COMPANY MEETING
THE LIVERPOOL AND LONDON AND GLOBE INSURANCE CO., LTD.
103rd ANNUAL REPORT
A SUCCESSFUL YEAR
THE one hundred and third annual general meeting of the Liver- pool and London and Globe Insurance Co., Ltd., was held on Wednesday, May i7th, in Liverpool. In the absence of Mr. A. E. Pattinson, the Chairman, Mr. A. Kentish Barnes, a Deputy-Chair- man, presided.
Despite world-wide unsettlement, 1938 had been a distinctly successful year for the company. Underwriting profits, at £900,3oo, had only once been exceeded in its long history. Total premiums were over Lio,000,000 ; fire and accident loss experience was favourable ; and the ratio of commission and expenses was lower.
The year had produced problems on an unprecedented scale with international and business affairs so disturbed.. In such con- ditions, however, insurance appeared to greatest advantage, con- tributing, as it did, to the peace of mind of those it served by exerting a steadying, stabilising influence.
The value of insurance to the individual could not be over- estimated. British, Dominion and American offices alone last year had paid in claims an aggregate exceeding 830 million pounds. When translated into cash payments to policyholders—at times when money was most needed to rebuild property and savings or to restart life—something of the constructive force of insurance could be visualised.
5938 RESULTS
Net new life sums assured, £2,854415 (against £2,886,475 for 1937). Whole-life bonus was maintained at 45s. per cent, per annum ; endowment assurance bonus maintained at 40s. per cent.
per annum ; interim bonuses at the same rates. Carry forward increased from £675,365 to £79o;oo2 -
Net premiums : fire, £3,835,137 (against £3,925,852 for 1937) ; accident and miscellaneous, £4,865,529 (against £4,898,523) ; marine, £345,657 (against £330,080).
Underwriting profits: fire, £332,251 ; accident £536,911; life, £28,000 ; marine £3,139; total, aoo,3o1.
Interest to profit and loss account was £407,981.
Profit and loss account, after providing for dividend, income-tax, National Defence contribution, etc., showed a balance carried forward of £906,205.
The report and accounts were adopted, and a final dividend of 13s. 6d. per share was declared, making 275. per share, less tax, fpr 1938.
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