STATE EIRE INSURANCE

Southland Times, Issue 19657, 6 October 1922, Page 2

STATE EIRE INSURANCE

A SATISFACTORY REPORI . (Special to the Times.) WELLINGTON, October 3. The annual report of the State Fire Insurance Department states that the progress of the business has proved quite satislactory, especially in view of the fact that large quantities of valuable produce which were in the stores during the previous year J have now been shipped, and that a considerable fail in revenue resulted from that source, which, to show an increase, had to be replaced from other cources. The total sum assured (new and renewal) during the year was £35,594,889, showing an increase of £2,823,936. The gross income from all sources amounted to £197,693, as compared with.£lB3,l9o for the previous year. After deducting reinsurances and return premiums there remains a net income of £150,072. The gross surplus, after paying losses and working expenses, amounted to £69,554. The losses for the year amounted to £38,125, being 27.95 per cent, of the net premium income. This ratio may be regarded as something more than satisfactory, in view of the very serious run of fires which took place in the early months of the year. The loss ratio is far below the pre-war averages. The working expenses were 31.07 per cent., being a reduction of 0.40 per cent, on the previous year, and a further reduction may be expected this year owing to the reduction in the cost of living bonus that was paid to the staff and to a reduction in other expenses. The gross surplus of £69,554 for the year is - allocated as follows:—Unearned premium reserve, £4756; investment fluctuation reserve, £1000; income tax, £24,473leaving a net profit of £39,324.' The assets of the office at the close of the. year amounted to £405,301, as compared with £348,390 for 1920. The sum invested at the close of 1921 stood at £333,836, as against £297,732 for 1920, The accumulated funds are £361,138. Mr C. R. C. Robieson, who was appointed to control the office in 1910, now retires owing to the amalgamation of this branch with the Government Life and Accident Office. Mr Robieson places on record the high standard of efficiency attained by the staff, and the splendid loyalty accorded to him at all ’'times, and commends specially their very fine eiforte and sacrifices during the war period, when 65 per cent, of their comrades were serving in the fighting lines.