LICENSES AND GENERAL INSURANCE
THE fiftieth ordinary general meeting of The Licenses and General Insurance Company, Limited, was held on May 3oth at the registered office of the company, 24, 26 and 28 Moorgate, London, E.G.
The Hon Reginald Parker (the chairman) said: The accounts having been circulated I presume that following our usual custom we may take them as read? (Agreed.) This year we meet under war conditions and the problems arising are many and various. To begin with one might suggest that 1939 really only consisted of eight months. But despite the disabilities which surrounded us, and with the exception of one poor account, to which I shall refer presently, we have had a very satisfactory year, with an increase of income over-all and of total assets.
The life department has increased and for the eight actual months of trading we issued only 97 policies less than in the previous full 12 months. An excellent profit came from the fire department. The income which advanced in the previous year remains stationary—a definite home increase being neutralised by loss of Continental connexions.
The marine outlook has improved since last we met—rates have increased, market conditions bettered, and values have been on the upgrade. You will have noticed a reduction on the number of revenue accounts presented to you, inasmuch as the accident business other than motor 1.as been combined in one account. By eliminating, as separate items, the comparatively small personal accident and employers' liability statements, it was thought that a better picture of the constituent parts of the accident business would be provided. The premiums amounted to a sum of £205,718 9s. 7d. and a profit of £18,762 145. 2d. is carried to profit and loss. Now let me refer to the adverse account—motor insurance.
The income for the first time for many years showed a backward movement—only a matter of some thousand pounds—and the board, in view of the circumstances I have mentioned, decided to strengthen the funds of the department by a transfer of £25,000. You will, of course, appreciate that this does not infer of necessity that the money will be lost. Your directors have endeavoured to meet a situation arising from abnormal conditions by the movement of a strategic reserve.
The report and accounts were adopted.