PROFITABLE YEAR

Sun (Auckland), Volume II, Issue 426, 7 August 1928, Page 13

PROFITABLE YEAR

NEW ZEALAND INSURANCE COMPANY

INCREASE IN EARNINGS Disclosing assets amounting to £2.835,722, compared with £2,744,277 last year, and a credit balance of £129,537 14s 5d to be carried forward after the payment of a dividend for the year of 1s 10d a share (less interim dividend of 11d a share paid in February), the 90th report and balance sheet of the New Zealand Insurance Company was unanimously adopted at the annual meeting held to-day. ; Moving the adoption of the report as previously published in The Sun, the chairman, Mr. Henry Horton, said he felt sure that having - regard to the difficulties that have operated during the year, the shareholders would be pleased with the result placed before them. The underwriting profit amounted to £80,521, against £90,152 in 1927, but it was practically the same as the result achieved in 1920. Income showed an increase of £33,722, and now stood at £1,280,504. The total fire, marine and accident premiums were £1,150,232, as compared with £1,121,424 last year, an increase of £28,808. Expenses, amounted to 31.41 per cent, of the premium income, as compared with 30.19 per cent, over the previous period. OVERSEAS BUSINESS The company had had to face increased competition both in New Zealand and in Australia. He was glad to say that in the East, America and South Africa their business had been well maintained, and it was only because of their successful operations in these fields they were able to place before them the satisfactory results that they did. A normal increase was recorded in income from investments and rents, which that year stood at £130,272, as against £125,338 last year, said the chairman. During the year the erection of fine new premises in Capetown, at the corner of Burg and Hout Streets, was completed, and he was glad to report that the portion of the building not occupied by the company was letting well. On the liability side they would note that the reserve fund was now £475,000, as compared with £550,000 last year, the reduction being due to the capitalisation of £150,000 of reserves, less the transfer of £75,000 to reserve that year. Their total assets now stood at £2,835,722, compared with £2,744,277. The board was pleased to be in the position that year to recommned a dividend of Is lOd a share, of whic.ii lid was paid as an interim the previous year. That will absorb £137,500, of which interests and rents have provided £130,272. The trust department of the company continued to make steady progress, and he again emphasised the request to shareholders and friends of the company for their support in Its further development.

Mr. Horton also made feeling reference to the losses suffered by the company in the deaths of Mr. R. C. Carr, an ex-director, whose death occurred in March last, Mr. James Buttle, general manager of the company from 1905 to 1920, and Mr. A. L. Parsons, late secretary of the company. Mr. Horton concluded by paying a high tribute to the excellent work done by the general manager and entire staff during the year. Sir James Gunson and Messrs. Charles Nathan and G. H. Wilson, the retiring directors, were re-elected. Messrs. H. Gilfillan and F. C. Buddie were re-elected auditors. The directors elected' Mr. Charles Rhodes chairman for the ensuing year, and Mr. A. S. Bankart, deputychairman.

A vote of thanks to the directors, officers and agents of the company, moved by Mr. J. Miller, was carried unanimously.