SOUTH BRITISH INSURANCE
NEW RECORD IN PREMIUM INCOME P.A AUCKLAND, Oct. 18. The South British Insurance Company reports a new record in premium income, £3,146,635, an increase of £141,220. To assist in meeting demands arising from a revaluation of assets due to the new exchange rate, a transfer of £600,000 is made to exchange and investment fluctuation reserve, against a transfer of £200,000 last year. The total of this reserve is now £870,736, against £1,307,628 last year. , , The revaluation of assets is mainly reflected in Government securities, which are reduced to £2,782,231, against £3,346,315 last year. Other items', with the 1947 figures in parentheses, are:— Municipal and Harbour Board debentures, £668,805 (£736,243); loans on mortgage, £733,039 (£884.103). Expenses rose £33,485 to £848,045, and losses were £125,684 higher at £1,694,677. After making full provision for risks and taxation, the surplus in the underwriting account is £423,913. The income from interest and rents was £201,243, against £253,551, bringing the net profit for the year to £625,156, compared with £595,413 a year ago. A bonus of 6d is added to the usual dividend of 2s • a share for the year (final Is), making the total 25 per cent., which requires £257,910. The sum carried forward is £431.682, against £664,438 brought in.
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Bibliographic details
Otago Daily Times, Issue 26906, 19 October 1948, Page 7
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208SOUTH BRITISH INSURANCE Otago Daily Times, Issue 26906, 19 October 1948, Page 7
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