ACCIDENT INSURANCE BRANCH OF THE GOVERNMENT INSURANCE DEPARTMENT (ANNUAL REPORT ON THE) FOR THE YEAR ENDED 31st DECEMBER, 1921.

Appendix to the Journals of the House of Representatives, 1922 Session I, H-08a

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1922. NEW ZEALAND.

ACCIDENT INSURANCE BRANCH OF THE GOVERNMENT INSURANCE DEPARTMENT (ANNUAL REPORT ON THE) FOR THE YEAR ENDED 31st DECEMBER, 1921.

Laid before Parliament pursuant to Section 22 of the Government Accident Insurance Act, 1908.

Government Insurance Office, Wellington, 14-th June, 1922. 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, 1921, together with the Revenue Account and Balance-sheet. The gross premium income amounted to £36,288, and, after deducting reinsurances, to £35,932, a record amount. The claims were £16,786, an increase of £1,811 as compared with the previous year. The gross return from interest was £6,794, as compared with £6,209 in 1920. The sum of £1,020 was paid in taxes. The ratio of management expenses to premiums was 27-3 per cent., and to total income 23*6 per cent., both these ratios being below those of the last few years. The Balance-sheet shows an increase of £13,000 in War Loan stock, and the total holding by the Accident Branch is now £97,500, in addition to £10,000 debentures under the Finance Act, 1915, the two together representing 72 per cent, of the total invested funds. The Accident Fund at the end of last year —viz., £23,212 —was transferred to the Reserve Fund constituted under section 20 of the Government Accident Insurance Act. The statutory Reserve Fund now stands at £115,020. The total assets at the end of the year amount to £157,254. J. H. Richardson, Government Insurance Commissioner.

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Revenue Account op the Accident Branch op the Government Insurance Department por the Year ended 31st December, 1921. £ s. d. I £ a. d. Amount of Accident Funds, let January, Claims .. .. .. 10,786 2 S 1921 .. .. .. .". 23,21115 0 I Commission .. .. .. 4.256 311 Premiums .. .. £30,287 18 10 Salaries .. .. .. .. 4,065 0 0 Less reinsurance pre- Bxpensos of management .. .. 1,506 8 11 miums .. .. 355 15 3 Further appropriation to Reserve for un35,932 8 7 earnod premiums .. .. 2,718 0 0 Interest ~ .. £6,794 2 7 Further transfer to Reserve Fund (section Less land and income 20, Government Accident Insurance tax .. .. 1,020 0 0 Act) .. .. .. .. 23,211 15 0 5,774 2 7 Marryatt Defalcation Account .. 902 3 1 Amount of Aocident Funds, 31st December, 1921 .. .. .. .. 11,472 7 7 £64,918 1 2 £64,918 1 2 Balance-sheet op the Acoidunt Branch of the Government Insurance Department on 31st December, 1921. Liabilities, £ Si (j_ Assets. £ gl d. Accident Funds, as per Revenue Account 11,472 7 7 Debentures issued under authority of the Claims admitt.ed (proofs not yet oom- Finance Act, 1915 .. .. .. 10,000 0 0 Dieted) .. .. .. .. 9.000 0 0 New Zealand Inscribed Stock — War Commission.. .. .. .. 345 210 Loans .. .. .. .. 97,500 0 0 Premium und other deposits .. .. 80 2 9 j Mortgages on property .. .. 41,820 0 0 Sundry creditors .. .. .. 1,985 04 | Overdue interest.. .. £46 15 0 Officers'Fidelity Fund .. .. 200 0 0 | Outstanding interest due but Reserve for unearned premiums .. 16,151 0 0| not overdue .. .. 146 15 11 Investment Fluctuation Roserve . .. 3,000 0 0 Interest accrued but not due 1,362 18 5 Reserve Fund constituted under sec- 1,556 1 i tion 20 of the Government Accident Agents'balances .. .. .. 147 3 6 Insurance Act, 1908 .. .. 115,019 19 11 Cash in hand and on current account .. 6,230 5 7 £157,253 13 5 £157,253 13 a — .). H. Richardson, Commissioner. Geo. W. Barltrop, Secretary. Government Insurance Department, 6th April, 1922. The Audit Office, having examined the Revenue Account and Balance-sheet, and compared them with the relative books, documents, and securities, hereby certifies them to be in accordance therewith. G. F. C. Campbell, Controller and Auditor-General.

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