NATIONAL INSURANCE CO.
NET INCOME OF £260,513 i Press Association. DUNEDIN, Monday. The annual report of the National Insurance Company of New Zealand, Limited, shows that the net income for the year ended September 30 amounted to £260,513 13s 3d. After making full provision for losses outstanding and adding £5,063 to the reinsurance reserve, _ there is an underwriting surplus of £17,581 10s lid. Interest and rents, less income tax. amount to £17,589 0s lid, and the balance brought forward from last year is £31,901 Ss lid, amounting in all to £81,072 0s 9d. An interim dividend was paid in May, 1927, which absorbed £IO,OOO, leaving an available balance of £66,072 0s 9d. The directors have added £5.000 to the reserve fund, £2,319 Is 3d to the taxation and contingency account and £3,649 12s 8d to investment fluctuation account. They now recommend the payment of a further dividend of 2s 3d a share, making the total distribution for the year 3s _9d a share, and to carry forward £32,653 6s lOd. The directors propose to subdivide the existing £5 shares into five shares of £1 each, and an extraordinary meeting has been convened for to-day.
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Bibliographic details
Sun (Auckland), Volume I, Issue 190, 1 November 1927, Page 12
Word Count
194NATIONAL INSURANCE CO. Sun (Auckland), Volume I, Issue 190, 1 November 1927, Page 12
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