APPENDIX 3
VHI SURPLUSES AND DEFICITS—INCOME AND EXPENDITURE ACCOUNT SELECTED YEARS
Year |
Underwriting Profit (Loss)a |
Net Investment Incomeb |
Profit (Loss) on Sale of Investments |
Overall Surplus (Deficit) |
1967/68 |
(£ 76,522) |
£ 38.539 |
£ 13,800c |
(£24,183) |
1973/74 |
(383,193) |
238,152 |
(121,825) |
(266,866) |
1974/75 |
(502,691) |
339,173 |
32,290 |
(131,228) |
1975/76 |
(510,533) |
423,804 |
199,717d |
112,988 |
1976/77 |
(466,803) |
595,286 |
63,234 |
191,717 |
Footnotes:
a. Subscription income less claims and administration expense.
b. Investment income less income taxes of £2,500 in 1967/68, and £2,936 in 1973/74. (VHI is no longer taxed on investment income.)
c. Proceeds from sale of leasehold premises, rather than sale of investments.
d. Profit on sale of investments of £202,795, less £3,078 capital gains tax.
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