H—6a

1946 NEW ZEALAND

ACCIDENT INSURANCE BRANCH OF THE STATE FIRE INSURANCE OFFICE (ANNUAL REPORT ON THE) FOR THE YEAR ENDED 31st DECEMBER, 1945

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

State Fire Insurance Office, Wellington, 29th. March, 1946. I have the honour to submit the forty-fifth annual report of the Government Accident Insurance Office for the year ended 31st December, 1945, together with, the Revenue Account and Balance-sheet. The following comparison with the previous two years shows the position briefly : Income 1943. 1944. 1945 Premiums from all classes of accident £ ' £ £ ' £ £ £ insurance .. .. .. .. 384,035 298,250 335,690 Interest .. .. .. .. 22,588 25,427 26,502 Profit on realization of securities .. .. 432 1,825 Transferred from reserve for unearned premiums .. .. .. .. .. 25,000 406,623 349,109 364,017 Outgo— Bonus and sums accrued under profitsharing schemes .. .. .. 590 467 14,791 Claims .. .. .. .. 193,816 202,552 238,459 Working-expenses (exclusive of income-tax) 43,656 51,808- 61,346 Carried to reserve for unearned premiums 72,813 Income-tax .. .. .. .. 54,597 69,174 16,758 National and social security tax.. .. 10,720 14,977 2,920 376,192 338,978 334,274 Surplus, apportioned as follows : Bonus Reserve .. .. .. 30,000 10,000 10,000 Reserve Fund .. .. .. 431 131 19,743 30,431 10,131 29,743 Total .. .. 406,623 349,109 364,017 Reserves and funds as at 31st December .. 690,321. 675,452 705,195 Ratio of claims (all classes of business) to Per Cent. Per Cent. Per Cent. premium income .. .. .. 50-47 67-91 71-04 Ratio of working-expenses (exclusive of income-tax) to premium income.. .. 11-37 17-37 18'27 Ratio of underwriting surplus to premium income .. .. .. .. 6-18 0-72 5-77