INSURANCE BUSINESS

New Zealand Times, Volume XXXIII, Issue 7930, 13 October 1911, Page 7

INSURANCE BUSINESS

SOUTH BRITISH COMPANY'S ANNUAL MEETING.

PBESS ASSOCIATION. AUCKLAND, October 12. The animal meeting of the South. British Insurance Company was held to-day, and was presided over by the chairman of dV rectors, Mr John Battger. la moving the adoption of the report and balance-sheet the chairman grave a short analysis of tho bal on co-sheet, and a conn* § arisen between it and that of last year, e said: “In the revenue account you will eoo tha* tho net promiumfi—fire, marine, and accident—a/re £553,240, which is £16,697 move than last year’s amount, showing a sub etaiitial but not abnormal inepeaeo in our businesis. . Interest and rents reached £55,026, being £1762 more than last year On the other tride of the account the loose* amounted to £187.832, being: £9487 less than in last year's account. in view of the larger amount we insured this is very satisfactory. The expenditure Items are all slightly higher, but the underwriting profit is £52,147, against £54,398 last year. Of the premiums received, the rosscs (to pother with £IO,OOO added to the roinsur anco account) absorb 56 per oent., and the expenses 29.23 per cent., leaving tho net underwriting profit 14.77 per cent. The profit and loss account shows the increased dividend paid to shareholders during the year (£35,000 against £50,000). a larger amount than last year carried to the Auckland leasehold sinking fund, a oor> siderably larger amount than usual written otf office furniture, an increased contribution to the provident fund, and £40,00C carried to-the reserve fund. After making those allocations we etill carry in profit and loss account a balance of £48,598, wlUch is £5501 more than we liad last year. Our reserve fund now amounts to £590,000, our reinsurance reserve to £150,000, and our reserve for outstanding losses to £76,299. Our assets have reached £780,015, loans cm mortgage are increased by £0d,479, and' fixed deposits by £14,500. ConeLdccring tho general commercial prosperity throughout 'the world, our profit has not been so largo os we might fairly have expected. Tho inadequate rates prevailing In New Zealand arc mainly responsible for this. The board has provided In its report for a bonus to the staff, which wal? absorb £6600." Messrs John Battger and John Edson, th# two retiring directors, were re-elected.