Financial Notes

Sow; INSURANCE RESULTS.

THE results recently announced by the Alliance Assurance for the past year have given general satisfaction. On a premium income of just over 12-,000,000 the losses in the Fire Account were only a little over £700,000, or 35 per cent., while the profit, exclusive of interest, was 2897,202. A MIFTI of 2100,000 is now added to the Reserve of the Depart- bent, making the" Additional Reserve," apart from unearned' premiums, up to 22,100,000, which is more than the premium income of the year. Following is a brief summary of the position as disclosed in the accounts :

1931. 1932. 1933.

Fire Profit .. .. £351,706 £342,812 £397;202 Marine.. .. .. 3,4,462 66,783 09,022 Accident, &c... .. . 115,118 100,393 118,356 Life . .. .. 14,000 16,186 55,961 Sundries .. .. 9,075 11,763 13,325 Interest .. 336,784 , 333,239 319,227

£861,145 £871,176 £953,093 Income Tax ..

89,681 102,644 89,501 Directors' Fees

37,009 36,506 37,038

To Reserves ..

100,000 100,000 200,000 Premises ..

78,821 78,120 25,972 Widows' Fund Staff Fund ..

9,393 . 9,700 9,230 50,000 Expenses ..

58,433 57,616 74,984 Dividend - .:. '416,438 475,125 475,138 Balance

£753,445 £764,894 £757,385

The profits of the various departments shown in the foregoing table are exclusive ofinterest earnings. The Accident Account profit is a good one, the loss ratio being under 50 per cent. The Life profit brought in consists of one-fifth of the shareholders' proportion of the last quinquennial profit of each fund. After declaring a compound reversionary bonus at 38s. per cent. the undivided surplus carried forward was raised by £442,377 to £823,337, this policy, it is stated, having been adopted in view of the uncertain element of future interest earnings owing to the fall in the rate of interest, The dividend on the shares is the same as for the previous year, namely, 18s. per share. The General Reserve has been increased by £100,000 to 11,200,000.

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