NATIONAL INSURANCE

New Zealand Herald, Volume LXXV, Issue 23178, 26 October 1938, Page 9

NATIONAL INSURANCE

INCOME A (JAIN RISES INCREASE IN SURPLUS DIVIDEND RATE UNCHANGED ' [HY TELEGRAPH —MXKriS ASSOCIATION J DUNK DIN, Tuesday The annual report'of the National Insurance Company <>t New Zealand, Limited, shows that net income for the year ended September .'JO amounted to £:J21.117. After making full provision tor losses outstanding, there is an underwriting surplus of £26,239. Interest and rents, less income tax, amount to £3 1 ."40, and with the balance brought forward from last year of £37,028. the sum of £04,907 is available. Interim dividend of -Id a shalv was paid 111 May, which absorbed £10.01)7. leaving available a balance ot £78,240. The directors have added £3500 to the reserve fund, and £14.500 to the reserve for unexpired risks, which is in addition to that usually provided** and have written £I9OB oil the company's "premises. They now .-recommend payment of u furthor dividend of sd' a share, requiring £20,833, making a total distribution for the year of 9d a share. The year's dividend requires £37,500, and £37,499 is carried forward. The dividend, which is equal to 10 5-7 per cent, is unchanged. Results for the past three years compare as follows: IW3O 1037 IM-'iS £t _ £ Net income 200,100 280,0.0 3-1,117 Brought forward 37,521 Si,ruins . 20,151) 20,t<>0 'JO,-Mi* int.' and rents 2H.M57 2M«O 31,040 81.1)37 Mi, 105 01,907 To reserves .. Premises -s , t'B DIVi lu n r>'-7 p.C. 37.5(H) 37,500 37,500 Carried forward 37,537 37,028 3<,■!»» The paid capita] of the company is £350,000 in 1,000.000 £1 shares paid to 7s each. General reserve fund will be raised to £334,900 by the prcsen*. appropriation.