ACCIDENT INSURANCE BRANCH OF THE GOVERNMENT INSURANCE DEPARTMENT (ANNUAL REPORT ON THE) FOR THE YEAR ENDED 31st DECEMBER, 1914.

Appendix to the Journals of the House of Representatives, 1915 Session I, H-08a

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1915. NEW ZEALAND.

ACCIDENT INSURANCE BRANCH OF THE GOVERNMENT INSURANCE DEPARTMENT (ANNUAL REPORT ON THE) FOR THE YEAR ENDED 31st DECEMBER, 1914.

Laid before Parliament pursuant to Section 22 of the Government Accident Insurance Act, 1908.

Government Insurance Office, Wellington, 21st June, 1915. I have the honour to submit my report on the business of the Accident Insurance Branch of the Department for the year ended 31st December, 1914, together with the Revenue Account and Balance-sheet. The gross premium income amounted to £22,284, and, after deducting reinsurances, to £22,090. The claims were £9,633, a decrease of £1,859 as compared with the previous year. The income from interest was £3,352, and the expenses (including commission) were £6,571. The ratio of expenses to premiums, exclusive of land and income tax, was 29-7 per cent., while the ratio to the total income was 25-8 per cent. The funds at the end of the year amounted to £23,561, an increase of £8,239, while the Reserve Fund, constituted undsr section 20 of the Government Accident Insurance Act, 1908, amounted to £39,036. The total assets at the end of the year amounted to £86,237. The rates of premium were revised early in the year, and a generally lower scale was adopted. J. H. Richardson, Government Insurance Commissioner.

Revenue Account of thio Accident Branch of the Government Insurance Department for the Year ended 31st December, 1914. £ s. d. £ s. d. Amount of Acoident Funds, Ist January, Claims .. .. .. .. 9,633 2 10 1914 .. .. .. .. 15,32114 9 Commission.. .. .. .. 2,835 7 2 Premiums .. .. £22,283 11 4 Salaries ... .. .. .. 2,952 0 0 Less reinsurance! pre- Expenses of management .. .. 783 8 8 miums .. .. 193 2 4 Appropriation to Investment Fluctuation 22,090 9 0 Reserve ~ .. .. .. 1,000 0 0 Interest .. .. £3,887 7 11 Amount of Accident Funds, 31st DecemLess land and income ber, 1914 .. .. .. .. 23,560 13 8 tax .. .. 534 19 4 3,352 8 7 £40,701 12 4 £40,764 12 4

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balance-sheet of the accident branch of the government insurance department on 31st December, 1914. Liabilities. £ s. d. Assets. £ s. d. Accident Funds as per Revonue Account 23,560 13 8 Mortgages on property .. .. 83,100 0 0 Claims admitted (proofs not yet com- Overdue interest .. .. £48 0 0 pleted) .. .. .. .. 10,500 0 0 Outstanding interost due but Commission .. .. .. .. 182 16 0 not overdue .. .. 77 1 3 Premium and other deposits .. .. 16 6 6 Interest accrued but not due 1,014 18 0 Reserve for unearned premiums .. 9,941 0 0 1,139 19 3 Investment Fluctuation Reserve .. 3,000 0 0 Agents'balances .. .. .. 730 18 3 Reserve Fund constituted under sec- Sundry accounts owing .. .. 555 17 1 tion 20 of the Government Accident Cash in hand and on current account .. 709 18 1 Insurance Act, 1908 .. .. 39,035 16 6 £86,236 12 8 £86,236 12 8 Government Insurance Department, 19th April, 1915. J. H. Richardson, Commissioner. W. B. Hudson, Secretary. Audited and found correct. Robert J. Collins, Controller and Auditor-General.

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