LIVERPOOL AND LONDON FIRE AND LIFE INSURANCE COMPANY.

Lyttelton Times, Volume XVII, Issue 992, 14 May 1862, Page 5

LIVERPOOL AND LONDON FIRE AND LIFE INSURANCE COMPANY.

The twenty-sixth annual general meeting of the proprietors was held, pursuant to the provisions of the deed of settlement, on the 13th day of February, 1862, in the Public Sales Room, Liverpool and London Chambers, Liverpool. Tho report states that the events of the year 1861 have pressed with unusual severity on the interests and resources of fire insurance companies. That pressure, however, has demonstrated that the ability of those institutions is equal to the heaviest strain, and that the almost unlimited confidence reposed in them, is fully warranted. The Liverpool and London has had to meet its share of the disasters, but the large addition to its revenue enables the directors to render, notwithstanding, the following not unfavourable account of the year's experience and results. Fire Department.—The premiums received for insurance against fire amount to £360,130 19s. 9d.-----whilst those for 1860 were £313;725 12s. 7d. ; shewing an increase in the year of £46,405 7s. 2d. The directors conceive that these figures, coupled with the fact that to the augmentation of the premiums, all the branches, with one trifling exception, have contributed, will be deemed satisfactory to the proprietors'. They know how frequent and how serious fires have been, and will recognise in the important progress now registered, the best evidence that in all things and in all times, the reputation of the Company has been cared for, and the public confidence secured. The losses of the year are £249,313 19s. sd. Life Department.—A large life business has also been transacted. The number of life policies issued is 754, insuring £448,562, and producing in premium £13,793 13s. 6d. Reserved Surplus Fund.—This fund is increased by £275, and its amount is now £216,421 lls. lid. Profit and Loss.—The balance at the credit of this account is £200,496 3s. 9d., and from it the directors propose to take the same dividend which the proprietors have received for several years, and when that has been paid the balance of undivided profit will be £144,218 19s. 9d. Of the dividend now declared, one-third was paid in anticipation on the Ist September last, and the remainder, for which warrants will be issued in due time, will be payable as usual, on the Ist of March. The following table exhibits the amounts at the credit of the several funds of the company : — Capital £189,002 0 0 Reserved fund 216,4211111 Life fund 762,262 15 9 Profit and loss 144,218 19 9 £1,311,905 7 5 This large sum is satisfactorily invested, and such part as is held-by the boards abroad is certified by them to be amply secured. The directors feel that they may congratulate the proprietora-on the ending of 1861. Through--put nearly, <its^ whole course, continual demands have been'made upon the funds, to an extent which threatened to exhaust the entire premiums of the year. Towards its close, however, a change was experienced, and a valuable illustration was afforded of the real nature of a fire insurance business. It is not'to- be judged of by the events of a day, or week, or month. Its profits are not intended for the speculative or fearful, but for those who have confidence in the principles on which such institutions rest, and are willing to abide the issue. There is.no instance of a company that has attained by gradual and steady growth, the magnitude of the Liverpool and London, being seriously inconvenienced by the occurrences a single year; there is no feature in the Liverpool and London itself to make it more liable than others to that contingency, there is much, on the contrary, to implant faith in its future, for those who know its constitution, and are acquainted with its history; and in its decided progress, year by year, there is the most convincing evidence that it fulfils faithfully and satisfactorily its various trusts. The directors, therefore, look back with some pride on the success of the past, and forward in strong hope for yet greater things.