ACCIDENT INSURANCE BRANCH OF THE STATE FIRE INSURANCE OFFICE (ANNUAL REPORT ON THE) FOR THE YEAR ENDED 31st DECEMBER, 1941.

Appendix to the Journals of the House of Representatives, 1942 Session I, H-06a

H.—6A,

1942. NEW ZEALAND.

ACCIDENT INSURANCE BRANCH OF THE STATE FIRE INSURANCE OFFICE (ANNUAL REPORT ON THE) FOR THE YEAR ENDED 31st DECEMBER, 1941.

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

State Fire Insurance Office, Wellington, 30tli March, 194-2. I have the honour to submit the forty-first annual report of the Government Accident Insurance Office for the year ended 31st December, 1941, together with the Revenue Account and Balance-sheet. The following comparison with the previous two years shows the position briefly . 1939. 1940. 1941. T £ £ £ £ £ £ Income — Premiums from all classes of accident insurance 261,123 iq'wi t x, i. 20,iy0 zujODI Interest 281,321 279,956 288,546 Outgo — , . Bonus and sums accrued under profit-sharing nmir 68 !! !! •• ■ • 167,672 138' 000 134',208 Working-expenses (exclusive of income-tax) .. 42,164 42,185 Carried to reserve for unearned premiums .. 25,053 W Income-tax .. •• •• •• iq'arq 19 784 National and social security tax .. •• id.UM Loss on realization of securities .. -• 11-249,266 267,413 Surplus, apportioned as follows Investment Fluctuation Reserve .. •• 10,000 Reinsurance Reserve > " 21 " 133 Reserve Bund 2Mgg > 3 0 690 21133 Total .. •• 281,32 1 279,956 288,546 Reserves and funds as at 31st December 524,275 554,966 079,925 Ratio of claims (all classes of business) to premium Per Cent. income .. • • • • Ratio of working-expenses (exclusive of income- Ifi 26 15-79 tax) to premium income .. •• •• _ fifi Ratio of underwriting surplus to premium income J. H. Jerkam, General Manager.

H.—6a

Revenue Account of the Accident Branch of the State Fire Insurance Office for the Year ended 31st December, 1941. £ s. d. £ s. d. Premiums after deduction of reinsurances .. 268,774 16 5 Bonus and sums accrued under profit-sharing £ ». d. schemes .. .. .. .. .. 6,919 18 11 Interest .. .. .. 19,771 11 2 Claims .. .. .. .. .. 134,207 15 1 Less— £ Income-tax .. .. .. .. 53,704 18 9 Income-tax .. 11,382 National and social security tax .. .. 10,313 8 0 National and social Commission .. .. .. .. 9,492 7 9 security tax .. 2,471 Salaries .. .. .. .. .. 23,600 10 0 13,853 0 0] Contribution to Public Service Superannuation 5,918 11 2 Fund .. .. .. .. .. 211 10 0 Expenses of management .. .. .. 9,137 7 4 Further appropriation to reserve for unearned premiums .. .. .. .. 3,826 0 3 Loss on realization of securities .. .. 2,146 11 0 253,560 7 1 Amount of Accident Funds, 31st December, 1941 21,133 0 6 £274,693 7 7 £274,693 7 7

Balance-sheet of the Accident Branch of the State Fire Insurance Office as on the 31st December, 1941. Liabilities. Assets, £ S. d. £ 8 . d. Accident Funds, as per Revenue Account .. 21,133 0 6 Government securities .. .. .. 312,406 0 0 Outstanding accident claims .. .. .. 106,464 0 0 Local-authority securities .. .. .. 194,699 611 Government taxes .. .. .. 129,570 10 9 Rural Advances bonds .. .. .. 0 0 Commission .. .. .. .. 1,018 19 11 Fixed deposits and at short call .. .. 97,620 0 0 Premiums and other deposits .. .. . . 1,363 19 6 Interest accrued but not due .. .. 4,908 9 2 Sundry creditors .. .. .. .. 8,895 8 8 Agents'balances .. .. .. .. 4,287 410 Reinsurance premiums due .. .. .. 392 14 9 Sundry debtors, including Motor-vehicles InsurOfficers' Fidelity Fund .. .. .. 500 0 0 ance (Third-party Risks) Act Pool .. .. 152,994 7 6 Reserve for unearned premiums .. .. 134,387 8 3 Cash in hand on current account .. .. 55,989 18 9 Investment Fluctuation Reserve .. . . 70,000 0 0 Reinsurance Reserve .. .. .. 56,000 0 0 Bad Debts Reserve .. .. .. ~ 1, 000 0 0 Reserve Fund constituted under section 6 of the Government Accident Insurance Amendment Act, 1924 .. .. .. .. 296,904 4 10 £827,630 7 2 £827,630 7 2 23rd June, 1942. J. H. Jerram, General Manager. 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.— C. G. Collins, Controller and Auditor-General. Approximate Cost of Paper.—Preparation, not given; printing (1,792 copies), £4 10s.

By Authority: E. V. Paul, Government Printer, Wellington.—l 942.

Price 'id.

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