S.I.M.U. MUTUAL INSURANCE

Evening Star, Issue 23370, 13 September 1939, Page 6

S.I.M.U. MUTUAL INSURANCE

INCREASE IN PREMIUM INCOME AIM FOR AN IMPREGNABLE POSITION UNDERWRITING SURPLUS OF £3,896 Premium income of the South Island Motor Union Mutual Insurance Association for the year ended June 30, 1939, was £70,883, against £56,038 in the previous year. This.figure is less returns, refunds, and reinsurances. Net claims after taking . into account reinsurance recoveries, and making adequate provision for claims not finally settled, amounted to £35,895, compared with £32 479 for the'year ended June 30, 1938. The claim ratio was 50.63 per cent., compared with 57.95 per cent, for the preceding year, and the expense ratio was 21.02 per cent., compared with 23.7 per cent, last year, and 24.3 per cent, in 1937. The report says that throughout the 13 jiears of the association's existence, the paramount aim of the directors has been to place < the association in an« impregnable position, and it can be. safely said that further substantial prdgress toward this object has been made 'this year. Reserve ratios have been further increased, and the various reserves now stand as follows: — ■ ; '.;.-- ■ £ s. d. : General reserve ... ■■■ 71,757 15 6 Reserve for unexpired risks 46,926 1 3 * Reserve for, fluctuation of investments and contingencies 6,793 19 4 .;=..'. Total ... ... ... '.'.,.. 125,477.16 1 Total funds now amount to £164,167 IQaM. ' DISTRIBUTION OF SURPLUS. The decision, in 1935, to return to policyholders every year ;the underwriting surplus has given considerable satisfaction to members, and has, to foundation members, justified their faith in the principles on which the association was established, and to later - members it offers a benefit which did not previously exist, the report continues. . . Since its inception,'the association has (including early triennial bonuses) returned to policyholders as rebate bdnuses no ■ less a 6um than £26.919. •to .which has been added £8,497 set aside for return during the current financial vear, making a grand total of £35,416. - "Your directors, are pleased to report a. surplus of £9.895 18s 3d as the result of the'year's underwriting which has been disposed of by:— £ s - d. Adding to investment fluctuation reserve 687 0 7 Adding to bonus rebates paid during the year ... 711 17 8 Reserve for bonus rebates to be paid 1939-40 ... 8,497 0 0 V \ £9,895 18 3 ," In-accordance with the articles of Messrs C, G. Curtis and B. Falck retire from the board of directors this year, and, being eligible, have been nominated for re-election." PROPERTY SALES Park, Reynolds Ltd., under instructions from, the Public -Trustee in the estate of Barbara Morrison, submitted to auction two freehold properties. Lot 1, being allotment 90. plan 53, township of West Dunedin, area 10.5 poles, with five-roomed dwelling thereon,' No. : 153 Eglinton road, was sold after spirited bidding to Thomas Fisher for £560. Lot 2 did not reach the reserve and is now for private sale. Messrs R. S. M'Kenzie Ltd. report having sold prior to auction Miss J. A. Robertson's freehold section property containing tharee rooms and: kitchenette at 22 Islington street. The contract completed provided for a deposit of '£2so and the balance in cash on October 12. RED LEAD Australian manufacturers of red lead have advanced prices by 30s a ton f.d.b. This movement was not unexpected, as. the market recently for white lead has been very firm and ad-, vancing, and the red lead market usually reacts to .any movement in white lead values. RABBITSKIN SALE . The Dunedin Stock Agents and Wool Brokers' Association advises that the fortnightly ' rabbitskin sale has been temporarily postponed. Negotiations regarding the question of price control are now taking place with the Government, and it is anticipated that the sale will he held in the near future and that the following sales will be conducted on the scheduled dates.