The following text may have been generated by Optical Character Recognition, with varying degrees of accuracy. Reader beware!

, - N)!!!” qttrftetietr,_t)llrdItIr_% Fm'n 1073 ADMINISTRATION F. R. Sweet OFFICERS: Transact-t M. W. Both Savoury Miss M. Sharpe Ant. Secretary W. J. McGibbon. Q.C. President Goo. B. Kenney, F.I.I.C. Via-Pnsidon' MoetogirtDiroeaor Mona", uodormrri'iog R. J. Milne Sowinhndom, Como”, Dept. Gordon Iowan! suptinomdom. Casualty Dept. Glen Walker Mom", Claims 00M. W. H. Timmis J. M. Harper, Q.C. G. A. Boehm A. S. Upton M. J. Smith R. A. Forbes Goo. B. Kenmy, F.I.I.C. M. b. Lohn E. G. Schieh m (ctas?llltht"'RtBtal,ft.9,3e,8,utaitazg, mitt, qlMlllMllMlL1tgllBllMN%dua2t msunnucr comrmw , Hood Office - Womb, Ontario ttthh ANNUAL REPORT - I972 ASSETS Bonds and debentures - at amortized Stocks - at cost ........ ......-... Guaranteed investment certificates . . . . . Mortgage loans on real estate . . . . . . . . Coshoohondondinbemks .......w.. Agents'balonces ...._....p ..t..... Doe from reinsurance companies . . . . . . Interest doe and accrued .. . .. . . . . . . Book value of real estate owned . . . . .,. Provision for unpaid claims . . ' . . . . . Reserve for unearned premiums . . . . . Taxes due and accrued ..-w....... Due to reinsurance companies . . . . . . Reserve for non-registered reinsurance Reserve for reinsurance . . . . . . . . . . . Amoontsdoeageors m............ Total “abilities . Investment reserve . Surplus-.-.-. W. J. McGIBBON, Q.C. President lllllll" S E C U R I T Y Non: Seeoritr values allowed by tbe Cooodion and 'ritist, Insurance Com. ponin Ad on in the mayo” in "can of the vulva! ot which boods and "orbs but the investment - ore corded in ON! "001mm. THE ONE HUNDRED AND TENTH ANNUAI. BALANCE SHEET (With comparative figures ot December-JM. 19rl) LIABILITIES Balance Shed, Danube: " I972 Let me soy at the outset that the fire and casualty business is a long-term business. in our profit-oriented society we are prone to compare this month with last month, this year with last year. Such is an interesting exercise, but it would be totally unsound to base our rates, or our underwriting policies, or our reserving policies, or our underwriting procedures. on any such short interval of exposure. We all know that the longer the term, the larger the number of units of input, the more accurate will be our approach to that "magic of averages" which is the keystone of the insurance industry. So I am pleased to tell you that 1972 was the beer year for the company since we became a multiple line company. The "clement shows on overall net profit of $578,40L00 for the year. Welcome to the ttttth Annual Meeting of The Waterloo Mutual Insurance Company. Since l863 this oldcarnpany has been engaged in writing insur- ance. In the beginning the business was confined to that of fire insurance on building and contents and in later years was extended to all lines at casualty and automobile insurance. During the past " - we exper- iencedsomeseverelossesontheautomobile line inseveral yearsand this reguired greater vigilance in selecting risks and control of volume at the automobile line and these controls have certainly vorkiod the wisdom of this move. We also decided to confine our business to Ontario, principally Southern Ontario, and not to attend our activities into other Provinces. This also proved to be a wise decision. We now see Governments of Manitoba. Saskatchewan and British Columbia taking over automobile in- surance and to my surprise british Columbia has announced its intention of entering into the general insurance business. So here we have the various companies in those Provinces paying taxes, including premium tax payable to the Province. and having to compete against Crown Corporations paying no tax. Considerable loss to many Canadian companies in thoee Provinces is bound to result from these decisions of Government. We are looking new toward a premium income of "0,000,000. (Compared with our I972 premium writings of $6.o00.0000, achieved by a reasonable and comfortable annual increment of not more than l096. We have the dedication and the capacity to achieve this goal. bot it must be achieved with sympathetic consideration for and eo-operation with our agents and our insureds, and with service ever uppermost in our minds. President Walter J. McGibbon, Q.C., in his upon to the 110th Annual Meeting of Mutual Policyholders. commented in port as follows: Vicar-President and Managing Director Geo. B. Kenney, in his re- port to the annual meeting, stated in pan: With our surplus over the $2,000,000 mark, and matching our unearned premium reserve, we hove a sound base on which to move ahead, and a little "room" in which to chart our growth pattern. Assets - $7,291,648, on increose of $207,236. m0” “MEN - $6,313,307, an increase of $344,584. ISRVE F0. UNmNED "mm - $2,230,519, an increase of $157,383. “HUS F0. POUCYNOIDEIS - $2,225,813, an increase of $477,604. Our slogan typifies our philosophy - "Not the bigges! - trying to be the best." INTEGRITY CONSIDERATION Since 1863 General Manager's Report cost President’s Report REPORT HIGHLIGHTS GEO. B. KENNEY, F.t.CC. Vive-president MooogintrDiraretor $7,291,648 INS URRNCE COMP/MVP $5,169,345 227.830 165.000 29.398 373,860 1.029.592 7793 95,278 193,552 $7,291,648 $2,1 13,975 2.230.519 47,101 73,642 4,565,835 500,000 2,225,813 40,000 60, 598 $7,084,412 $5,101,243 202.830 165.000 34,708 297,312 931,627 23,1 " 90.627 237.952 $7.084," 2 $2,644,643 2.073,1 36 38,421 15,699 65 4,936,203 1,748,209 "rt I t2.282 St .957 A a W Angels Comets Jones Girls Cottrell Blues Roadrunners Budd Ringers Rockets U.A.W. Bomberettes Bonnie Blazers The Twin City Community Credit Union held its an- nual meeting last Saturday and celebrated its 25th anni- Blue Devils Springer Flames Red Flames Canaries Powder Putts Seyler's Orioles BELLE STANDING Forest Hill Pharmacy 5 - Wallar Wildcats 2 - Dave Dolls 10 - Flashing Blades 6 Flashing Blades 10 - Homestead Fur Farms 6 Games Win but Tie Pu. Dave Dolls ll 9 2 0 18 Forest Hill Pharmacy ll B 2 1 17 Wallar Wildcats ll 4 4 3 ll Homestead Fur Farms 11 2 8 1 5 Flashing Blades 10 l 8 l 3 EXHIBITION GAMES - Waterloo All Star Belles 2 - Sudbury All Star Belles 5; K-W Ladies 8 - Brantford La- Back in Good Shape...l'ast Not a sign of that colli- sion when our experts re-condition your car. Fine work at moder- ate prices. Speaker reviews history Ringette standings 430 ALBERT ST. PH. 884-0550 WATERLOO NORTHDALE AUTO BODY Twee- Sta-dip Jets 8 - Jones Girls 2 Budd Ringers I - Rockets 5 U.A.W. Bomberettes 5 - A & W Angels 2 Cottrell Blues 13 - Bonnie Blazers 4 Roadrunners7 - Comets 7 RING”?! Petite Sta-hp Blue Devils 15 - Seyler’s Orioles , Powder Puffs 4 - Canaries 3 Red Flames 6 - Springer tnames 6 tory of the Twin City branch. He also aeminded the members of the dedi- cation and time spent by those involved in the early years. The members were urged not to abandon the uniqueness of the people: orientated philosophy in favour of statistical growth for growth sake. Those re-elected to the board of directors were: Mr. Wib Bierschbactt, Mr. George Debly, Mr. Ed- ward Pallot, Mrs. Bertha Renaud and Mr. Donald Berberich. Mr. Carl Her- gott was re-elected to the supervisory committee. The membership approv‘ ed the Board of Directors recommendation to pay five and one quarter per cent dividend on shares. Mr. Joseph P. Wanner of the CUNA Mutual Insur- ance Society and member of the local Board of Di- rectors was the guest speaker. 12 Mr. Wanner reviewed the aims of the Credit Unions as well as tracing the his- versary at the same time. Over 225 members attend- ed the dinner with Max Saltsrnan, MP, James Breithaupt MPP, Edward Good MPP being among theguests. 11 11 ll 11 It ll 12 12 12 12 12 12 ll ll 16 16 14 M 14 10