ACCIDENT INSURANCE BRANCH OF THE STATE FIRE INSURANCE OFFICE (ANNUAL REPORT ON THE) FOR THE YEAR ENDED 31st DECEMBER, 1928.

Appendix to the Journals of the House of Representatives, 1929 Session I, H-06a

H.—6a.

1929. NEW ZEALAND.

ACCIDENT INSURANCE BRANCH OF THE STATE FIRE INSURANCE OFFICE (ANNUAL REPORT ON THE) FOR THE YEAR ENDED 31st DECEMBER, 1928.

Presented to both Houses of the General Assembly pursuant to Section 22 of the Government Accident Insurance Act, 1908.

State Fire Insurance Office, Wellington, 10th June, 1929. I have the honour to submit the twenty-eighth annual report of the Government Accident Insurance Office for the year ended 31st December, 1928, together with the Revenue Account and Balance-sheet. The following comparison with the previous two years shows the progress made :— 1926. 1927. 1928. Income— £ £ £ Premiums from all classes of accident business .. .. 58,340 65,560 71,731 Interest .. .. .. .. .. .. 10,198 10,895 12,368 Outgo — Claims.. .. .. .. .. .. .. 33,854 38,972 43,807 Per Cent. Per Cent. Per Cent. Ratio of claims to premium income .. .. .. 58-03 59-44 61-07 £ £ £ Free-year bonus .. .. .. .. .. 149 154 145 Working-expenses (exclusive of income-tax) .. .. 15,365 15,394 16,482 Per Cent. Per Cent. Per Cent. Ratio of working - expenses (exclusive of income-tax) to premium income .. .. .. . . .. 26-33 23-49 22-98 £ £ £ Income-tax .. ... .. .. .. .. 1,068 2,430 3,294 Carried to reserve for unearned premiums .. .. .. 3,768 3,248 2,776 Surplus .. .. .. .. .. .. .. 14,332 16,255 17,592 Reserves and funds as at 31st December .. .. .. 206,035 225,539 245,909 While claims in 1928 showed an increase, it is gratifying to be able to record that the income of the Office was greater, the ratio of working-expenses to premium income was lower, and the-surplus larger than in any previous year in the history of the Office. J. H. Jerram, General Manager.

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Revenue Account of the Accident Branch op the State Fire Insurance Office for the Year ended 31st December, 1928. £ s. d. £ s. d. Premiums after deduction of reinsurances .. 71,731 4 9 Free-year bonus on personal accident policies .. 145 19 10 £ s. d. Claims .. .. .. .. .. 43,807 4 11 Interest .. .. .. 12,368 7 5 Commission.. .. .. .. .. 5,060 14 5 Less land and income tax .. 3,294 7 6 Salaries .. .. .. .. .. 9,191 5 0 • 9,073 19 11 Contribution to Public Service Superannuation Fund .. .. .. .. .. 135 0 0 Expenses of management .. .. .. 2,095 3 5 Further appropriation to reserve for unearned premiums .. .. .. .. 2,776 17 9 Amount of accident funds, 31st December, 1928 .. 17,592 19 4 £80,805 4 8 £80,805 4 8 Balance-sheet of the Accident Branch of the State Fire Insurance Office as on 31st December, 1928. Liabilities. £ s. d. Assets. £ s. d. Accident funds, as per Revenue Account .. 17,592 19 4 Government war-loan securities .. .. 100,500 0 0 Outstanding accident claims .. .. .. 15,500 0 0 Other Government securities .. .. .. 3,000 0 0 Governnient taxes .. .. .. .. 3,294 7 6 Local-authority securities .. .. .. 87,936 4 2 Commission.. .. .. .. .. 424 17 4 Rural Advances bonds .. .. .. 14,425 0 0 Premium and other deposits .. .. .. 427 9 11 Mortgages on property .. .. .. 4,350 0 0 Sundry creditors .. .. .. .. 168 911 Fixed deposits and at short call .. .. 35,000 0 0 Officers' Fidelity Fund .. .. ~ 500 0 0 Interest accrued but not due .. .. .. 3,906 1 9 Reserve for Unearned Premiums .. .. 32,279 ! 2 Agent's balances .. .. .. .. 1,534 19 6 Investment Fluctuation Reserve .. .. 3,000 0 0 Sundry debtors .. .. .. .. 5,796 3 2 Reserve Fund constituted under section 6of the Cash in hand on current account .. .. 9,276 111 Governnient Accident Insurance Amendment Act, 1924 .. .. .. .. 192,537 5 4 £265,724 10 6 £265,724 10 6 I J. H. Jerram, General Manager. 27th March, 1929. C. B. Redward, Accountant. I hereby certify that the Revenue Account and Balance-sheet have been duly examined and compared with the relative books and documents submitted for audit, and correctly state the position as disclosed thereby. — G. F. C. Campbell, Controller and Auditor-General.

Approximate Cost of Paper.—'Preparation, not given : printing (1,350 copies), £2 ss.

Authority : W. A. G. Skinner, Government Printer, Wellington.—l 929.

Price 3d.]