RECORD PREMIUM INCOME

Otago Daily Times, Issue 26531, 5 August 1947, Page 7

RECORD PREMIUM INCOME

NEW ZEALAND INSURANCE CO., LTD. Daily Times Special Service AUCKLAND, Aug. 4. A record premium income of £3,162.310, shown in* the accounts of the New Zealand Insurance Company, Ltd., for the y'ear ended May 31. exceeds the previous peak, reached in 1944. by £640,244, and is an increase of £763,371 over the income for the year ended in May 12 months ago. Losses were £257,189 higher at £1,601,098, the ratio to premium income falling to 50.63 per cent., against 56.02 per cent, in 1946. Tire lowest ratio for 30 years was touched in 1944, when the percentage ' was 49.44. Expenses' rose £36,107 to £822,584, which is £103,615 below the peak of 1944. The expenses ratio is reduced to 26.01 per cent., against 32.78 per cent, the previous year, and is the lowest since 1943, when it was 25. i 9 pgr cent. An unusually large transfer of £557,000 has been made to unexpired risks reserve, against £43,000 in 1946, and a reduction of £75,000 in 1945. The underwriting surplus is £43,925 lower at £181,628. Net income from interest and rents is £13,534 higher at £189,225, making the total of the year's earnings £370,853, against £401,244. , . , A steady dividend of 12J per cent, (final Is 6d a share) requires £187,500, and £IBO,OOO has been transferred to investment fluctuation exchange and contingencies reserve (against £210,000 in 1946), leaving £3353 to increase the carry-for-ward to £249,689.