3 MAY 1930, Page 42


The Report last year of the Ocean Accident and Guarantee Corporation, of which most of the shares are held by the . Commercial Union Assurance, shows that net premiums in the Fire Department for the year amounted to _1382,203 as compared with £347,876 for the previous year. From Fire profits, 136,380 is carried to Profit and Loss as against £25,000 a year ago, leaving the Fire Fund at £479,765 as compared with £474,034 at the end of 1928. A sum of £135,000 has been transferred from the profits of the Accident Department to Profit and Loss as compared with 175,000 from the previous year's profits, while the Fund is left at 14,185,635 as compared with £4,287,809 at the close of 1928. The underwriting profit after allowing for 40 per cent. reserve from the Fire Department, was about £10,000 higher at £36,380, and the percentage of profit was 10.04 as compared with 7.49 for 1928. From Accident the underwriting profit was lower at 1145,458, as compared with £214,442, and the percentage at 2.5 as compared with 3.63 for 1928. The total underwriting profits and interest amounted to £485,112 as eompared with £547,279 -in the previous year.

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