COMMERCIAL.

Star (Christchurch), Issue 17915, 3 August 1926, Page 5

COMMERCIAL.

COMPANY MEETING. N.Z. INSURANCE CO. (Special to the “Star.”) AUCKLAND, August 3. At the annual meeting of the N.Z. Insurance Company, Sir James Gunson stated that the difficulties in conducting insurance business were still acute | and the income from premiums had been reduced by £6748. The New York branch had not been profitable and the writing of fire risks in the Eastern States of America had been discontinued, but marine business was being carried on. Good results continue inSan Francisco, South American returns are satisfactory, and the Company lias valued connections in the East. It is deemed prudent to follow conservative lines in London. Apart from the reduced premium income which has a slight effect on the figures, fires have been so general in all parts of the worTd, particularly in Australia and New Zealand that the less rate, which last year was 56.27 per cent, has risen to 59.47 per cent. The expense rhtio shows a slight increase, being 33.34 per cent, consequent upon lesser premiums and £13,047 increased expenses. The accounts have borne practically the year’s expense at New York, which will not recur. The surplus on the year’s underwriting amounts to £BO 15s Bd, a great proportion of which was earned in New Zealand. The income from investments was increased by £5643 to £117,237, and the yield is now 519 per cent. There has been a reduction in limited States securities due to re- lisation to meet the cost of reinsuring the New York business. The premises account shows an increase of £27,014, principally due to the purchase in Capetown of a site for £23,500, upon which a six storey building will be erected.