Government Life Insurance Department

Feilding Star, Volume XIII, Issue 149, 14 June 1892, Page 3

Government Life Insurance Department

The revenue account, balance-sheet and tabular statements of the Government Life Insurance Department for 1891 give particulars of the business of the year, and. also that effected since the establish" ment of the Department in 1870. to the end of the last year, together with the total number of policies in force at the latter date, nnd the amount assured thereunder. The year has in every resp»»cl been a satisfactory one for the Department, Not only does the new busi* ness show an increase over that of 1890, but there is also a decrease in the amount of business going off the books, accompanied by a further fall in the ratio of expenses. The new business comprised the issue of 2911 policies assuring £699,---901, and yielding an annual new premium revenue of £20,566. By the accounts it is seen thai the total revenue for 1891, including £96,399 for interest and fees (which is an increase of £6585 as compared with, the previous year), and Lll,« 662 for annuities sold, wa s £330,895, being an increase on the year's revenue of £17,470. The average rate of interest was £5 3s 3d per cent, against £5 8s lid per cent in 1890. The death claims amounted to £84,07*1. The expenditure otherwise consisted of — matured endowment assurance payments, including bonuses thereon and matured endowments £16,555 ; cash bonuses, £10,157 ; annuities, £5411 ; surrenders, and loans re leased by surrenders, £28,241 ; commis* sion, £12,954 ; property tax. £7113; expenses of management, including medical fees (£4576) and postages and telegrams (£2295). £33,168, a reduction of £852 on the year preceding. At the close of 1891 there were in force 29,226 policies, in* suring 18,390,803. This latter sum includes reversionary bonuses added to existing policies ; and the amount insured yields a premium income of L 230,955. The total funds at the end of the year amounted to L 1,872.797,, 872.797, mating an addition to the accumulated fund of JL132,6030n the transactions of the 12 months.— N.Z. Times.