State Fire Insurance.

Hokitika Guardian, 7 October 1922, Page 1

State Fire Insurance.

ANNUAL REPORT. WELLINGTON, Oct 3. Tho annual report of the State Fire Insurance Department states that the progress of the business lias proved quite satisfactory, especially in view of tho fact that large quantities of valuable produce in store during tli<‘ previous vea.r have now been shipped, and a considerable fall in revenue resulteel from that source which had to bc< replaced from other sources. The total sum assured (new and renewal) during the year was £35,594,889, showing an increase of £2.823,36. The gross income from ail I sjourbos amounted to £187,693, as compared with £183,190 for the previous year. After deducting reinsurance and return premiums, there .remains a net income of £150,072. The gross surplus after paying losses and working expenses amounted to £69,554. The losses for tiie yoar amounted to £38,125, being 27.95 per cent, of tho net premium income. This ratio may he regarded as something more than satisfactory in view of the very serious run of fires which took place ill the' earlv months of the year. The lass ratio is far below the pre-war average. The working expenses were 31.07, bibf! a reduction of 0.40 per cent, on the previous year, and a further (considerable reduction may he expected this year owing to the reduction in the cost of living bonus paid to the staff and a reduction in other expenses. . The gross surplus of £69,554 lor the year is allocated as follows— Unearned premium reserve £4750. investment fluctuation reserve £IOOO, income-tax £24,473, leaving a net profit of £39.324.' The assets of the office at the dose of the year anfountod to £105.301 as compared with £348,390 for ]<)•>() The sum invested at the close 0'r"1921 Stood at £333,836, as against qoq; 730 fur 1920. The accumulated funds are £361,138. Mr C. 1L son who was appointed to control the office in 1910. now retires owing to the amalgamation of this branch with the Government Life and Accident Office. Mr Robieson places on record the high Standard of efficiency attained Uv the staff and the splendid loyaltv accorded him at all times, and commends specially their very fine efforts aiid sacrifices during the wai pc-rifid, wlieh 05 per cent of their comrades were serving in the lighting line.