SOUTH BRITISH INSURANCE COMPANY.

Otago Daily Times, Issue 15273, 13 October 1911, Page 3

SOUTH BRITISH INSURANCE COMPANY.

1 (Per United I'hf.ss Association.) AUCKLAND, October 12. The annual meeting of tho South British Insurance Company vf;u> held to-c};iy, and \v;is presided over by tho chairman of directors, .Mr John Uatger. In moving the atloplion of the report, and balance sheet, the chairman gave a short analysis of the Iwlance sheet and a comparison between it and that of last year. He said:—" In the revenue account you will see that tho net premiums, lire, marine, 11111} accident, are £353,240, which is £16,697 more than last yeai's amount, showing a sulistantial but not abnormal increase in our luisims-w. Interest and rents reached £35,026, being £1762 more than last year. On the other side of the account "tho losses 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 aro all slightly higher, but the underwTiting profit'is £52,147, against last, year. Of the premiums received, the losses "(together with £10,000 added to UlO reinsurniHJc account) absorb 56 per cent, and the expenses 29.23 per cent., leaving the net underwriting profit 14,77 per cent. The profit and loss account, shows tho increased dividend paid to the shareholders dining the year {£35,000 against £30,000). A larger amount than last year is carried to the Auckland leasehold sinking fund. A considerably larger amount than usual is written off olftce furniture. An increased contribution is made to the provident fund, ami £40,000 is carried to the. 11 serve fund, After making these allocations we fitill carry in profit and loss account a balance of £48,593, which is £5301 more than we had last year. Our reserve fund now amounts to £380,000, | our re-insurance reserve to £150,000, and our reserve for outstanding losses to £76.299. Our assets have reached £780,015. Loans on mortgage are increased by £35,479, and fixed deposits by £14,500." Continuing, lie said " Considering the general commercial prosperity throughout the world, our profit has not been so large as we might fairly have expected. The inadequate rates prevailing in New Zealand arc mainly responsible for this. The board lias provided in its report for a bonus to the staff which will absorb £6500.

The report was adopted. Messrs John liatgor and John Edson, the two retiring directors, were re elected.