NEW ZEALAND INSURANCE COMPANY

Southland Times, Issue 17656, 14 February 1916, Page 2

NEW ZEALAND INSURANCE COMPANY

YEAR'S .SUCCESSFUL AVOItK. The annual general meeting of the New Zealand Insurance Company. limited, was held at the company's office at Auckland on Wednesday, About forty shareholders were present, and the Hon. Seymour Thorne George. AI.L.C., chairman of directors, presided. The directors’ report and balance-sheet showed a surplus of £122.200 at the end of the year, and recommended the payment of a dividend of Os per share for the year, leaving a balance of £37,200 to he carried forward. SPEECH TIV THE CHAIRMAN. The chairman in moving the adoption of the report and balance - sheet, said: — “Owing to tlio war the year we have now passed through has been a very strenuous one, but we feel assured that the result of the year’s work will meet with your approval.

Tlie premium income for tlie year amounts to £710,616, being an increase on last year of £-11.337; Ibis partly the result of marine underwriting of war risks. The interest on investments amounts to £50,258, being a slight increase on tlie previous year, and the return on investments amounts to 4.15 per cent, which is a shade lower than last year, but tlie underwriting profit is slightly better, "On tlie debtor side the losses for the year after making full provision for all known and unadjusted claims amount to £123,843, a decrease in the volume of losses against the previous year. The loss ratio amounts to 57.23 per cent, on your, premium income. Tlie working expenses amount to £208,879, the ratio to premium revenue being 28.2 per cent. “Your directors, in addition to the. ordinary work of the company, have steadily kept in view the rendering of as much assistance as possible to the Empire in its time of peril. We have felt it our-duty to invest the sum of £BO,OOO in the British war loan, making with the conversion of our consols a total holding of £117.867, The additional sum of £7500 lias been voted 1o the New Zealand Patriotic Funds, and we have, further, included in the proposed bonus to the staff those members who arc so nobly doing tbclr duty at tlie front. For these patriotic ■ efforts we ask your wholehearted approval. "Of our officials, no less than S2 have gone to the front, and these arc retained on our staff on half pay. We have been working shorthanded, and the thanks ol our shareholders are due to our staff for the energy and willingness they have shown in carrying on the company's work and bringing it to the successful result which our balance - sheet shows, and as a slight recompense and to mark our appreciation of their services, we propose, with your approval, to grant them tlie bonus referred to. "The balance brought forward amounts to £24,091 19s Od, and, added to the year’s surplus of £98,108 17s lid, after making full provision for all ascertained losses, amounts to £125,200 17s Bd, which your directors have dealt with as follows: —• £ s. ,d. Interim dividend paid in August last 22,54)0 0 0 Transferred to the reserve fund 40.000 0 0 Leaving balance of . . . . 59.700 17 S Out of which it is proposed to pay a dividend for the year of 6s per share, less 3s per share, £22,500, paid in August, leaving to be carried forward to the new account £37,200 17s Bd. “As already mentioned, the 2% per cent. British consols'" have disappeared from the list of assets in your balancesheet, having been converted at a discount into 4% per cent. British war loan bonds. ■ These and all Government securities and debentures have been taken into account at present market value. To meet this depreciation they have been written down by £34,572. You will also note that the re-insurance fund appears under a new title, "Reserve for Unexpired Risks,’ and, in future, adjusting entries will pass through the profit and loss account - . . .. . ••Your directors were of opinion that the time was opportune to open out more extensively into the trustee and executor department of our business, and we have been fortunate in being able to secure the services of Mr C. P. Thomas, late manager of tlie Bank of New Zealand at Christchurch, who will undertake the management of this department under the title of trustee. We feci assured that under his personal supervision the department will become of great service to the public as trustee, executor, and acting as attorney for clients. "The new building for the bead office of the company is progressing in a satisfactory manner, and we are expecting to lie in our new offices in the beginning ol next year. I. have the honour to move the adoption of the report and balancesheet." .. Mr L. J. Bag-nail seconded the motion, which was carried. THANKS TO DIRECTORS AND OFFICERS. Air A. D. Lubecki moved that a hearty vole of thanks be given to the directors, officers, and agents of the company for the careful and successful way m which they had conducted its affairs during tlie past year. He expressed warm appreciation of the manner in which the company's business bad been managed during‘one of tlie most trying and anxious years it bad over passed through. Great (•arc and judgment must have been necessary in avoiding the rocks and shallows, to say nothing of the submarines, by which their bark had been surrounded but she had been steered safely into port for which all were thankful. Not onlv’ had a substantial dividend been paid but the directors bad strengthened the company's position by adding £40,000 to the. reserve fund, and they had £.u,-00 to carry forward; a sum which was more that sufficient to pay the next few years' dividends. The year's business had been more successful .than could reasonably have been looked for, considering the times through which the country- had passed and this, lie thought, was largely duo to the watchful care of the directors and staff. , Air ) W. Stewart, m seconding Uu motion, congratulated the board upon its action in hacking up the vote ol thanks passed to the staff last year with a bonus During the year the members of the staff bad had extra duties thrown upon lbom, on account of the large proportion of their colleagues. who were awav on active service, and the dueclots had done right in recognising their work. OFFICIALS AT THE AVAR. The chairman agreed that the directors and staff, hut more particularly the staff had had a strenuous year. The company’s officers had been very shorthanded. and had worked long hours, doing everything in their power to carry on the company's work, v.hioli they hail done very successfully. Jn such circumstances, a bonus was the correct thing. Mr .las. Buttle. general manager, thanked the shareholders on behalf of the staff and agents, and said they were ■ill p’-oed of tlie voting men who had gone from their office' to light for their King and Empire. Their absence had cast a ce-taiu amount of extra work on those who remained behind, hut that work had been cheerfully shouldered.