GOVERNMENT INSURANCE COMMISSIONER (REPORT OF THE, FOR THE YEAR ENDED 31st DECEMBER, 1883).

Appendix to the Journals of the House of Representatives, 1884 Session I, H-08

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1884. NEW ZEALAND.

GOVERNMENT INSURANCE COMMISSIONER (REPORT OF THE, FOR THE YEAR ENDED 31st DECEMBER, 1883).

Prepared for Presentation to both Houses of the General Assembly in pursuance of Section 41 of " The Government Insurance and Annuities Act, 1874 ," and of Section 15 of" The Public Revenues Act, 1882."

„ , „ ~',-„,,. Wellington, 17th March, 1884. Owing to a change effected by the Public Revenues Act of 1882, my last report was for a period of six months only. The transition therein mentioned having been accomplished, I have now the honour to submit the accounts for the calendar year 1883. It will be convenient to compare the tabular details subjoined, not with the corresponding results given in the last report, as those relate to a period of only six months, but with the tables included in the report for the twelve months ended 30th June, 1882. It will be seen that the number of policies issued in 1883 was rather more than double the number issued in the period referred to. This increase is partly due to the large number of investment policies issued under a table published for the first time in the recent prospectus. The amount insured has not increased in the same proportion, being only about 48 per cent, m excess of that assured under the policies issued during the twelve months ended 30th June, 1882. ORDINARY BRANCH. The new proposals in this branch received during the calendar year under review numbered 6,843, for a total sum of £1, 457,293 ss. 4d. Of these, 5,113 became policies, 581 were declined, the remainder not being taken up. The number of policies issued in the temperance section has increased, 472 having been issued during the six months ended 31st December, 1882 for an assured sum of £111,225 ; whereas, in the year 1883, 998 were issued, assuring £204,424. It will thus be seen that a more than proportionate number of policies has been issued, although the sum assured is, proportionately, somewhat less than that of the former period.

Claims on 108 policies have arisen during the year, the sum paid (including bonus additions and allowances for prospective or intermediate bonuses) amounting to £29,351 is. The following summary shows the policies discontinued during the year :—

At the close of the last financial period the total number of policies in force in the ordinary branch, including both the general and temperance sections, and excluding reversionary bonus additions, was 19,912, insuring £5,902,189 13s. 2d. The net increases in the number and sum assured were, therefore, 4,024 and £723,472 13s. 2d. respectively.

Class. No. of Policies. Sum Assured. Single Premiums. Annual Premiums. Assurance—General section .. Assurance —Temperance section Endowment Annuity 3.470 998 641 4 £ s. d. 814,062 o o 204,424 o o 21,429 13 2 £150 per annum £ s. d. 1,966 10 11 6 17 6 112 13 10 1,931 10 9 £ s. d. 24.339 4 1 5,98i 7 4 1,065 13 8 Total .. 5.ii3 I.°39.9I5 13 2 4,017 13 o 31.386 5 1 Add single premiums .. 4,017 13 o Tot; new premiums .. 35.4°3 18 i

Assurance Policies. General Section. Assi Ten JBANCE ] Lperance 'OLICIES. Section. En; 10WMENT 'oucies. No. of Policies. Sum Assured, Annual Premiums. No. of Policies. Sum Assured; Annual Premiums. No. of Policies. Sum Assured. Annual Premiums. By Death Maturity.. Surrender . Lapse Expiry, &c. Reduction 99 2 192 773 6 27.257 200 69,20O 204,525 1.750 9,461 £ s. d. 965 5 5 18 9 6 2,265 o 1 6,227 1 1 1,180 5 6 301 10 1 I 1,000 £ s. d. 28 15 11 £ £ B. d. 5 200 100 13 19 10 4 14 4 2 450 500 12 3 8 15 16 8 082 18 16 7 2 1 4 3 500 1,300 57 4 8 Total .. 1,072 312,393 10,957 11 8 II 2,450 76 I o 1,600 75 18 10

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The revenue of this branch for the calendar year was £215,550 7s. Bd., of which no less than £41,173 gs. 7d. represented interest —a sum considerably in excess of the death and maturity claims for the year. The accumulated fund at the end of the year amounted to £846,159 10s. 7d., exhibiting a net increase on the year of £141,270 15s. Bd. INDUSTRIAL BRANCH. During the twelve months there were issued in this branch 3,605 new policies, of which 1,068, assuring £37,541 ns. for a total weekly premium of £33 13s. nd., were adult risks, and 2,537, for a weekly premium of 2d. each, were on the lives of children. The policies in force at the end of the year numbered 7394, assuring £98,964 2s. on the lives of adults and a varying sum on the children's lives for a total weekly premium of £121 10s. iod. The claims which arose during the year comprised 44, of which 32 arose under infantile policies, and amounted to £117 ; while 12 were on adult lives, amounting to £345 4s. 6d. The amount assured by infantile] policies issued in the Industrial Branch depends upon the age of the child at entry, and the duration of the policy. 6 D. M. Luckie, Commissioner.

Revenue Account of the Government Insurance Department (Ordinary Branch) for the Year ended 31st December, 1883. £ s. d. £ s. d. £ s. d. Amount of funds on 31st December, 1882 704,8881411 Claims under policies, AssuRenewal premiums—Assurance, Annuity, ranee, including bonus addiand Endowment .. .. .. 157,565 6 4 tions .. .. .. .. 29,351 1 o New premiums on 5,113 policies, assuring Endowments matured .. .. 200 o o £1,039,915 13s. 2d., and yielding an Bonuses surrendered for cash .. 937 4 ° annual revenue of £31,386 ss. id. .. 12,78818 1 Annuities .. .. .. .. 2,445 3 6 Single premiums—Assurance and Endow- Surrenders .. .. .. 9,989 17 3 ment .. .. .. .. 2,988 811 Commission, new .. ..9,137 16 8 Consideration for annuities granted .. 1,029 4 J » renewal ..1,24818 9 Interest .. .. .. .. 4 I , 1 73 9 7 10,386 15 5 Fees .. .. .. .. 508 Expenses of Management, — Salaries, Head Office .. 8,181 3 4 „ Branch Offices and Agents .. 2,050 2 7 Medical fees .. .. 5,066 18 2 Travelling expenses .. .. 938 3 8 Advertising .. .. 452 16 9 Printing and stationery ..1,872 6 7 Rent .. .. .. 407 13 4 Postage .. .. .. 800 o o Telegrams .. .. .. 320 o 1 Exchange .. .. .. 117 2 4 Office furniture (depreciation) 202* o o General expenses .. .. 561 4 o , 20,969 10 10 Amount of funds, 31st December, 1883 846,159 10 7 £920,439 2 7 £920,439 2 7 D. M. Luckie, Government Insurance Office, 17th March, 1884. Commissioner. Examined and found correct.—James Edward FitzGerald, Controller and Auditor-General, 21 st March, 1884.

Balance-sheet of the Government Insurance Department (Ordinary Branch) on 31st December, 1883. Liabilities. £ s. d. Assets. £. s. d. Total Assurance, Annuity, and Endowment Loans on policies .. .. .. 63,54618 1 Funds (as per Revenue Account) .. 846,15910 7 Government securities .. .. 407,300 o O Claims announced not paid .. .. 4,11416 o Railway debentures (guaranteed by Surrenders .. '.. .. .. 353 no Government) .. .. .. 75,000 o o Bonuses surrendered for cash .. .. 24 6 4 Municipal Corporation debentures .. 10,172 o o Annuities .. .. .. .. 12 10 7 Harbour Board debentures .. .. 10,000 o o Commission (new) .. .. .. 1,335 410 Otago University debentures .. .. 15,000 o o Commission (renewal) .. .. .. 86 7 5 Fixed deposits, Bank of New Zealand .. 225,000 o o Medical fees .. .. .. .. 457 16 o Office furniture (Head Office and Agencies) 1,816 14 7 Premium deposits .. .. .. 531 010 Overdue premiums on Rent.. .. .. .. .. 188 13 4 policies in force ..£10,217 1 9 Sundry accounts owing .. .. 812 11 Outstanding premiums due in December, 1883 ... 13,803 17 2 ■ 24,020 18 11 Interest outstanding .. 71 18 4 Interest accrued not due 10,651 12 3 10,723 10 7 Agents' balances .. .. .. 775 18 11 Temporary advance to Industrial Branch 1,233 5 3 Cash on current account .. .. 8,683 3 6 £853,272 9 10 £853,272 9 10 D. M. Luckie, Government Insurance Office, 17th March, 1884. Commissioner. Examined and found correct. —James Edward FitzGerald, Controller and Auditor-General. March 21st, 1884.

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Revenue Account of the Government Insurance Department (Industrial Branch), for Year ended 31st December, 1883. £ '«• d. £ s. d. Amount of funds on Ist January, 1883 .. 534 12 8 Claims .. .. .. .. 462 4 6 Premiums .. .. .. .. 6,217 611 Surrenders .. .. .. .. 377 o 8 Fees .. .. .. .. .. 100 Commission, new .. £629 15 8 ~ renewal .. 1,258 910 1,888 5 6 Salaries, head office and inspecting officers 1,203 17 4 Medical fees .. .. .. .. 203 o 5 Travelling expenses .. .. .. 112 14 2 Advertising .. .. .. .. 126 5 3 Printing and stationery .. .. 182 18 6 Rent .. .. .. .. .. 53 15 o Postage .. .. .. .. 200 1 8 Telegrams .. .. .. .. 34 17 o General expenses .. .. .. 25 12 6 Interest .. .. .. .. 59 6 10 Preliminary expenses written off .. 1,000 o o Amount of funds 31st December, 1883 .. 823 o 3 £6,752 19 7 £6,752 19 7 D. M. Luckie, Government Insurance Office, 17th March, 1884. Commissioner. Examined, and found correct. —James Edward FitzGerald, Controller and Auditor-General. 21st March, 1884.

Balance-sheet of the Government Insurance Department (Industrial Branch) at 31st December, 1883. Liabilities. £ s. d. Assets. £ s. d. Total funds (as per Revenue Account) .. 823 o 3 Balance of preliminary expenses on reClaims announced, not paid .. .. 205 o o opening Branch (to be written off during Medical fees .. .. .. .. 910 current quinquennium) .. .. 1,201 12 8 Commission (new) .. .. .. 17 17 8 Office furniture .. .. .. 68 12 6 Temporary advance, Ordinary Branch .. 1,233 5 3 Interest accrued not due .. .. 460 Cash on current account, &c. .. .. 924 13 1 Sundry accounts owing .-. .. .. 88 19 11 £2,288 4 2 £2,288 4 2 D. M. Luckie, Government Insurance Office, 17th March, 1884. Commissioner. Examined and found correct —James Edward FitzGerald, Controller and Auditor-General, 21st March, 1884.

By Authority : George Didsbury, Government Printer, Wellington.—lBB4.