NEW ZEALAND INSURANCE.

New Zealand Herald, Volume LXI, Issue 18773, 29 July 1924, Page 6

NEW ZEALAND INSURANCE.

The confidencc exhibited by the directors of the New Zealand Insur- j ance Company at last year's annual! meeting has complete justification in the results disclosed by the report for 1923-24 published to-day. They Tt-ere then able to demonstrate a notable recovery from the depression of 1921, the most significant feature of the year's operations being an improvement of £100,000 in underwriting profits. In the past year, further progress has been made, though it v is measured in more modest figures. Premium income shows a declihe of £28,526, which is barely 3 per cent., a moderate shrinkage since the company's fire premiums in New Zealand were subject to a rebate of 15 per cent. Management expenses are higher by £20,898. Against these two items are a reduction in taxation and other charges by £13,947, and losses are again lower by £43,483, so that underwriting profits show an increase of £8000, the ratio having risen from 5.8 to 6.7 per cent, of the premium income. To this is added an increase in revenue from investments of £3203. In these circumstances, the directors have been able to transfer £50,000 to the reserve fund, to increase the dividend on the augmented capital, and to add £25,000 to the balance carried forward. Reserves now stand at £1,081,070. On the whole, the result of the year's operations of this great New Zealand institution should afford substantial satisfaction to its shareholders, while to the general public the stability and the progress of the company present a stimulating example of the value of prudent management and judicious investment.