N.Z. INSURANCE CO.

Taranaki Daily News, Volume LIII, Issue 235, 9 February 1911, Page 5

N.Z. INSURANCE CO.

A SUCCESSFUL YEAR. By Telegraph.—Press Association. Auckland, Last Night. The annual meeting of shareholders of the New Zealand Insurance Co., Ltd.. was held at the company's office this afternoon. Air. Matthew A. Clarke, chairman of directors, presided. The reiitrt and balance-sheet, which have already been published, were taken as read.

In moving their adoption, the; chairman said, inter alia, the report and bal-ance-sheet showed a considerable im< provement over last year. In the Are department the year has been a comparatively uneventful one, giving us an average number of claims to meet The marine department has again caused anxiety, but we are glad to say that remedial measures instituted some 12 months ago have already produced good effects, and are still working out towards a very much more satisiactory result Our accident department shows a steady progress in revenue, and as Workmen's Compensation Acts are brought Jnto more extended operation, we may reasonably expect further developments along this line. Our total premium revenue is slightly less than last balance-sheet, and is shown to be due to the cutting out oft unprofitable marine business, the net premium income being £605,500 against £608,282 last year. Our losses, including the usual full appropriation for unpaid claims, amount to £391,321, as against £433,064, showing the satisfactory improvement of £42,643. The expenses account runs to £172,592, a substantial portion of excess overlast year bein'g found in the ever increasing Government taxation in various countries. Our interest and rent account has now touched £30,000. In view of this and the excellent amount of funds for disposal, and of the fact that last year the company completed its jubilee period, the directors have felt justified in recommending that in addition to the usual ten per cent, dividend, amounting to 4a per share (of which 2s per share was paid in August last as an interim dividend), a bonus of Is per share be also paid. The invested assets of the company now reach £781,089, showing the substantial increase oi £48,574 over last year, while the total assets of the company are now £920,683, as compared with £870,354 in the previous report. It is proposed to transfer from profit and loss the sum oi X 25,000 to the reserve fund, making it £220,000, which, with the reinsurance fund of £250,000, brings the toftil of these items to £470,000. In addition, it is proposed to take from the balance carried forward the sum of £SOOO to form the nucleus of a provident fund. The motion for the adoption of the report and balance-sheet was carried unanimously. On the motion of Mr. J. M. Mennie, seconded by Mr. C. H. Bennett, the retiring directors, Messrs Carr, Houghton and Myers were unanimously re-elected. Mr. Myers returned thanks on behalf of himself and his two fellowdirectors.