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State Fire Insurance Office, Wellington, 31st May, 1950. I have the honour to submit the forty-fifth annual report of the State Fire Insurance Office for the year ended 31st December, 1949, with the Revenue Account and Balancesheet. The following are the comparative figures for the last three years : Income— 1947. 1948. 1949. Reserve for unearned premiums at Ist £ £ £ £ £ £ January .. .. .. .. 114,214 131,329 150,098 Premiums .. .. .. .. 262,658 300,195 329,075 376,872 431,524 479,173 Less reserve for unearned premiums at 31st December .. .. .. 131,329 150,098 164,537 Earned premiums .. .. .. 245,543 281,426 314,636 Other receipts, less land-tax .. .. 83,504 73,067 68,191 329,047 354,493 382,827 Outgo— Bonus rebate to policyholders .. .. 34,059 55,410 67,094 Claims .. .. .. .. 47,194 47,684 57,327 Working-expenses .. .. .. 74,616 93,493 95,299 Fire Board contributions .. .. 16,824 22,009 23,128 Office equipment .. .. .. 10,000 5,000 182,693 223,596 242,848 Surplus, apportioned as follows — Government taxes (other than land-tax) .. 89,135 77,793 81,656 Written off Office premises .. .. 20,000 20,000 10,000 Reserve Fund .. .. .. 37,219 33,104 48,323 146,354 130,897 139,979 329,047 354,493 382,827 Reserves and Funds at 31st December .. 1,429,731 1,481,604 1,544,367 Per Cent. Per Cent. Per Cent. Ratio of claims to earned premiums .. 19-22 16-94 18-22 Ratio of working-expenses to earned premiums 30 • 39 33 -22 30 • 29 Ratio of Fire Board contributions to earned premiums .. .. .. .. 6-85 7-82 7-35 Ratio of Government taxes (excluding landtax) to total income .. .. .. 27-09 21-94 21-33 The net premium income for the year was £329,075, being an increase of £28,880 over the figure for the previous year. Claims amounted to £57,327, an increase of £9,643, and working-expenses £95,299, an increase of £1,806. After making allowance for income-tax (£81,656) the surplus amounts to £58,323, which is the highest since the year 1946. The figures show that the Office continues to expand its business and has completed another satisfactory year. Bound up in the progress of the Office is the services rendered to both the Office and the public by the staff, and I desire to express my appreciation of the excellent services rendered by the members of the staff and their loyal co-operation during the past year. R. H. Newbold, General Manager.

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