COMPANY NIEETINCS
NORTH BRITISH AND MERCANTILE INSURANCE
SATISFACTORY UNDERWRITING PROFITS
THE 132nd annual general meeting of the North British and Mercantile Insurance Co., Limited, will be held on May 7th at Edinburgh.
The following are extracts from the statement issued by the Hon. Arthur 0. Crichton, deputy-chairman of the company : In the life department the new business total approximated very closely to that completed during the year 1940, an upward trend being noticeable towards the end of the year. In regard to claims by death the year 1941 was very satisfactory. Even including claims (Service and civilian) due directly to the war, our experience proved to be well within that expected according to aie standard table of mortality which we use.
The new annuity business completed in 1941 showed an increase on the 1940 figure, and the fund has now almost reached the £9,000,000 mark.
The premium income in the fire department increased by over £200,000 in 1941. The result of the year's operations was a profit of 7.66 per cent., which compares with the percentage of 2.80 per cent. in the very lean year of 1940. The Railway Passengers Assurance Company, which transacts our casualty business, has again produced satisfactory results. The profit emerges at £171,533, representing 12.67 per cent. of premiums in com- parison with £164,389, or 12.59 per cent. for the preceding account. The premium income of the Ocean Marine Insurance Company of £696,934 showed an increase of nearly 10 per cent. over the figure for the previous year. The losses, claims and expenses show a slightly lower percentage than in 1940
The accounts of the Fine Art and General Insurance Company show improved results on the previous year. There has been a further rise in premiums which at £390,215 are £12,772 more than in the previous year. The underwriting profit of £45,869 represents 11.75 per cent, of the premiums, as against £30,141, or 7.99 per cent., for the preceding account.
The directors again recommend a dividend of 6s. 3d. per share, less income-tax, one-half payable on May 15th and the other one-half payable on November tith. This dividend, together with the preference dividend, will absorb £391,529, while the combined total of net interest amounts to 084,224.
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