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1939. NEW ZEALAND.

STATE FIRE INSURANCE OFFICE ANNUAL REPORT OF THE GENERAL MANAGER FOR THE YEAR ENDED 31st DECEMBER, 1938.

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, 1939. I have the honour to submit the thirty-fourth annual report of the State Fire Insurance Office for theyear ended 31st December, 1938, with the Revenue Account and Balance-sheet. The following ar6 the comparative figures for the last three years:— 1936. 1937. 1938. Income— £ £ £ £ £ £ Premiums .. .. .. .. 202,987 175,726 193,501 Other receipts, less land-tax .. .. 42,432 47,724 46,099 245,419 223,450 — 239,600 Outgo— Bonus rebate to policyholders .. .. 41,563 33,379 37,747 Claims .. .. .. .. .. 43,517 34,795 30,839 Working-expenses (exclusive of income-tax and Fire Board contributions) .. .. 53,347 53,781 58,657 Fire Board contributions .. .. .. 8,225 9,602 10,492 Income-tax .. .. .. .. 41,296 35,454 32,288 ——187,948 167,011 170,023 Carried to reserve for unearned premiums Surplus, apportioned as follows : — Written off Office premises .. .. 23,500 26,000 23,000 Reserve Fund .. .. .. .. 471 439 577 Bonus Rebate Reserve .. .. .. 33,500 Reinsurance Reserve .. . . . . .. 30,000 30,000 Investments Fluctuation Reserve .. .. .. .. 16,000 57,471 56,439 69,577 Total .. .. .. 245,419 ' 223,450 239,600 Reserves and funds at 31st December ..1,083,391 1,113,830 1,160,407 Per Cent. Per Cent. Per Cent. Ratio of claims to premium incomc .. .. 21-44 19-8 15-94 Ratio of working-expenses (exclusive of incometax and Fire Board contributions) to premium income .. .. .. .. ..26-28 30-61 30-32 Ratio of Fire Board contributions to premium income.. .. .. .. .. 4-05 5-46 5-42 Ratio of income-tax to premium income .. 20-34 20-18 16-68