STATE FIRE INSURANCE.

Patea Mail, Volume XXXIX, 20 July 1914, Page 3

STATE FIRE INSURANCE.

A Record Year. .* The report of the State Fire Insurance Department, which was pre* sented to Parliament last week, states that the year has proved the most successful in the history 1 of the office, the profits being the largest yet i earned in any one year. The net profits after appropriating a farther sum of £.2014 to the reserve for unearned premiums amounted to £15,443, as against £14,023 for 191.2, and £5037 for 1911. The total accumulated profit at the close of the year was £41J904. The net income, including interest on investments, was £61,290. The net losses were £27,975 compared with £25,111 for 1912. At the close of the year the reserve funds amounted to £65,671, as against £48,213 for the previous year. The report! says that the office has now wiped ofi its balance sheet all liabilities on capital account, and is, the report states, supported entirely by its reserve fund of over £65,600,