Net premiums retained by the com~ pany for ils own account' amounted to £10,655, 0,114, and the losses. in~ curred " less " recoveries from. re= Insurers totalled £7,041,11, 4d, After setting aside the customary reserve of 40 "per cent, of net premiums writ-on for unexpired risks, an und writing profit of £2,223. 4d, eon carried to profit and' loss count, 'The net' premium income shows a large increase of £26,863, 6, 8, over that for 1030, the operations of the Fire Pools in China, the Philippine Islands and overseas countries In which the company partelpates being mainly responsible for the expansion of business, Our direct fire business continues to grow due to the increased pro~ duction of our Shanghai ofice and the greatly enhanced values "of buildings and commodities, The production of our Hongkong and Singapore offices shows a reduction, as most of the goods formerly stored there awaiting shipment to. the interior of China have now Tet these No new branch office or agency organization has been established during 1040 in China and the Far East, as the unsettled conditions in the occupied territory of China and other countries such os the Dutch ast Indies and Thailand Move not encouraged an expansion of business,
Text read from the printed page and cleaned; old type leaves the occasional error.