Annual Report of the Government Insurance Commissioner.

Manawatu Herald, Volume III, Issue III, 5 August 1890, Page 2

Annual Report of the Government Insurance Commissioner.

♦ FOR THE YEAR ENDED THE 81st DECEMBER, 1839. Government Life Insurance Office, Wellington, Ist July, 1890 Tia Government Insurance Commissioner has the honour to submit the accounts of the Government Life Insurance Department for the last calendar year, together with the usual statements of policies issuedand void. Notwithstanding the intense competition at present obtaining in the oolonj, the Hew Business, under the i energ tic supervision of the luspeotor and Superintendent of Branches, c ntinuos to be BHtisfactory. Tli€ following are the particulars: Dur ! ing the twe're months there w«r« received 4650 proposals for a total amount of £1 177 295. Excluding those for annuity policies, 3,171 were aeeepted and completed, assuring £781,255. The annuity policies, the purchase money of which was £7,578 17s 3d., were 16 in number, scouring to the annuitants yearly payments amounting to £814 18s 7d. The proposals deferred or declined were 449 in number for a total amount of £129,850 while the remainder failed to com plete. The policies issued in the General Section were 2,741, assuring £686,109 ; and in the Temperance Section 430, assuring £95,146. Thfl New. Prtmiumt received amounted to £21,998 7s 2d of which £1,909 9s 8d represented single pay ments. The Interest and Fees wnonnt-d to £81,401 9s 7d, being £7,940 17s 7d in excess of the amomt received in 1888. The average rate was £5 7s Sd per cent, as against £5 5s 7d for the previouH year. The Total Revenue was £2*8,709 6a Hd, being an increase of £16,508 11s 10d, oo the previous year. The Mortality continues below tth'at might be expected. The death-claims under Assurance policies including bonus additions, amoun'ed to £72.112 17«. Of the 201 deaths recorded <*s claims, 36 resu'ted from accident or other tio* lent •*«••

Endowment Assurances matured and Endowments matured amounted to £10 889 6s Bd. The Accumulated Fund has been increased by £129,969 3s 3d, and amounted at the end of the year to £1,582,447 17a lid. The Forth Quinquennial Invettiga* tion into the affaire of the Depart* ment, by the London Consulting Actuaries, will take place soon after the close of the current year. It is anticipated that there w 11, as on previous occasions, be a substantial surplus for division amongst the policyholders. Josephus H. Richardson, F,I.A V., A.I.A. Government Insurance Commissioner