NEW ZEALAND INSURANCE COMPANY.

Otago Daily Times, Issue 13518, 15 February 1906, Page 9

NEW ZEALAND INSURANCE COMPANY.

(Per United Phess Association.) AUCKLAND, February 14. The annual meeting of shareholders of the New Zealand Insurance Company was held this afternoon, tho Hon. Seymour Thome George presiding. In his address the chairman stated:—"With the exception that wo have purchased the Now Zealand Accident Insurance Company there is nothing that, calls for particular mention. We have again to congratulate ourselves on a record year as regards our premium income, the net revenue from that source amounting to £425,900 12s 9d, -which is £5678 18s in cxcess of last year's. This, I think, may be considered very satisfactory, as wo had a new competitor in this colony to contend with in tho State Fire Depart' me'nt. Our interest and rents now amount to £27,376, being an incrcaso over last year's of £2357. Our income from this source now amounts to 13.68 per cent, on our paid-tip capital, ami gives a return upon investments of 4.26 per ccnt. Turning to the other sido of the account, tho expenses (£111,677) are slightly in excess (£2066) of last year, but this is to be expected, as incrcaso in expenses must necessarily follow the expansion of our business. ; Oiir losses during the year have been normal, and arc practically the same in amount as last year—namely, £275,697, or equal to 64.25 per cent, on the not premium income, being .65 per cent, less thau last year. Our profit on underwriting amounts to £40,616, being equal to 9.53 per oent. on our net premium income, which result shareholders will,- I think, consider satisfactory." The adoption of tho report and balancesheet was carried unanimously.. The Hon. S. T. George and Messrs L. J. Bagnall and Charles Ehodes were clected directors.