STATE INSURANCE FIRE OFFICE BUSINESS

Evening Post, Volume LXXXIX, Issue 57, 9 March 1915, Page 8

STATE INSURANCE FIRE OFFICE BUSINESS

RECORD YEAR. The completion of a decade of business finds tho State Fire Insurance Office in a highly satisfactory position. A report just issued by the General Manager states that the year 1914 has been by far the most successful yet experienced, and, considering the industrial strike, the war, and the shortage of staff owing to officers volunteering for the front, the business in all respects has exceeded what might reasonably have been expected. The net profits amounted to £18,660, after setting aside a further sum of £2091 as a reserve for unearned premiums and a special reserve of £1000 for investment fluctuation. The largest previous profit was £15,443 for the year 1913. The net income amounted to £67,693, showing an increase of £6413, as against £4965 for the previous year. The net premium income amounted to £64,645, showing an increase of £5288, as against £5037 for the previous year. The fire losses amounted to £28,109, as against £27,975 for 1913. The ratio of fire losses to income was 43.5, as against 47.08 for 1913. The working expense ratio for 1914 was 27.5, showing an increase of 0.9 per cent., due to larger contributions to fire boards, increases in rentals, and better remuneration of 'staff. The reserve funds at close of 1914 amounted to £87,423, as against £65,671 at the close of 1913. showing an increase of £21,752. The invested capital at close of 1914 was £68,996, as against £44,250 for 1913, showing an increase of £24,746. The growth of income and the profitearning capacity of the past few years are notabfe features of the business. The office has jusfc completed its tenth year of operations, and its income is now stated to be one of the largest fire incomes in the Dominion.