N.Z INSURANCE CO.

Taranaki Daily News, Volume LII, Issue 15, 11 February 1909, Page 2

N.Z INSURANCE CO.

ANNUAL MEETING. By Telegraph.—Press Association. Auckland, Last Night. Tl.e rt/nial meeting of shareholders of tie: New Zealand Insurance Co. was held this afternoon. The chairman, the lion. S. Thome lieorge, presided, and in the course of his remarks said the i amount of business for the year had been about normal, the premium income amounting to £0*20,424, a slight increase on the previous year's income, and renewals amounted to £20,875, giving a return of 3.78 per cent., which was a shade lower than last year, hivestn.euU amounted to £710,512, which had lu.'ii only once exceeded in the history of the colony, in 1905, the > car before the San Francisco calamity, when they were £829,202, less the purchase money due to the New Zealand Accident Company, which amounted to £115,000, leaving £714,202 net, so that the company had again reached the strong tinami;!. positiou laid at that date. In 1I)U.">, the company's paid-up capital, reserves and undivided profits were £is„,080, whilst at the present date they amounted to £754,884, being a record in 1 the history of the company. The expenses bad been £159,323, being a somewhat l.eavy increase on the previous year. To a certain extent this was more apparent than real, as it was partly accounted for by a change in the eiiupa-.iv's system, now debiting certain accident charges to expenses, which • w ere formerly debited to premiums, and there were also contributions to various Fire Hoards in the Dominion, which was entirely a new item comimr into the accounts. The losses duriiis: "• -ear amounted to £409,357, an-.! ; i '• -s

ratio to premium income was per cent., as against B.i.Oti per oent. of the ' previous year, anil surplus 011 under- ' writing amounted to 17)1,74-1, or 8.34 per ecnt. 011 the net premium iiieome. I After allowing for the interim dividend, which amounted to £15,000, paid in August lust, the available balance to be dealt with amounts to £70,203, from which the directors recommend the fillhiwi.ijr appropriations— C 30,000 to the reserve fund, which will then amount to £ I (-5.000, and £15,000 to the re-insur-ance fir,ul. which will then stand at .C2.-i.ouo, the two funds together amounting to the sum of £43.500. Out of tho balance, the directors recommended the layineut of dividends of 2s per share, amounting to £15,000. being equal (with the interim dividend) to 10 per cent, for the year. lteferroce was then made to tho operation of the Workers' Compensation Act in relation to miners' disease, tho chairman expressing the opinion that the Government, h accepting the risks, had taken an unfair advantage over tho private companies. Tli'c Hon. Thome George and Messrs. liagnall and C. Rhodes were re , elected auditors.

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