NEW ZEALAND INSURANCE CO.

Dominion, Volume 5, Issue 1364, 15 February 1912, Page 8

NEW ZEALAND INSURANCE CO.

ANNUAL MEETING. ißy Telceraph-Prcss Association.! Auckland, February 14. The annual general meeting of the shareholders of the New Zealand Insurance Co. was held at the head office of the company to-day. The chairman of directors (the Jlon. S. Tlioriie-Cieorge, JI.L.C.) presided, and there was a good attendance of shareholders. In moving the adoption of the annual erport and balance-sheet," the chairman caid: "The business of your company is still increasing in a most satisfactory manner, and the premium income for the year is a record in the history of your company. It amounts to £638,Ki7, being an increase on the previous year of £32.490. Our interest and rents amount to ,£353,378, and show a, return of 4 per cent, on our investments. And now. turning to the debit sido of the account, our expeuc-es amount to £192,4-i7, being an increase on the previous year of £19,656. ThiV; is partly accounted for by the fact that our Government taxation has gone up considerably, and that we arc paying all our oflicere a bonus for the past year's work, and I may say here that the thaulcs of shareholders are due to our stalT. We feel certain that our action in this matter will meet with your approval. Our losses for the year amount to £368,520, and full provision has been made for all known and unadjusted claims. The lots ratio lo premium income is 57.76 per cent. The sum which wo have to deal with, including £K,iC6 brought forward from la.st year, amounts to .£111,524, out of which we paid an interim dividend in June last amounting to £15,CC0. and we jiow reeommen da further dividend of 3s. per share, amounting lo £22.500. Vtc also recommend a transfer of £30,000 to the rertrve fund, and £20, C(» to the reinsurance fund, which funds together will then reach the substantial figure of £520,C06. Your directors also recommend that £HCO should be placed to the credit of the provident fund. In concinejon I have much pleasure i: , . drawing attention to the increase in t.lie gross .assets of your comptMiy, which have rcaehad the satisfactory total of over £1,M0.CC0." The motion was carrier) unanimously. The retiring directors (the noil. S. Thorne-Gr-orgo and Messrs. Bagnall and Rhodes) were re-elected.