (in brackets) shows:— -^Profit and Loss .Account:; ',Net, .;. premiums, L 30 ,3 03, [L 25,800 ]; interes.tj-V&nt, and transfer fee3,L2,471> [Ll>B3d] ; balance brought forward, X796;; f D1.984] ; total, L 33,570 [L>29j623j. 'Against this total are : GdHipensation X1 8,894 [L 16,435] j bonus -policies, L 690 [L674j ; and expenses and Government taxes. L 5,189 [L 4,714], leaving thebalance of L 8,797 rL7,796] to be disposed of, A dividend at the rate of 10 per cent, per annum , absorbs Ll,ooo, the sura of L 6.000 is added to the reserve fund (raising it to 1,20,000), and a balance of L 1,79 7, remains to be carried forward. The progress made is shown by thb growth of the premium income from . L 20,125 for 1896 to L 30,303 for 1898. The j balahce-sheet shows that the subscribed ' capital is L 20 ,000 in 20,000 shares of LI each, of which- 10s is uncalled, the ' paid-up capital' thus being LIO.OOO. i The recent appropriation to the re- ! serve fund raises it to L 20,000 besides which theie ia a re-insurance

fund of LI 0,000, and a provision of L 4,000 for contingent liabilities. The ! liabilities on life members' account, fidelity guarantee account, plate-glass insurance account, and burglary insurance account, amount to L 13,075. i The direct liabilities are LI 1,090. Exclusive of uncalled capital, the gross amount of the assets is L 70,452, of which L 67,021 is represented by investments. The N.Z Accident Insurance Company is a very solid con eern.