NEW ZEALAND INSURANCE CO.

Poverty Bay Herald, Volume XXXVIII, Issue 12376, 9 February 1911, Page 3

NEW ZEALAND INSURANCE CO.

• (Per Preas. AssociationO. ' '..[ , "AtJCKLAND, this day. . Ylie 'annual '.'ipeetipg of shareholders of the Nv. w t Zealand 1 nsurance Company . , Ltd. > was held this afternoon. ..Jn movipg the adoption of the report, the chairman said, inter alia, that, it showed a considerable, improvement oyer lastVyea'r, .In the fire department the I year -had been comparatively uneventful, only giving us an average number of clauns'to meet. The. marine department j had again caused anxiety, but he was glad to say that remedial measures instituted 12 months ago had already' produced good effects," and were still, work- i ing .'out towards a very much more satisfactory result. The accident depart men^' showed 'steady progress in v revenue, nnd as the Compensation Acts ,are brought into raipre '"extended operation-, tlAey may reasonably expect further developments .alon,-; this line. The, total premium revenue was slightly less tlian the last balance-sheet showed. This was due to the cutting out of unprofitable, marine business. Tlie net prcmjiini inpome totalled £605,509, against £608,282 last year. The losses, including usual full appropriation for unpaid claims, amounted to £391,321, as against £4-3,964, showing the satisfactory improvement of £42,643. The expenses Account* amounted to £172,592, a substantial portion of the cxc ss over last year being found m the ever-increasiner Government t.-ixntioh m various countries. The inteie t and rent account had nqw touched £30,000. In view, of this, and . the excellent amount of funds for disposal, and, the f ct that last year the company completed its j'ibilee peri;d, the' directors bad felt justified m recommending that ih addition to the usual 10' per cent, dividend, amounting to 5s per share, of which 2s per share was paid m August Inst as ah interim dividend) iii bonus of ls per share be also paid. The invested assets of the company now reach £781,089. 'showing a substantial increase of £'8,574 over last year, While the total assets of the com p-a'riy were now £920,683, as compared ■i^ith" £870,354 m the previous report. It' l was proposed to transfer from profit and -loss the sum of £25.0C0 to the reserve'; fund, making it £220,000, which, w*i*hY the reinsurance fund of £250,C00. would bring up the total of these items to £470,000. . In addition, it was propos-. ed '.'to take ' from the balance carried forward' the ' sum of. .£SOOO to form tho nucleus! of a provident fund. .The motion for the adoption of the reports and balance-sheet was carried unanimously. The retiring directors, "Messrs Orr, Houghton, and Myers, were unanimously re-elected. 'Mr , Myers . returned thanks on "behalf of hiniself nnd his two fellcwdirectors'.