THE GOVERNMENT INSURANCE DEPARTMENT. Bcsult of the Year's Work.

Te Aroha News, Volume V, Issue 216, 20 August 1887, Page 1

THE GOVERNMENT INSURANCE DEPARTMENT. Bcsult of the Year's Work.

Wellington, August 17. Tiif. annual report of the Government Insuranco office for ISSOivas issued yesterday afternoon, andinclu the resultof the quinquennial investigation of 1885 as well as the leport of English actuaries. In the ordinary course tho documents should have been laid before Parliament last session, but some of tiie information required did not come in time, and the report has only been completed ready for presentation to Parliament as soon as that body reassembles. During the year 188G, 5,035 proposals ueronmdo for the assurance of L1,10G,83G l\h lid. Of these, 1,532 proposals were in the temperance section. The number of proposals completed, and for which policies were issued, was 3,560, assuring L717,4G4 9s sd. These were divided as follows :—: — General section, 2,827 policies for 1,314,163 ; 95 endowment policies for L 1,282 9s <)d ; and 1,129 policies in the temperance section assuring Ll99,01l). There were also issued 9 annuity policies, tor which L3,8G4 10s 8a was received, tho total payment assured being L 448 10s 4d, inclusive of the annuity amounts and single payments. The premium re\enue amounted to L 22,377 15s 4d. This result the Commissioners think fairly satisfactory, considering tho deproseed condition of trade and commerce, the hostile competition of foreign offices, and the misrepresentation by which that competition has boen so largely accompanied. The death claims during the year were 154, representing the demise of 140 policyholders, and the amount assured by these was L48,13b' 11s. In addition to thi^, 19 time policies representing L 5,430 matured, including bonuses, Lsu',lUo 19s lid actually paid. The total income of the Department was L255,tit)3 3s 2d, which is L14,82G 15s 7d in excels of the receipts of the previous yeai. Tho interest on invented funds amounted to L 38.203 2s lOd, or L' 2,091 3s 9cl more than was paid on claims. Tho accumulated funds of the Department diuitig the year increased by L 129 ,899 4s lltl, and at the close ot the period amounted to L 1,231,933 Ibs lOci The quinquennial actuarial investigation was made by Messrs, Bailey, Hardy, and King, of London, and the data transmitted to them and prepared by Mr Frankland, Government Actuary and Statist, covered 1,043 largo sheets. The London firm re cord their appreciation of the intelligent care bestowed upon the preparation of tlieso schedules, and state that *' their clearness and completeness materially diminished tho heavy labour attendant upon tho valuation of so largo and varied a body of risks." Tne total number of policies valued \\ac 27,411. At the previous quinquennial in\e:Ligation there were only 11,707 policies. Tho actuaries state that tho extent and \ariety of the business exceeded their anticipations, and that the results were more lavourablo than they expected. As was some months ago stated by cable, the surplus profits for five and a-half years were L 245,315 lls lid, of which L150,0C0 has since been divided in bonuses, leaving a leserve of L 95,315 lls lid. The amount of levei&ionary bonus represented L 319,391 4d. These results, the Commissioner is assured, are, considering the age of the office, unequalled iv the history of life ussurance in any part of the Empire. The deficiency of L 2.750, shown in the temperance section valuation, is .stated by the actuaries not to afford ground for any uneasiness, as no surplus could havo been expected to accrue during its brief existence. The Industrial branch has now been nearly wound up, all the large centres save two having been practically closed, and the complete winding-up is rapidly approaching-

Sew Zealnud Death Bate. The Commissioner (Mr D. M. Luckie) appends to his report an interesting sketch of the history of the Department, and notes the important fact that the deatli-rate in I New Zealand is materially below | that of any of the sister col1 onies, as the following /figures, giving the death-rate per 1,000 of population, show very conclusively :— Queensland, IS) -58 ; Western Australia, J7 til ; New South Wales, 16*02 ; Tasmania, 15-40 ; Victoria, 14*73 ; South Australia, 13 '48 ; New Zealand, 10*61, the difference thus ranging 1 from 1 7i pei* cent, to 85 per cent, in tavour of this colony. The future prospects of the Department are, Mr Luckie thinks, full of promise, and likely to exceed the realisation of the satisfactory experience ,of the past. The balance-sheet, audited by the Controller-General, and a number of statistical returns, are- appended to the repor.t. , The report of London actuaries is a very elaborate document, and the valuations, are set out in full in a series of schedules.