N.Z. INSURANCE CO.

New Zealand Herald, Volume LXII, Issue 19081, 28 July 1925, Page 7

N.Z. INSURANCE CO.

YEAR'S PROFIT OF £214,874.

DIVIDEND OF IS 7D A SHARE.

CAPITALISATION OF RESERVES.

Tho annual meeting of shareholders of tho New Zealand Insurance Company -will 1 be held next Tuesday. Tho directors 1 propose a dividend for the year of Is Id. a share, as against Is 6d for last year. They will also propose that a call of Sjte ft share shall bo made, and that a dividend of that amount bo declared to meet tho call, thus increasing tho paid-up capital to 14s a share, a total of £1,050,fJ00. Tho report of tho directors for the, year ended May 31 states that tho net rywenuo from fire, marine and accident premiums was £1,072,760 16s 7d. Tho balance brought forward from 1924 was £3J33,46l 5s 2d. Tho surplus on tho year's operations, after making full provision for all ascertained losses to May 31, depreciation of investments and appropriation for taxation amounts to £103,277 Us lOd, to which is added the net income from interest and rents, £111,596 12s 2d, making a total of £214,874, and with tho balance brought forward, £368,535 5s 2d. Tho interim dividend of Sd a share paid in February absorbed .'£56.250, while £125,000 has been transferred to the reserve fund, leaving a balance of £187,085 5a 2d. It is proposed to pay a dividend of Is 7d a share for the year, less tho interim dividend of £Jd a share paid iu February, which will absorb £62,500, leaving a balanco of carried forward. Tho retiring directors, Messrs. U. C. Carr, M. A. Clark and G. H. Wilson, aro seeking re-election. Messrs. 11. Gilfillan and I''. C. Buddlo again offer their services as auditors. Following is a statement of the accounts for tho year:—

PROFIT AND LOSS ACCOUNT. nn. i: 6. d. Dividend for the half-year ended November 30, 1321 . 56,250 0 0 Commission, salaries and other expenses .. . . 303,176 13 1 Government taxes and appropriations and payments to fire, marine and accident associations . . ". . 33,850 13 2 Fire, marine and accident losses and appropriations for unascertained losses . . 603,619 17 6 Resone for unexpirod xiska at May 31. 1025 ... .. 636,600 0 0 Transfer to reserve fund . 125;000 O 0 Balance 187,085 5 2 £ 1.350,818 13 11 CD. Balanca at May 31. 1924 . . 209,711 5 3 Less dividend for the half-year ended May 31, 1324 . 56,2-50 0 0 153,461 5 2 Reserve for unexpired risks at May 3K 192-1 . . ... 513,000 0 0 Fire, marino and accident premiums, less returns and reinsurances .. .. 1,072,760 16 7 Interest and reats . . . . 111,596 12 £1,850,818 13 11 BALANCE-SHEET. LIABILITIES £ e. d. Subscribed capital—l,soo,ooo shares, £1 each .... . . . 1,600,000 0 0 Le3s uncalled capital—l,soo.ooo shares, 8s each .. . . 600,000 0 0 000.000 0 0 Reserve fund 525,000 0 0 Reserve for unexpired risks . 536,500 0 0 Investment fluctuation and contingency account .. .. 19,565 6 4 Provision for taxation . . 30,000 0 0 Appropriations for unascertained losses . . .. 228,454 0 0 Sundry creditors and unearned premiums .. .. 216,588 12 6 Balance .. • .. .. 187,083 5 2 £2,643,193 A 0 ASSETS, £ 8. d. Investments— Mortgages ~ .. 18,550 0 0 Shares .. 671 10 9 Freehold premises and other properties . . . .. 355.478 1 A Bonds and debentures ~ 1,739,124 12 1 Fixed deposits . •. .. 42,013 18 6 2,185,838 2 8 Accrued interest and vents .. 36,392 1 0 Branch and agency balances .. 235,852 7 0 Remittancoa in transitu . . 1,000 0 0 Cash in banks and in hand at head office and branches . 184,110 12 7 £2,643,193 4 0 Following is the schedule of bonds and debentures (Government and municipal): Great Britain, £670,066 3s lOd; New Zealand and Commonwealth of Australia, £699,626 lis 6d; Union of South Africa, £32,510 7s 6d; Dominion of Canada, £10,825; United States of America, £241,824 7s 2d; South America, £41,036 lis 6d; Japan, £19,293 15s; India, £3840; ■ debentures (not Government or municipal), £20,051 15s 7d; total, £1,739,124 12s Id. Following is tho balance-sheet of the trust-eo, executor and agency business as at Mav 31, 1925: £ s. d. Amount at credit of estates, trusts and clients represented by investments, as por contra . . . . 1,562',733 3 4 Balances at credit of sundry clionta and trust accounts on current account, as per contra 132,774 9 7 Debenture trusts, as por contra . 1,993,100 0 0 £3,983,613 12 11 _ £ s. d. Mortgages . < . • .. 875.156 210 Shares . * 207,874 9 4 Debentures . . .. ». 454,588 8 4 Property 146,970 10 2 Sundry assots .. .. .. 175.149 12 S 1,862,733 3 4 Balance at debit of sundry clients in current accounts 103,229 14 5 Cash at bankers iu company's trust account and cash in hand - 29,544 15 2 132,774 9 7 Debentures and mortgages held as trustees for debenture holders . . • . - - 1.993,100 0 0 £3,055,613 12 11 Following is a comparison of tho company's results for the last two years:— 1923-24. 1922-23. Premium income . . £1,026,045 £1,072,761 Expenses and taxes 318.973 342,334 Ratio, p.c. . .. 34.01 31.93 Losses .. . . 605.214 603.650 Ratio, p.c. . . 59.28 56.27 Risks reserve .. *14,500 t 23,500 Surplus .. .. £83,358 £103,277 Interest and rents 104,452 111,597 Brought forward .. 128.151 153,461 Total available .. £315,961 £368.335 To reserve . • »• 50,000 125,000 Dividends— Rate .» w. 13 6d Is id Amount •. • • 112,500 11&.750 Carriod forward . . £153,461 £124,585 * Reduction. t Addition.