13 MAY 1938, Page 40

LICENSES AND GENERAL INSURANCE COMPANY

TWO LAND MARKS PASSED

THE forty-eighth ordinary general meeting of The Licenses and General Insurance Company, Limited, was held on May 11th at the company's offices, 24-28, Moorgate, London, E.C.

The Hon. Reginald Parker, who presided, said that it had been a 12 month of conflicting emotions, but personally he could not think that the outlook generally need really be clothed with too many misgivings.

In respect of the Licenses and General Insurance Company, Limited, there were two milestones to be noted. The total income had passed the £600,000 mark, an increase of £39,597, and the total of the assets for the first time also in the company's history exceeded £800,000—an expansion of £49,290. Those two items were significant. They spoke of confidence, and he submitted from these facts that they could look forward with every confidence to a useful and important future.

In the Life department the second year's experience still further justified the original venture. The growth was consistent and the first few months of 1938 continued the upward trend.

In the Fire department there had been a recession in income and a higher claims ratio, and the whole matter would receive the particular attention of the management. The Personal Accident account revealed a small profit to replace the slight adverse balance of last year. In the En'ployer's Liability account a heavier call for unexpired reserves reduced the amount available for profit, but taking reserves into consideration the account was more favourable even than last year's figures.

In the Motor Section, premiums had improved, bringing the total income to £209,472, and there remained a profit of £6,462 to transfer to profit and loss. The position of Motor Insurance continued, however, to be a subject for thought, and somehow he did not think that insurance was getting quite a fair chance at the moment.

In the Marine account the interest earned of £2,149 remained in the fund, which was increased in all by the year's operations to £36,206. As to the General account, the premium income had gone forward in 1937 by almost £10,000. The transfer to profit and loss was on a level with last year, after leaving £4,000 in the account.

The report and accounts with the final dividend of 14 per cent., making 20 ner cent., less tax, for the year, were unanimously adopted.