New Zealand Government Life Insurance Department

Feilding Star, Volume XII, Issue 131, 28 April 1891, Page 3

New Zealand Government Life Insurance Department

The Eevenue Account, Balance-sheet and Tubular Statements of the Government hit? Insurance Department for 1890, give particulars of the business of ; the-year and also that effected since the establishment oil the Department in 1870, to the end of the last year, together with the total number of policies m force at the latter date, and" the amount assured thereunder. The'uew business comprised the issue of 2761 policies, assuring £684,---242, and yieldiugr an annual new premium, revenue of £20,489. This is looked on as a very satisfactory result, consider ing the events of the year, which, owing to the influence of the labour strike; and the loss occasioned hereby, prejudicod the usual progress of life assurance throughout the Colony. By the accounts it is seen that the total revenue for 1890, including £89,814 for interest and fees (which' is an increase of £8413 as compared with the previous year), and £7071 for annuities sold, was £313,---425, being an increase on the year's revenue of £14,716. The average rate of interest was £5 8a lid per cent., against £5 7s 3(1 per cent, in 1889. The mortality of the year has been markedly favourable, the death claims, including bonus additions, amounting to no more than £59,---776, or £12,337 less than the sum paid in 1889. The expenditure otherwise consisted of —matured endowment assurance payments, including bonuses thereon and matured endowments, £10.834; cash . bonuses, £627 ; annuities, £4775; sur renders, and loans released by surrenders, £27,660; commission, £11,103; property tax, £6484; expenses of man agement, including medical fees (£3901) and postages and telegrams (£2667), £34,020, a reduction of £2977 on the year preceding. A sum of £25,000 standsreserved for possible fluctuations iv free hold and mortgage securities- The ratio of expenses is nearly 3 per cent, below that of the previous year. At the close of 1890, there were in force 28,102 poli- , cies, insuring £7,807,792. This latter sum includes reversionary bonuses added to existing policies; and the amount insured yields a premium income of £225, 079. The total funds at the end of tht, year, including the above mentioned reserve of £25,000, amounted to £1,740,---193, making an adilUicm to the accumu lated fund of £157.745 on the transaction s of the twelve months. I