NEW ZEALAND INSURANCE.

New Zealand Herald, Volume LIX, Issue 18170, 16 August 1922, Page 8

NEW ZEALAND INSURANCE.

The chairman of the New Zealand Insurance Company had to speak yesterday of indifferent business, a decrease in premium income, a higher percentage of losses and an underwriting surplus of only £40,396, compared with £72,158 last year. These unfavourable features are common to the insurance business of the year. The depression is worldwide, tho competition has been exceptionally keen and business of the kind that appeals to the cautious underwriter has been difficult to secure. In all the circumstances the New Zealand Company has shown a result which is probably better than was anticipated when prospects were reviewed at the beginning of the year. It has been able to pay its usual dividend, to add £35,000 to reserve and to carry over a balance within a few hundred pounds of the balance at the beginning of the year. This remarkable attainment is the direct fruit of a continuous policy of judicious investment, designed directly for the end achieved, the strengthening of the general financial position of the institution. The New Zealand Insurance Company has a stability which enables it to command the confidence of its clients in times as difficult as the present, so meeting one of the cardinal requirements of insurance business. That the directorate should be able to give such an account of its stewardship at the conclusion of a period when business of all kinds has been faced with serious difficulties, is a tribute to the firm establishment, sound administration and wise guidance enjoyed by this great New Zealand financial institution.