MUTUAL INSURANCE CO.

Wairarapa Times-Age, 1 October 1940, Page 2

MUTUAL INSURANCE CO.

WAIRARAPA AUTOMOBILE ASSOCIATION. ANNUAL REPORT OF DIRECTORS. The annual report of the directors of the Wairarapa Automobile Association’s Mutual Insurance Company states: — Your directors have pleasure in ■ submitting for your approval the Twenty-fifth Annual Report and Statement of Accuonts for the year ended September 12, 1940. In doing so they announce that the position is very satisfactory indeed, in spite of war conditions and the general disorganisation of business throughout the Dominion. The figures disclose an increase in new business, and, naturally an increase in claims, though not in the same ratio. All claims have been met promptly and many letters of appreciation have been received during the year. In addition to meeting all claims a bonus distribution has been made, even though premiums have been kept down to a minimum. The premium income, less re-insur-ance and return premiums, was £1407 19s lOd more than the preceding year. Income from investments totalled £1215 13s 7d, compared with £985 3s for 1939. The ratio of working expenses to net premium income was 13.2 and compares very favourably indeed with last year’s figures. The number of claims made during the year was 420, compared with 499. Accident claims head the list, the total amount claimed under this heading being £6103 11s lid. The total claims show an increase over last year of £1420 5s Bd. The percentage of claims to premium income was 59.2, an increase of 4.7 per cent. The sum of £5OOO had been set aside as a reserve for unexpired risks and the balance, £465 10s Id, has been transfered to the Accumulated Fund. The sum of £lOOO set aside for refunds to members out of previous year’s profit has been paid out. Twelve meetings of the Board of Directors were held during the year and the attendances are as follows:— Messrs F. C. Bunny 12, H. E. Jackson 12. H. J. Jones 11. T. E. Lang 12, H. Lawson 12, R. W. Roydhouse 12. Leave of absence was granted to Mr W. H. Jackson, and under the provision of the Articles of Association the Board carried on without filling the vacancy. It is suggeted that owing to the distubed times through which the world is passing, the vacancy be still left open. In terms of the Articles of Association, Messrs F. C. Bunny and H. J. Jones retire, and being eligible offer themselves for re-election.