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State Fire Insurance Office, Wellington, 30th April, 1949. I have the honour to submit the forty-eighth annual report of the Government Accident Insurance Office, for the year ended 31st December, 1948, together with the Revenue Account and Balance-sheet. The following comparison with the previous two years shows the position briefly : 1946. 1947. 1948. Income— £ € £ £ £ £ Premiums from all classes of accident insurance 341,304 420,028 466,046. Interest .. .. .. 26,636 26,824 29,735 Commission on."profits . . .. .. .. 1,002 425 36 7,940 447,854 496,206 OutgoBonus and sums accrued under profit-sharing schemes .. .. .. .. 18,672 24,623 33,338 Claims .. .. .. .. .. 212,914 292,304 318,329 Working-expenses (exclusive of income-tax).. 70,918 81,905 98,062 Carried to Reserve for Unearned Premiums .. .. 27,813 23,009 Income-tax .. .. .. .. 28,763 7,186 12,664 National and social security tax .. .. 4,823 1,082 1,906 336,090 434,913 487,308 Surplus, apportioned as follows— Reinsurance Reserve .. .. .. .. 10,000 Bonus Reserve . . .. .. .. 10,000 Reserve Fund .. .. .. ..21,850 2,941 8,898 31,850 12,941 8,898 Total .. .. 367,940 447,854 496,206 Reserves and funds as at 31st December . . 737,045 777,800 809,706 Ratio of claims (all classes of business) to premium p e r Cent. Per Cent. Per Cent. income .. .. .. - .. 62-38 69 •59 68 •52 Ratio of working-expenses (exclusive of incometax) to premium income .. .. 20-78 19-5 21-0 Ratio of underwriting surplus to premium income 5-12 1 • 57* 1 -43* * Deficit. The increase in the premium income of £46,018 over that of the previous year indicates the Office continues to make satisfactory progress, that it maintains its position in the insurance field, and continues to receive an ever-growing measure of support from the insuring public. I desire to again record the excellent service given through the year by the staff and to express appreciation of their keenness and efficiency. R. H. Newbold, General Manager.

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