THE GOVERNMENT LIFE INSURANCE ASSOCIATION

Wairarapa Daily Times, Volume VII, Issue 1996, 21 May 1885, Page 2

THE GOVERNMENT LIFE INSURANCE ASSOCIATION

The annual report of the Government Life Insurance Association has been published, and we make the following extracts The new proposals received during the year numbered 4,520, for a total sum of £1,137,217 4s 11 Of these, 3309 became policies, insuring £BOO,OIO Is 9d ; 39(i were declined, the remainder were not taken up. These numbers are lower than those of the year 1883; but an analysis of the business month by month discloses the fact that the new business effected in the latter half qf th e year under notice was fully double that of the former half.

The total new premiums amouted to £28,950 3s Bd.

The amount paid forclaims of all kinds, including endowment policies matured, and also bonus additions and allowances for prospective ov intermediate bonuses, was £51',380 ljs, representing 146 policies, insuring J35 lives. Tlje claims through death are considerably within the expectation of mortality upon which tl)e tables are based.

The policies in force in the Ordinary Branch, in both Qeneral and Temperance Saotiop, nipbered 20,997 insuring 1)0,188,475; the average amount of policies in force is £292 7s.

The income of the ordinary Branch for the year was £228,434 (is Ud, of which £48,472 8s was interest on invested fillip,

The accumulated funda on 31st December last amounted to £972,776 14s Bd, showing a net increase of £120,610 4s Id. At the date of this report the accumulated fund at the credit of the Association exceeds one million sterling. The rapid increase of funds exhibited in this table is believed to be without parallel in the history of any life office in Great Britain.

i 2,G79 policing were issued during tho year in the Industrial branoh, Of these, 503, assuring £21,420 lis, with a total weekly premium of £lßlss Bd, were adult risks; the remainder, for a weekly "premium of 2d each, being on the lives of children. On the 31st December the policies in force numbered 7928, assuring £93,944 8s on the adult policies, and a varying sum on those of children, The weekly premium on the policies in force amounted to £122 lis Bd.

40 deatli claims occurred during the year, of which 25 were under infantile policies, and amounted to £l2B, while the sum assured under the 15 adult cases amounted to £557 Is,

It is proposed to establish Iqqul Boards at once at Auckland, Ohrlstchurch, and Qqnedin, This was decided on after careful deliberation, but the three elected mombers of the Board were opposed to it. The other members were in favor of it, excepting the Solicitor-General, whose opinion is not known, he having, from ill-health, not been able t6. attend the meetings of the Board. So large a majority of the Board being in favor of the establishment of local Boards, it was not, thought necessary to invite the opinions qf the policy-holders. It is,

however, considered dosirable that they should know of the difference of opinion amongst the members of the Board, and also that, should they desire to move in the matter, the Board will give respectful consideration to their representations if made by a resolution, conceriiingAich a poll of the policy-holders can be Kfl&ii. It must be understood that the Directors do not invite such expression of opinion, the majority of them being; as stated, convinced of the expediency of establishing the proposed local Boafds." They think it right, however, to state the circumstances, .and to point out to •• the policy-holders that action is op£n to them if they desire it—Julius Chair-/ man; fl. D. Bell'and if. Reid, Directors ;>• D. M. Luckie, Actmg General Manager. ; \