ACCIDENT INSURANCE BRANCH OF THE STATE FIRE INSURANCE OFFICE (ANNUAL REPORT ON THE) FOR THE YEAR ENDED 31st DECEMBER, 1930.

Appendix to the Journals of the House of Representatives, 1931 Session I-II, H-06a

H.—6a

1931. NEW ZEALAND.

ACCIDENT INSURANCE BRANCH OF THE STATE FIRE INSURANCE OFFICE (ANNUAL REPORT ON THE) FOR THE YEAR ENDED 31st DECEMBER, 1930.

Presented to both Houses of the General Assembly pursuant to Section 22 of the Government Accident Insurance Act, 1908.

State Fire Insurance Office, Wellington, Ist June, 1931. I have the honour to submit the thirtieth annual report of the Government Accident Insurance Office, for the year ended 31st December, 1930, together with the Revenue Account and Balance-sheet. The following comparison with the previous two years shows the position in brief 1928. 1929. 1930. Income — £ £ £ Premiums from all classes of accident insurance .. .. 71,731 81,353 104,934 Interest .. .. .. .. .. .. 12,368 13,342 14,860 Outgo— Claims.. .. .. .. .. .. .. 43,807 49,853 . 61,040 Per Cent. Per Cent. Per Cent. Ratio of claims (all classes of business) to premium income 61-07 61-28 58-17 £ £ £ Free-year bonus on pfersohal accident policies .. . ." 145 166 307 Working-expenses (exclusive of income-tax) .. .. 16,482 18,340 19,121 Loss on realization of securities .. .. .. .. .. .. . 146Ratio of working-expenses (exclusive of income-tax) to premium Per Cent. Per Cent. Per Cent, income .. .. .. .. .. .. 22-98 22-55 18-22 £ £ £ Income-tax .. .. .. .. .. .. 3,294 3,939 4,036 Carried to reserve for unearned premiums .. .. .. 2,776 4,330 10,611 Per Cent. Per Cent. Per Cent. Ratio of underwriting surplus to premium income.. .. 11-88 10-65 13-07 Surplus, apportioned as follows:— £ £ £ Investment Fluctuation Reserve .. .. .. .. .. 3,000 3,000 Reserve Fund .. .. .. .. .. .. 17,592 15,066 21,531 £17,592 £18,066 £24,531 Reserves and funds as at 31st December .. .. .. £245,909 £268,306 £303,448 The very substantial increase in premium income, which for the first time passed the £100,000 mark, is due largely to the support accorded to the Office by motorists under the Motor-vehicles Insurance (Third-party Risks) Act, 1928. The loss ratio to premium income from all classes of business, was lower than for some years past, and a reduction in the working-expense ratio was effected. This latter ratio (18-22 per cent.) is considerably lower than at any previous time in the history of the Office, and the year's surplus of £24,531 constitutes a record. J. H. Jebram, General Manager.

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Revenue Account op the Accident Branch of the State Fire Insurance Office for the Year ended 31st December, 1930. £ s. d. £ s. d. Premiums after deduction of reinsurances .. 104,934 17 4 Free-year bonus on personal accident policies .. 307 16 7 £ s. d. Claims .. .. .. .. .. 61,040 15 3 Interest .. .. .. 14,860 18 6 Commission.. .. .. .. .. 4,896 18 5 Less land and income tax .. 4,036 16 1 Salaries .. .. .. .. .. 11,173 0 0 10,824 2 5 Contribution to Public Service Superannuation r.sO ' Fund .. .. .. 290 0 0 Expenses of management .. .. .. 2,761 10 9 - ■ Further appropriation to reserve for unearned j-i k .t.„ i/.: premiums .. .. .. .. 10,611 11 11 Further appropriation to Investments Fluctuation Reserve .. .. .. .. .. 3,000 0 0 Loss on realization of securities .. .. 146 6 8 Amount of accident funds, 31st December, 1930.. 21,531 0 2 £115,758 19 9 £115,758 19 9 ,» Iff,, 'J J. ff ' ; ' ). '■' . '■■ : Iff v/> Balance-sheet' of the Accident Branch of- the State Fire Insurance Office as on the 31st Diu kmbkr, 1930. | r , : ' ■. i»: Liabilities. I- £ s. d. Assets. £ s. d. Accident funds, as per Revenue Account .. 21,531 0 2 Government war-loan securities .. .. 100,500 0 0 Outstanding accident .. .. 27,871 15 7 Other Government securities .. .. 38,000 0 0 Government taxes .. ' .. .. 4,036 16 1 Local-authority securities .. .. .. 93,307 510 Commission.. .. .. .. .. 488 8 8 Rural Advances bonds .. .. .. 14,425 0 0 Premium and other deposits .. .. .. 71 15 7 Property under agreement for sale and purchase.. 3,980 0 0 Sundry creditors .. .. .. .. 106 12 3 Fixed deposits and at short call .. .. 35,000 0 0 Officers' Fidelity Fund .. .. .. 500 0 0 Interest accrued but not due .. .. .. 4,507 14 9 Reserve foi unearned premiums .. .. 47,220 13 10 Agents'balances .. .. .. .. 4,407 11 4 Investment Fluctuation Reserve .. .. 9,000 0 0 Sundry debtors, including Motor-vehicles InsurReserve Fund constituted under section 6of the ance (Third-party Risks) Act pool .. .. 36,802 10 3 Government Accident Insurance Amendment Cash in hand on current account .. .. 5,093 19 11 Act, 1924.. .. .. .. .. 225,196 19 11 £336,024 2 1 £336,024 2 1 .!■>;! ,-I.jh't I— . : DCj■ I'' ■ ■ — ■ v; '■»! > J. H. Jerram, General 1 Manager. 30th April, 1931. ~| , - C, B. Redward, Accoiitltant. I hereby certify that the Revenue Account and Balance-sheet have been duly examined and compared with the relative Books and documents submitted for audit, and correctly state the position as disclosed thereby,-jr-Q-f ,F. C. Campbell, Controller and Auditor-General.

Approximate Cost of Paper.—Preparation, not given ; printing (1,325 copies), £3 10s.

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