LIFE INSURANCE

Hokitika Guardian, 6 October 1932, Page 6

LIFE INSURANCE

REPORT OF STATE OFFICE. “ 4. Considering the. effecft .'foC the - economic depression the extent of the new business for the year is highly satisfactory, says th 6 annua! report of the Government Life Insurance Department tabled -in the House. During; ,the calendar year 1931 4033 policies were completed, assuring £1,506,449 and realising annual premiums of £40,529. The total business gow -In force comprises 71,075 contracts bearing an annual- premium income of £660,399. The total sum assured .payable, at death or maturity is £21,472,761. After the deduction of land and income tax the effective rate of interest realised on the assurance funds was £5 13s 4d per cent. The ratio of expenses to total income, has declined from 8.79 per cent. in 1929 to 7.71 in 1931. - Cqmmenting on th© annual bonus distribution, the .report says; If the recent legislation, combined with the ffebuits .'of the world-wide depression does result in lower profits policyholders may console themselves with the reflection that, they suffer in common with insurers generally, as .already practically aril companies hav e been compelled toy the exigencies of the time to reduce their bonuses. It is certain that a cautious judgment ot the from time to time is necessary until more stable conditions are reached.