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.