SOUTH BRITISH INSURANCE

New Zealand Herald, Volume LIX, Issue 18223, 17 October 1922, Page 5

SOUTH BRITISH INSURANCE

YEAR'S PROFJT OF £160,789.

DIVIDEND OF Is 8d A SHARE.

The renort of the directors of the South British Insurance Company for the year ended August 31, 1922, states that the net premium revenue amounts to £893,340 7s 7d; interest and rent® received, and accrued, after payment of income tax on same, amount to £85,555 17s 9d, making a total of £978,696 5s 4d. After making full provision for losses outstanding, there is a surplus in the underwriting account of £75,412 17s sd, which with, the income from interest and rents makes the amount available £160,768 15a 2d. This has been dealt with in the following manner:—To reserve fund, £35,000; and to sinking funds of leaseholds, £425: leaving available £125,343 15s 2d. Out of (his an interim dividend of lOd per share was paid in April, 1922, absorbing £41,666 13a 4d; and the directors now recommend the payment, out of the balance of the profits of the vear, of a dividend of lOd per share [making the total distribution for the year Is 8d per share), which will absorb £41,666 13s 4d; a total of £83,333 6s Bd. This leaves £42,010 8s 6d, to which must be added the balance frenn. August.. 1921, less dividend paid in October, 1921. £69,800 17s 3d, making to b*» carried forward to the new account £111,811 5s 9d.

The directors record with regret the death during the year of two of their colleagues-, Mr. Thos. Peacock and Mr. John Edson.

The retiring directors, Messrs. VP. It. Wilson and G. Elliot, -offer themselves for re-election. Messrs. J. A. Dnncan and N. A. Duthie, the retiring auditors, offer them selves for re-election.

The annual meeting of shareholders will be held on October 26.

| Following i 3 a comparison of the company's result* for the last two years: — 1920-21. 1921-22. Pmninm inroma .. .£924.139 £893.3*0 Expenses . . .. 288,613 279,638 Ratio of erpensea . . 3Q.< 9 p.c. 31.30 p.c. Lo a?s • • • • > • 9.3C0 538,289 Ratio o£ losses .. 54.02 p.c. 60.26 p.c. Brought forward .. £&< ,353 £69,801 Surplus . . . . 75,246 75,413 Interest aud rents 84,293 85,358 Totals .. .. £224,392 £230,570 To reserve .. ~ £75,000 £35,000 B : nkin? fund .. , 425 425 I Dividend— . ( Elate V . .. la 7<i 1# 8d j JSjnount .. .. 79,16(3 83,333 Carried forward • . £69,301 £111,811