GOVERNMENT LIFE INSURANCE DEPARTMENT.

Gisborne Times, Volume XXVI, Issue 2256, 30 July 1908, Page 1

GOVERNMENT LIFE INSURANCE DEPARTMENT.

ANNUAL UJiVORT

[Special to' “Times.”]

WELLINGTON, July 29. Tho annual report of the Government Life Insurance Departmentstates that during the year 1907, 4016 proposals were dealt with for tho -assurance of £921,142, and the number of policies actually completed was 3293, assuring £752,065, being £22,960 in advance of the new business for tho preceding year. The annual new premiums ou now policies amounted to £4204. Thirty-four annuities wero also granted on. which tho purchase money amounted to £ L7IP9. The total business now in force is 46,595 policies, assuring £10,585,153 (and. £1,124,970 bonuses) .itdoath or maturity, together with 350 immediate and deferred annuities for* £59617 per annum, the total business bearing an. annual premium income of £331,430-. The total inconio lust year iwtas £526,713. It is stated that of 86 British offices, there are only about 20 with a larger income than that, of the New Zealand Government Department. During the year tho expense of management wero reduced from £3884 to £3832. The’net increase in the funds during the year amounted to £155,813 and tho total assurance annuity and endowment funds, apart from special reserves, now stand at £4,147,411. Tho rate of interest earned on the Department’s funds last year was £4 10s 3d per cent as against £4 9s lOd in 1906. The -preliminary work is in hand in connection with the forthcoming triennial investigation of the assets and liabilities to be made at tho end of the current year and the report states that there is every reason to believe that policy-holders will again receive increased .bonuses. The annual report of the accident branch of the Department states that tho premium income for 1907 amounted to £21,477 as against £20,815 an 1906, being an increase of £662. Tile claims, including provision for those in course of tho year amounted to £ll2BB, showing a decrease of £2432. The ratio of claims to premiums earned was 53 per cent, as against 66 per cent' in the previous year. The expenses, including taxes and commission, were £6647, and the ratio to premiums to 30.9 per cent, as against 81.7 per cent in 1906. The accident TitTids now stand at £6505 and. in addition’ the branch has a reserve fund of £12,187.