STATE INSURANCE OFFICES

Nelson Evening Mail, Volume LXIII, 3 August 1929, Page 5

STATE INSURANCE OFFICES

'l'h,. operations of these institutions also proved successful last year. The Government Insurance Departnmnl issued new policies assuring £1,915,465, the largest amount ever written by the Dopnrtmpnt in any one year, and bnnp ing the total insurances in force up to £22,084,471. including bonuses, ihe annual valuation of liability disclosed a surplus of £212,519, excluding interim profits paid, during the year. A total of £200,287 has been divided in the form of reversionary bonuses totalling £524,871. This Department already pays botii land ancl income tax As to the State Fire .Insurance Office, the total income received, £252,095, was a record for the Office. Claims were substantially less than in the previous year, and working-expenses the lowest for the last- fifteen years. The surplus of £75 600, after allowing for a rebate ol 12' per cent, to policyholders, was greater than in any previous year in the history of the Office. The State Fire Office has been for some years now the largest fire-insurance income-tax payer in the Dominion. In future the Office will also be called upon 1 °tC Accident" Branch showed excellent increases both in premiums and interest ■received. Claims wore higher than for the previous year, but working-expenses were lower, and the* surplus of hlipyA was a record one for the Branch.