STATE INSURANCE.

Sun (Christchurch), Volume I, Issue 149, 30 July 1914, Page 9

STATE INSURANCE.

THE DEPARTMENT'S PROGRESS. A RECORD YEAR. From Our Own Correspondent'. WELLINGTON, July 29. The annual report of the general mmiager of the State Fire Insurance' office states that the j r ear 1913 has proved the most successful in the history of the office, the profits being the largest yet earned in any one year, and the business in all respects being most satisfactory. The net profits, after appropriating a further sum of £2014 9/6 to reserve for unearned premiums, ; amounted to the sum of £15,443 10/2. as against £14,023 12/9 for 1912, and £5037 8/7 for 1911. The total accumulated ' profit at the end of the year was £41,904. The net income, including interest ou investments, was £61,280 13/9. The net premium income was £59,417 11/2, as against £54,380 2/7 for 1912, showing an increase of £5037 8/7. Tlie i et losses were £27,975 3/3, as compared with £25,111 9/5 for 1912, the ratio to premium income being 47.08 per cent, acd 46.17 per cent, respectively. The ratio of working expenses was 26.6 per cent, for 1913 and 26.7 per cent, for 1912. Included in the charges are contributions to fire boards, the amount ex-. ] ended under this head in 1913 being i';ll6 8/1. At the close of the year 35*13,• the reserve funds amounted to £65,671 16/10, as against £48,213 7/2 |fo: the previous year. The investments, after repaying the loan of £2OOO * (the only part of the £IOO,OOO of capital authorised by Parliament which it was found necessary to raise to establish ihe .(.llice) stood at the close of the year at £44,250, compared with £37,000 for 1912. The office has now wiped off its balancesheet all liabilities on capital account, and is supported entirely by an exi-jl-:ent reserve fund, accumulated entirely by its own efforts, of over 665,600. T!ie danger of over calling on the Government for assistance, says the report, may safely be said to be extremely remote.'

''ln concluding the report," says die general manager, "1 desire to say that the efficient and enthusiastic manner in which the staffs throughout the Dominion have carried out their work is in all respects most commendable. A marked improvement has been noticeable since the beginning of last, year, when the officers"were given a direct personal interest in the profit of the office by the granting of a commission thereon."