NEW ZEALAND INSURANCE

Waikato Times, Volume 105, Issue 17783, 7 August 1929, Page 6

NEW ZEALAND INSURANCE

ANNUAL MEETING OF COMPANY. AUCKLAND, Wednesday. At the annual meeting of the New Zealand Insurance Company, Limited, yesterday, the chairman of directors, Mr Charles Rhodes, said that income showed a satisfactory increase, although underwriting profits were slightly less and in accordance with the conservative policy pursued over a period of 70 years it had been decided to recommend that the dividend should not be increased. “Notwithstanding increasing competition at most points, income has advanced from £1,150,232 to £1,183,973, giving a satisfactory increase of £33,741,” the chairman said. “The underwriting profit, however, after making full provision for all contingencies, is rather less, being £80,209, or 8.21 per cent., as against £80,521, or 8.22 per cent, last year. Expenses costs showed a slight decrease from 31-4 per cent, last year to 30.6 per cent, for the period just ended. “Consistent with the growth in volume of assets, interest and rents, derived from investments have advanced £3805 to a total of £134,077, being a return of 5.33 per cent, against 5.28 per cent, last year. The aggregate hook figures of the investments of the company, standing at £2,515,739, are less than the market value.

The retiring directors, Messrs A. S. Bankart, C. V. Houghton and Oliver Nicholson, were re-elected, and Messrs H. Gilflllan and F. C. Buddie were reappointed auditors. Mr Houghton voiced the thanks of the re-elected directors.

At a subsequent meeting of the hoard of directors, Mr C. V. Houghton was elected chairman and .wir A. S, Bankart deputy-chairman.