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H.—6

1938. NEW ZEALAND.

STATE FIRE INSURANCE OFFICE. ANNUAL REPORT OF THE GENERAL MANAGER FOR THE YEAR ENDED 31st DECEMBER, 1937.

Presented to both Houses of the General Assembly pursuant to the Provisions of the State Fire Insurance Act, 1908.

State Fire Insurance Office, Wellington, 31st March, 1938. I have the honour to submit the thirty-third annual report of the State Fire Insurance Office for the year ended 31st December, 1937, with the Revenue Account and Balance-sheet. The following are the comparative figures for the last three years : — 1935. 1936. 1937. Income — £ £ £ Premiums .. .. .. .. ... .. 199,898 202,987 175,726 Other receipts, less land-tax .. .. .. .. 39,303 42,432 47,725 Premium on conversion of securities .. .. .. 329 • • » Outgo—• Bonus rebate to policyholders .. .. .. 41,233 41,563 33,379 Claims .. .. .. .. .. .. 53,151 43,517 34,795 Working-expenses (exclusive of income-tax and Fire Board contributions) 53,779 53,347 53,781 Fire Board contributions .. .. .. .. 7,994 8,225 9,602 Income-tax .. .. .. .. .. 23,641 41,296 35,454 Per Cent. Per Cent. Per Cent. Ratio of claims to premium income .. .. .. 26-59 21-44 19-8 Ratio of working-expenses (exclusive of income-tax and Fire Board contributions) to premium income .. .. 26-9 26-28 30-61 Ratio of Fire Board contributions to premium income .. 4-0 4-05 5-46 Ratio of income-tax to premium income .. .. 11-83 20-34 20-18 £ £ £ Carried to reserve for unearned premiums Surplus, apportioned as follows Written off Office premises .. .. .. .. 27,000 23,500 26.000 Reserve Fund .. .. .. .. .. 2,731 471 439 Bonus Rebate Reserve .. .. .. .. 30,000 33,500 Reinsurance Reserve .. .. .. .. .. .. 30,000 Total .. .. .. .. .. £59,731 £57,471 £56,439 Reserves and funds at 31st December .. .. .. £1,049,420 £1,083,391 £1,113,830 1. As regards premium income, the above comparison for this year does not indicate the true progress made by the Office, because of the fact that premiums for 1937 are shown after deduction of the original and special rebate, whereas premiums for 1936 are shown gross, inclusive of bonus rebate. This difference in method arises out of the decision made in December, 1936, to reduce premiums by the equivalent of the rebates then in operation, and to give policyholders on the premiums so reduced a further bonus out of profits.

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