STATE FIRE INSURANCE

Dominion, Volume 8, Issue 2405, 10 March 1915, Page 7

STATE FIRE INSURANCE

THE YEAR'S NET PROFITS OVER ■ ; £18,000. ■ The General Manager of the State Fire Office reports that the year 1914 has been by far the most successful yet experienced, and considering the industrial strike, the war, and the shortage of staff owing to officers volunteering for-the front, the business in all respects has exceeded what might reasonably have been expected. The net profits amounted to £18,660, after setting aside a further sum of £2091 as. a re-; serve for unearned premiums and a special reserve of £1000 for investment fluctuation. The largest previous profit was £15,443 for the year 1913.

The net income amounted to £67,693, showing an increase of £6413 as against £4965 for tbe previous, year. The net premium income amounted to £64,645'j showing ansi.increase^£'of. : ; f £s22B^ T t-'as; against £5037 for the previous year. The fire losses amounted to £28,109, as against £27,975 for 1913,. the Tatio to income being '43.5,- as'against• 47.08 for 1913. The working expense ratio for 1914 is 27.5, showing an increase of 0.9 per cent., due to larger contributions to fire boards, increases in rentals, and better remuneration of staff. The, reserve funds at' the clo6e of 1914 amounted to £87,423, as against £65i671, at close of 1913, showing an increase of £21,752. The invested capital at the close of 1914 was £68,996, as against £44,250 for 1913, showing an increase of £24,746. The growth of income and the profit-earning capacity of the past few years are notable features of the business. The office has just completed its tenth year of operations, ana its income, is now one of the largest fire incomes in the Dominion.