NATIONAL INSURANCE COY.
INCREASED NET PROFITS Press Association DUNEDIN, Tuesday. The annual report of the National Insurance Company shows that the net income for the year ended September 30 was £280,688 5s sd. After making full provision for losses outstanding and adding £IO,OOO to the reinsurance reserve, there is an underwriting surplus of £17,677 11s 4d. Interest and rents, less income tax, amount to £31,840 12s lOd, making with the balance of £02,603 6s 10d brought forward a total of £82,10U An interim dividend paid in May. 1928, absorbed £16,666 13s 4d, leaving available a balance of £65,463 l<s Sd. The directors have added £5,000 to the reserve fund, £1,780 2s 9d to the taxation and contingency account and £1,4-0 i.v? 3d to the investment fluctuation account. They now recommend the payment of a further dividend of 5d a share, making the total distribution for the year 9d a share 'which will absorb £20,833 6s Bd, and to carry forward £36,429 10s. The directors propose to capitalise £50,000 from <the reserve fund as indicated to the shareholders at the last annual meeting of the company. \ Following is a comparison of the company’s results for the last three years:—
Carried forward £31,901 £32,60?. £36,429 “The capital of the company, previously 200,000 £5 Shares paid to £1 was divided last November into 1,000,000 £1 shares paid to 6s. The dividend was equivalent to 10 5-6 per cent, m 19-6 and 12i per cent, in 1927, this year s dividend being at the latter rate. With the present addition,, the .company’s general reserve wiH be £030,000 and the proposed capitalisation of £50,000 will increase the capital to £350,000, the shares becoming paid up to 7s each. Five years ago the company transferred £IOO,OOO from reserves to capital account.
\ Net income .. .. 1326. £ 249,534 1927. £ 260,814 1928. £ 280,688 Brought forward 32,332 Surplus .. .. •• Interest and rents *>3,oo9 31,901 17,582 31,589 32,603 17,677 31,S50 £79,401 £81,072 £ S2,130 To reserves .. Dividend Amount 15,000 3s 3d 32,500 10,969 3s 9d 37,500 S.201 *9d 37,500
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https://paperspast.natlib.govt.nz/newspapers/SUNAK19281031.2.164.11
Bibliographic details
Sun (Auckland), Volume II, Issue 499, 31 October 1928, Page 14
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335NATIONAL INSURANCE COY. Sun (Auckland), Volume II, Issue 499, 31 October 1928, Page 14
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