STATE FIRE INSURANCE.

Dominion, Volume 6, Issue 1792, 3 July 1913, Page 2

STATE FIRE INSURANCE.

A YEAR'S OPERATIONS.

The eighth annual report of the State Fire Insurance Office for the year ending December 31 last states that tho year proved a record one in two important respects, the profits being greatly in txces3 of those of any previous year, whilst the working expenses were tho lowest on record. Tho profits, after adding i! 2654 ; to reserve for unearned premiums, amounted to .£14,023, as compared l with I ,£5391 for 1911. The largest profit made in any previous year was in 1910. The total net income was .£56,314, showing an increaso 1 for tho year of .£7383. The net premium was .£54,380 as. against .£47,744 for 1911. The net losses wero ,£•25,111 for 1912, and i 27,536 for 1911. Tho ratio of working expenses to premium income was 2G.7 for 1912, as against 27.5 for 1911. The reserve funds now stand at .£48,213. , ■ , During last year the office purchased the whole of the debentures, amounting to £2000, which were issued in 1904 to provide funds for the initiotion of tho business. The report says:—"The purchase of these debentures places the office in the somewhat unique position of having no liability on capital account. It is supported now entirely upon capital accumulated by itself, and in addition to having saved the insuring, pub-' lie an exceedingly largo sum (approximately .£1,500,000) in reduced premiums, it has built up reserve, funds from profits avd unearned premium reserves, totalling JC48,213. The position of the office today, which must be regarded as entirely satisfactory, has been attained without the cost of a single penny-piece to tho taxpayers of the Dominion."