New Zealand Government Life Insurance Department.

Manawatu Herald, Volume III, 28 April 1891, Page 3

New Zealand Government Life Insurance Department.

The Bevenue Account, Balancesheet and Tabular Statements of the Government Life Insurance Department for 1890, give particulars of the business of the year and also that effected since the establishment 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, and the amount assured thereunder. The new business comprised' the issue of 2761 policies, assuring £684,242, and yielding an new premium revenue of '^5^,489. This is looked on as a very satisfactory result, considering , the events of the year, which, owing to the influence of the labour strike, and the loss occasioned thereby, prejudiced the usual progress of life aslurance throughout the Colony. By the accouuts it is seen that the total J revenue for 1890, including £89,814 j y for interest and fees (which is an increase of £8413 as com-

pared with the previous year), and £ 7071 for annuities sold, was £318,425, being an increase on the year's revenue of £14,716. The average rate of interest was £5 8s lid per cent, against £5 7s 3d per cent in 1889. The mortality of the year has been markedly favourable, the death claims, including bonus additions, amounting to no more than £59,776, or £12,337 less than the sum paid in 1889. The expenditure otherwise consisted of — matured endowment assurance payments, including bonuses thereon and matured endowments, £10,834 ; cash bonuses, £627 ; annuities, £4775; surrenders, and loans released by surrenders, £27,660 ; commission, £11,108; property tax, £6484; expenses of management, including medical fees (£8901) and postages and telegrams (£2667), £34,020, a reduction of £2977 on the year preceding. A sum of £25, 000 stands reserved for • possible .fluctuations in freehold and mortgage securities. The ratio of expenses is nearly 3 per cent below that of the previous year. At the close of 1890, there were in force 28,102 policies, insuring £7,807,792. This latter sum includes reversionary bonuses added to existing policies ; and the amount insured yields a premium income of £225,079. The total funds at the end of the year, including the above-mentioned reserve of £25,000, amounted to £1,740,198, making an addition to the accumulated fund of £157,945 on the transactions of the twelve months.