NEW ZEALAND INSURANCE COMPANY

New Zealand Times, Volume XXXVII, Issue 8353, 13 February 1913, Page 4

NEW ZEALAND INSURANCE COMPANY

THE CHAIRMAN’S STATEMENT. Press Association. . AUCKLAND, February 12. The annual meeting of tno New Zealand Insurance Company was held today. The chairman, the Hon. S. Thorne George presiding, made the following references in his statement: “The premium income for the year amounts to A 676,097, being an increase on tho previous year of JJ38,y99. Our interest and rent account has reached .£37,722, showing an increase ji £2344. which gives a return on our investments of 4.99 per cent.—a slight improvement on tho previous year. Our Josses for the year, after having made full provision for all known and unadjusted claims, amount to £403,520. being £40,000 in excess of tho previous period, but with the continuous .increase in our business, wo must also expect' an augmentation of our losses. The ratio of losses to premium income is 60.4, being a slight excess over the previous year. Uur tvorking expenses ’amount to £190,313, being £2134 less than the previous year, and showing a ratio of. 28.15 per cent, on our premium income, or 2.01 per cent, under last year’s ratio of working expenses. The amount we have now to deal with, including £19,024 brought forward, is £121,260, out of which a dividend was paid in August of £18,750. Your directors now recommend a further dividend of 2s 6d per share, together with a bonus of Is per share, which will absorb £26,250. They also recommend the, transfer to the reserve fund of £50.000, which fund will then amount to £300,000, and that a further sum of £SOOO bo transferred to the provident fund.’' Messrs Thomas Buddie, Matthew Clark and Henry Horton, Kho retired from the .board of directors, were unanimously reelected. Tho meeting was then constituted an extraordinary general meeting to deal with the proposed transfer of £150,090 from the reserve account to capital account. The chairman explained that the proposed alteration in the articles of association had been drawn up with great caro by' the company's solicitors, wbo had taken the advice of the leading counsel in New Zealand, eo that no legal mistake should be made. There might, ho. said, be an impression that the directors were seeking greater remuneration by the proposed changes, but the iact was that tho amount receivable would not bo altered at all. , , . Tne resolutions embodying the alterations were then put to the meeting and carried. Tbo resolutions will he submitted for confirmation to a meeting at a date to be fixed. •