26 APRIL 1935, Page 37

Financial Notes

SOME INSURANCE RESULTS

DURING the past week excellent reports have been published by some of the Insurance Companies, and among others the report of the London and Lancashire Insurance Company makes an exceedingly good showing. A writer in a daily contemporary was certainly justified in stating that the Com- pany has built up a fine premium income without sacrificing soundness in underwriting. The reserves, other than those for unexpired risks, are also very large, and consequently provide additional interest earnings. For last year the total premium income in the underwriting departments rose to £5,894,073 auainst £5,538,534, the largest increase being in the Marine A"ccount, where the total was £1,023,781 against £858,310. In the Fire Account the premium income was £2,842,102 against £2,767,767, and in the Accident and General £2,028,190 against £1,912,457. On final clearing up of the E.P.D. impost of the War period, a balance of £114,253 conies back from a reserve provided for it, and the amount has been put into the Staff Pension Fund. The dividend of £1 per share is at the same rate as for the previous year, but costs more because of the lower tax reduction. From the surplus profit the Marine Account Reserve has been increased by £100,000, raising it to £1,000,000, plus £409,513 against unexpired risks and £200,000 added to Accident Reserves, making the Additional Reserve in that account up to £1,000,000 also. The Fire Reserve is up L2,400,000, and there is also a General Reserve of £1,500,000.