STATE FIRE INSURANCE OFFICE ANNUAL REPORT OF THE GENERAL MANAGER FOR THE YEAR ENDED 31st DECEMBER, 1941.

Appendix to the Journals of the House of Representatives, 1942 Session I, H-06

H.—6

1942. NEW ZEALAND.

STATE FIRE INSURANCE OFFICE ANNUAL REPORT OF THE GENERAL MANAGER FOR THE YEAR ENDED 31st DECEMBER, 1941.

Presented to both Houses of the General Assembly pursuant to the Provisions of the State Fire Insurance Act, 1908.

State Fire Insurance Office, Wellington, 30th March, 1942. I have the honour to submit the thirty-seventh annual report of the State Fire Insurance Office, for the year ended 31st December, 1941, with the Revenue Account and Balance-sheet. The following are the comparative figures for the last three years:— 1939. 1940. 1941. Income— £ £ £ £ £ £ Premiums .. .. .. ..205,539 218,253 222,458 Other receipts, less land-tax .. .. 50,743 50,258 47,237 256,282 268,511 Outgo — Bonus rebate to policyholders .. . 37,201 41,922 45,587 Claim ? 39,443 3116] 7 28^896 Working-expenses (exclusive of income-tax and Fire Board contributions) .. .. 58,232 58,542 56,128 Fire Board contributions.. .. 11,365 12,124 13'977 Income-tax .. .. .. .. 51,273 66'564 70'476 National and social security tax .. .. .. 19 ,783 15 276 Loss on realization of securities . . . . . . ~ 246 Carried to reserve for unearned premiums .. .. 4,880 2 102 „ , 197,514 235,432 ——232,688 Surplus, apportioned as follows :— Written ofi Office premises .. .. 28,000 23,000 21,000 Reserve Fund .. . .. .. 768 .. 16,'007 Bonus Rebate Reserve . . .... 10 079 Reinsurance Reserve .. .. .. 20,000 Investments Fluctuation Reserve .. 10,000 58,768 33,079 37,007 Total 256,282 268,511 269,695 Reserves and funds at 31st December .. 1,191,175 1,206,134 1,224,244 t, . ~ . . Per Cent - Per Cen t- Per Cent. Ratio of claims to premium income .. .. 19-19 14-49 12-99 Ratio of working-expenses (exclusive of incometax and Fire Board contributions) to premium income _ .. _.. .. .. 2833 26-82 25-23 Ratio of Fire Board contributions to premium income _ .. .. .. .. 5.53 5.55 6 . 2 8 Ratio of income-tax and National and Social Security tax to premium income 24 -95 39 • 56 38 ■ 55 J. H. Jerram, General Manager.

H.—6

Revenue Accoott ot ran State Fibe Ihsobahcb Oefice fob the Teab ekbsd 31st Decembbb, 1941. .. mm SJ 4S ' 588 " ' °S='—. »j«» d i Sr £.~) .. - ;; ;; Sill? '-iSTi'—s .. .. iSlnational and social security g • • .. .. 31,056 18 7 tax, t0,885 .. •• 14,204 13 5 Contribution to Public Service Superannuation - Fund • • 425 19 5 Contribution to Fire Boards under the Fire Brigades Act, 1908 •• ■■ 13,976 11 8 Expenses of management — £ s. d. Travelling-expenses.. •• 2,084 17 5 Printing, stationery, and advertising .. •• 1.385 2 6 Bent 1,398 16 9 Exchange .. . • • • 46 14 10 Postages, telegrams, cablegrams, and sundry charges .. 3,565 4 6 . —— 8,400 Id U Loss on realization of securities .. • ■ 246 6 0 Office equipment .. .. • • • • 7 Office premises: Depreciation .. •• o ino a s Beserve for unearned premiums .. •• 2,1022 J s 199,655 13 9 Office premises : Written off .. •• ?1' 922 S n ? Amount of fire-insurance funds at end of year .. 10,007 7 £236,663 1 8 £236,663 1 8 Balance-sheet or the State Fire Insurance Office on the 31st December, 1941. Liabilities. Assets. 12 0 c n^r^% b 4 th \ stateFire ioo!ooo £ s - d :: :: :: ; T i •„j 100 000 Bural Advances bonds .. •• •• ~! „ , Less not raise .. •• Fixed deposits and at short call .. .. 130,000 0 0 DbMs Reserve •• •• 1,500 0 0 Land and buildings .. .. •• •• 225,<111 19 9 Beserve Fund " 747,928 16 4 Outstanding premiums 14,261 0 2 Fluctuation Beserve Fund ■■ 85,000 (, 0 .! " " " > Beserve for unearned premiums .. .. 11,229 .4 2 Bent accrued «du :: :: :: 140,000 0 0 « * 80 f 205 s 9 d 8 :: jfe .. « ~0.... Government taxes .. •• •• •• x 82,115 14 2 Sundry creditors .. • • • • • • 49,80« 1/ o Other amounts owing by the Office — £ s. d. Beinsurance premiums due .. 21,706 10 0 Commission .. •• 2,348 3 4 Printing, stationery, and advertising .. • • • • 17 3 3 Postages and sundry charges .. 5,215 11 11 — — Zv, Zo7 o D Fire-insurance funds, as per Bevenue Account .. 16,007 711 £1,456,823 8 7 £1,456,823 8 7 J. H. Jerram, General Manager. 23rd June, 1942. 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.C. G. Collins, Controller and Auditor-General. Approximate Cost of Paper—Preparation, not given ; printing (1,792 copies), £5.

By Authority: E. V. Paul, Government Printer, Wellington.—l 942.

Price 3d.'

2