ACCIDENT INSURANCE BRANCH OF THE GOVERNMENT INSURANCE DEPARTMENT (ANNUAL REPORT ON THE) FOR THE YEAR ENDED 31st DECEMBER, 1918.

Appendix to the Journals of the House of Representatives, 1919 Session I, H-08a

H. HA

1919 NEW ZEALAND.

ACCIDENT INSURANCE BRANCH OF THE GOVERNMENT INSURANCE DEPARTMENT (ANNUAL REPORT ON THE) FOR THE YEAR ENDED 31st DECEMBER, 1918.

Laid before Parliament pursuant to Section 22 oj the Government Accident Insurance Act, 19DX.

Government Insurance Office, Wellington, 29th July, 1919. I have the honour to submit my report on the business of the Accident Insurance Branch of the Department for the year ended 31st December, 1918, together with the Revenue Account and Balance-sheet. The gross premium income amounted to £21,823, and. after deducting reinsurances, to £21,620. The claims were, £10,830, an increase of £1,560 as compared with the previous year. The gross return from interest was £5,316, as compared with £5,091 in 1917. Owing, however, to increased taxation the net return shows a reduction as compared with that of tin 1 previous year. The amount paid in taxes was £3,577, as against £2,641 in 1917. The funds at the beginning of the year, £29,212, have been transferred to the Reserve Fund constituted under section 20 of the Government Accident Insurance Act, 1908 ; consequently the funds at the end of the year, £6,329, represent the excess of income over outgo for the year under review. After transferring the amount referred to, the Reserve Fund stands at £91,808. The total assets at the end of the year amounted to £119,748. During the year the Branch's holding of war stock was increased by £8,500, the last instalment (£2,500) of its 1917 subscription having been paid over, together with a further amount of £6,000. In addition to completing this 1918 subscription the Branch has already this year taken up a further sum of £18,500 in War Loan stock. The total amount taken up by the Branch in War Loan stock to date is £44,500, in addition to £10,000 taken up in debentures under the Finance Act, 1.915. The termination of the war, coupled with the return of the oversea Forces and the consequent return of business to more or less normal conditions, is beginning to exercise an effect on the husiness, which gives every indication of a considerable increase for the current year. .1. H. Richardson, Government Insurance Commissioner.

H.-8A

2

Revenue Account of the Accident Branch op the Government Insurance Department foe the Year ended 31st December, 1918. £ s. d. £ s. d. Amount of Accident Funds, Ist January, Claims .. .. .. .. 10,829 17 4 1918 .. .. .. .. 29,21114 9 Commission.. .. .. .. 2,676 811 Premiums .. .. £21,823 0 6 Salaries .. .. ... .. 2,746 0 0 Less reinsurance pre- Expenses of management .. .. 787 17 4 miums .. .. 192 18 0 Further transfer to Reserve Fund (sec21,630 2 6 tion 20, Government Aocident InsurInterest .. .. £5,315 10 9 ance Act) .. .. .. .. 29,21114 9 Less land and income Amount of Accident Funds, 31st Decerntax .. .. 3,576 15 0 ber, 1918 .. .. .. .. 6,328 14 8 _ 1,738 15 9 £52,580 13 0 £52,580 18 0 Balance-sheet of the Accident Branch of the Government Insurance Department on 31st December, 1918. Liabilities. £ a . c j, i Assets. £ s. d. Accident Funds, as per Revenue Account 6.328 14 8 | Debentures issued under authority of the Claims admitted (proofs not yet com- Finance Act, 1915 .. .. .. 10.000 0 0 pieced) .. .. ..' .. 8.500 00 i New Zealand Inscribed Stock — War Commission.. .. .. .. 340 18 0 Loans '.. .. .. .. 26,000 0 0 Premium and other deposits .. .. 35 17 6 Mortaages on property .. .. 05,020 0 0 Reserve for unearned premiums .. 9,734 0 0 Overdue interest .. .. £41 5 0 Investment Fluctuation Reserve .. 3,000 0 0 Outstanding interest due but Reserve Fund constituted under sec- not overdue .. .. 46 15 0 tion 20 of the Government Accident Interest accrued but not due 1,038 10 1 Insurance Act, 1908 .. .. 91,808 411 1,126 10 1 Agents'balances .. .. .. 157 12 1 Sundry accounts owing .. .. 599 7 8 Cash in hand and on current acoount .. 16,844 5 3 £119,747 15 1 £119,747 15 1 Government Insurance Department, 23rd April, 1919. J. H. Richardson, Commissioner. W. B. Hudson, Secretary. Audited and found correct. Robert J. Collins, Controller and Auditor-General.

Approximate Cost of Paper. —Preparation, not given ; printing (1,750 copies), £3.

Authority : Makcus F. Marks, Government Printer, Wellington.—l9l9.

Price. 3d.]