RECORD YEAR

Sun (Auckland), Volume III, Issue 719, 19 July 1929, Page 6

RECORD YEAR

STATE FIRE OFFICE’S MG SURPLUS WORKING RATIO R&ttCtt Press Association WELLINGTON, Today. The annual report of the general manager of th© State Fire Insurance Office, Mr. J. H. Jerram, for the year ended December 31, 1928. states that the ratio of working expenses ta premium income, exclusive of income tax and fire board contribution, was 23.54 per cent., which is lower than any for th© past 15 years. The surplus of £75,600 was a record. In this connection the report on to say that during 1928, when the fire claims on all insurance offices rose in aggregate to a figure little short of £1,500,000, the highest ever recorded, the £tate fire underwriting results, on th© whole, were more satisfactory than for years past. The premium income was £211.634, and other receipts. £40.459. Claims absorbed £81,585 and the bonus rebate £26,423. Reserves and funds totalled £744,271. Reporting on the accident insurance branch of the State Office. Mr. Jerram states that while the claims amounting to £ 43.807 showed an increase over the previous year, income (£71,731) from premiums and £12,368 from interest, was greater, the ratio of working expenses exclusive of income tax, was 22.98 per cent, lower. Th© surplus of £17.592 was larger tha* in any previous year in the history of the office. The reserves and funds at the end of th© year totalled £245.909.