COMPANY MEETINGS ROYAL INSURANCE COMPANY LIMITED
93rd ANNUAL REPORT SATISFACTORY RESU LTS STRONG RESERVE POSITION
AT the ninety-third annual general meeting of the Royal Insurance Company Limited, in Liverpool on May 23rd, Mr. A. E. Pattinson, the Chairman reported that fire premiums had advanced to £5,538,000. fit the light of rising prices, the need for critical examination of the adequacy of sums insured was stressed. Reference was made to the progressive reduction of approximately 30 per cent. in the average fire insurance rate since the beginning of this century, due largely to the efforts of insurance companies in reducing and preventing fire-waste.
At over £5,000,000 net new life business figures provided a record, more than half the amount being for policies under which the benefit became payable at death. Life premiums at more than £2,003,000 were higher than ever before.
Accident and General premiums at £5,945,000, showed a sub- stantial rise of £451,000, operations both here and overseas contributing. The future of motor insurance could not be regarded with equanimity in view of the constantly increasing cost of settle- ments, the average cost of which, since 1931, had risen by over 50 per cent.
The Marine account had closed with a 5 per cent. profit.
Total funds, for the first time, had passed the £50,000,000 mark.
1937 RESULTS
Net premiums : Fire, £5,538,750 (against £5,526,094 for 1936) ; Accident and General, £5,945,545 (against £5,494,178) ; Marine, £926,403 (against £806,839).
New Life business (net) amounted to £5,158,467 against £4,924,175 in the previous year.
The profits, exclusive of interest, were : Fire, £628,499; Accident and General, £490,761; Marine, £40,927; Life, £50,000. The total interest carried to profit and loss account was £1,256,646. The profit and loss account, after providing for interest on debenture stock, dividends and other outgoings, showed a balance carried forward of £2,450,581.
The report and accounts were adopted, and a final dividend of 3s. 3d. per share was declared, making 6s. 6d. per share, less income tax, for 1937.
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