N.Z. INSURANCE CO.

New Zealand Herald, Volume LXXVII, Issue 23721, 30 July 1940, Page 3

N.Z. INSURANCE CO.

HIGH PREMIUM INCOME:, .YEAR'S PROFIT £264,719 STRENGTHENING OF RESERVES A premium income of £1,763,659 is shown in tlie accounts of the Jvew'Zealand Insurance Company, Limited, for the year ended May 31. This is £357,872 higher than the previous record of £1,405,787 established in 1938-39. Any comparison with results of previous years, however, is difficult, as for the first time all figures in the latest accounts are expressed in New Zealand currency. A further increase occurred in losses, ..which totalled £1,105,965. • The ratio to premium income of 62.71 per cent shows a decline, tho first downward trend since 1934. Lower Expsnse Rati,o Expenses were £85,17J7 greater. Commissions and management expenses rose by £60,550 to £384,656, whilo taxes and appropriations were £24,627 higher at £78,152. Directors' fees are £750 lower. The expenses ratio is slightly lower at 26.24 per cent. The year's surplus of £112,885 compares with £94,666 in tho previous year. With the net income from interest and rents, £151,834, there is a. total profit of £264,719, against £231,678 a year ago. The appropriation for taxation reserve has been increased from £IO,OOO to £40,000, while an additional £20,000 has been donated | to the New Zealand war expenses fund. The usual £50,000 is transferred "'to j reserve, while the unchanged -year's ! dividend of 2s a share, or 10 per. cent, absorbs £150,000. •'"* f > The retiring directors, Messrs. C. V. Houghton and J. T. Martin," able for re-election at the annual meeting on August 6. Comparison of Results Results and appropriatipns for..the past three years are:— 1038' " ' 1939 " 1940* £, £ " £ Prem. income 1,339,09,T : 1,405,787 1,763,639 Exs. & taxes 363,337 377,632 462,509 Ratio p.c. .. 26.71 26.87 26.24 Losses - 823,832 910,489:1,105,965 Ratio p.c. . . 60.5S 64.77 62.71 To risks res. 87,000 23,000 178,000 From ex. flue. ac. — ~: " Surplus .. 85,804 04.666 112,885 Int. & rents 334,869 137.012 .131.834 Brt. forward 174,511, 193,214 216,802 Total available 303,214 426,802 481,611 To reserve .. 50.000 - r 50,000 50;000 To tax reserve War fund don. Div., 10 pTc. 150,000 150,000 150,000 Car. forward 105.214 2J6.892 221,011 *ln New Zealand currency.' Balance-sheet movements in the past year were:— • f LIABILITIES - Variation £ £ ' Paid capital . •>. t .. 1,500,000 Same Reserve fund .. .. 750,000 +50,000 Unex. risks res. .. 887.500 +179.000 C'ting'cies. & invest., res. 477,878 -+109,807 Tax provision • .... 90.000 +40,000 Unadjusted losses •.. '386,514 +120,513 Creditors .. .. 123.041 +13,320 Balance ... - - 296.612 »i-4,719 ' - ' ASSETS Mortgages ■•. '. • j 7,779 —1,068 Shares .. .. 623.822 +19.344 Shares in subsidiary ... Premises and properties 572,808 +19,237 Bonds and debs. .. 2,043,082 +481,009 Fixed deposits .. ... <34,563+2,038 Accrued int. and rents 03.CM5 "+12,0/5 Brch. bals., debtors .. 328.. 19 +303,089 Cash .. .. .. 158.615 -+1.932 Rems. in transit .. 4,000 +4,000 ' Holdings of Securltlss' Following is a schedule' of bonds and debentures (Government, municipal and other securities) included in assets, with' the previous year's figures -m parentheses Government and municipal : British Empire, £1,9/ £>§66 (£1.712,081); United States, £315,647 (£202,423); South America. £200,9d5 (£171,787): Japan. Indo-China and Manila, £68,918 (£50,086). Other debentures: £25.196 (same) % ■ ■ The balancing total is iolJ.ooy higher at £4,511,543. but the new form of the accounts, with figures expressed in New Zealand currency, will anect all the above items. THE TRUSTEE BRANCH STEADY GROWTH CONTINUES Further expansion in the trustee branch of the New Zealand Insurance Company, Limited, is reflected in the statement of trust, executoryand .agency business as at May 31. Total funds controlled stand at £6,535,204. apart from securities held as- trustees for debenture holders. amounting to £1.748.208. The total value of assets now under the adminstration oj -the branch is £8,283.412, against £/ ,968,348 in 1939 and £7,713,196 in 1938.

WOOL APPRAISEMENTS

AUCKLAND FIXTURES

CO-OPERATION OF: GROWERS"

The Auckland Woolbrokers' Association announced yesterday that the cm tellings and oddments appraisements will be held at the various centres during August, the Auckland dates'.being Tuesday and Wednesday, August 13 and 14. These appraisements give growers an opportunity of disposing not only of their crutchings, but of any oddments -which were shorn too late to catch- the final appraisement of the past season, held in ApriL All wool intended for this appraisement should reach brokers' stores within the next week, so that sufficient time will be available to prepare it for display. _• In view of the demands on shipping space resulting from the present war ; conditions, growers should assist the Government by packing their wool in weights which will prove most economical of space when dumped; Bales weighing between 3501b. and 4001b; - are recommended as most suitable. Growers will also assist the Government, by sending all available wool_ in for this appraisement, since shipping space is likely to become more congested as the t season progresses. £ MINING NEWS YIELDS OF COMPANIES^ Clutha (Otago).—Bl*oz. in 131 hours. Mataki Dredging (Murchison)2207,. from SSOOyds. in 126 hours. Worksop Extended (Reefton).—l6oz. from 9200 yds. in 120 hours.