NEW ZEALALD GOVERNMENT LIFE INSURANCE DEPARTMENT.

Manawatu Herald, Volume II, Issue 279, 2 August 1889, Page 4

NEW ZEALALD GOVERNMENT LIFE INSURANCE DEPARTMENT.

1 Annual Bepoiit op the Government Insurance COSIMISSIONEB FOB THE YEAR EXMXG 3IST DECEJIBEB, 1888. NEW BUSINESS. The proposals received and dealt ■with during t,he 3 ear numbered 3,938, representing tbe sum of £1,065,946 19s Bd. The proposals which were completed and became policies were 2.957, insuring £787,092 15s, being £18,140 12s 8d in exce=s of the amouut insured in 1887. Three hundred proposals were declined or deferred. The others failed of completion. The policies issued were classified thus : Jn the General Section, 2,s46assurancepolicies, amounting To £691,786 15s, aod 15 endow* ment p licies for £1,572 ; in the Section, 883 assurance policies, representing £91,734. Among the policies issued weie 18 contracts for annuities, the consideration receivi'd for which was £2,795 13s 7d, and the annual payments under them J 812 10s Bd. The new annual premiums payab'e under ihe assurance policies amounted to L 21.863 15- Id. I here was also the sum of L 6 889 17s Id received as tinglfl premiums and as the price of the abnuitie^ above specified. During the year 1,798 policies for L 524.830 were added to the Tontine "WBon or \\ lilulJ 'fii^lfen^e^waS' nlaae " in my last annual report as giving promise of marked success. The number of Tontine policies existing at the cod of the year was 2,182, assuring L62d,230. These figures show that the popularity expected to attach to this method of insurance, under which the policies of longest duration will secure fullest benefits, has been fully realised. I may ivmark here that to the energy of the Inspector and Superintendent of branches, and of various active as^ncf under his supervision, a large m a sure of the success attending the procuring oi neiv business is attiibutable. MORTALITY AND CLAIMS. Death-claims arose under 216 policies through the decease of 196 insured persons, representing a sum aisured,' including bonus additions, of £69,485 8s 4d. Claims on endowment assurances which had reached maturity numbered 24, and the amount payable, including bonus additions, was £6,612 4s. Ihe number of children's endowments and investments matured was 16, covering the sumj3(f,^l t 193 ls'sd. Five annuitants, the annual payments to whom were £299 18s 10d M died during the year. The amount paid as cash-value for reversionary bonuses surrendered was £2,697 10s 4d. Accidental deaths of .assured persons were 33, equal to nearly 17 per cent, of tVe total mortality experienced, and representing £14,865, exclusive Gf tohuses.'or nearly 28 per cent, of the total amount of sum assured paid for death-claims. This sum is, of course, iuoluded in the gross amount specified in the laatprecding paragraph. Of the 83 accidental deaths, 9 were .caused by drowning and 5 by suicide. ANNUAL INCOME AND INTEREST. The, accounts which are certified by the. Controller and AuditorGeneial, show that the 'otal income for the year was £282,200 16s Id., which is an increase, as compared with the income of the preceding year, of £13,828 83 Bd. Interest on iunds invested amounted to £73.421 03 7d., Wliich 18^^040 19s 6d. more than the •in'tetesf for' the previous year. The average r.te of interest on the funds is £5 5s 7d. per cent., showing an advance m tne rate realised in V c previous year, and an increase of ss. lOd. on the percentage obtained in '18Q6. j '„ THE ACCUMULATED FUND. . : On,the-.j3j|Bt December, 1888, the Accumulated' Fund amounted to £1,452.478 14s Bd. This lepresents an increase of £123,995 Bs. 6d. to the? fuiidft during "'tn'o year.