ANNUAL REPORT OF THE GOVERNMENT INSURANCE COMMISSIONER FOR THE YEAR ENDED 31st DECEMBER, 1889.

Appendix to the Journals of the House of Representatives, 1890 Session I, H-32

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1890. NEW ZEALAND.

ANNUAL REPORT OF THE GOVERNMENT INSURANCE COMMISSIONER FOR THE YEAR ENDED 31st DECEMBER, 1889.

Presented to both Houses of the General Assembly pursuant to the provisions of the Acts relating to Government Life Insurance.

Government Life Insurance Office, Wellington, ist July, iBgo. The 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 issued and void. Notwithstanding the intense competition at present obtaining in the colony, the New Business, under the energetic supervision of the Inspector and Superintendent of Branches, continues to be satisfactory. The following are the particulars : During the twelve months there were received 4,650 proposals, for a total amount of £1,177,295. Excluding those for annuity policies, 3,171 were accepted and completed, assuring £781,255. The annuity policies, the purchase-money of which was £7,573 17s. 3d., were 16 in number, securing 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 complete. The policies issued in the General Section were 2,741, assuring £686,109 ; and in the Temperance Section 430, assuring £95,146. The Neiv Premiums received amounted to £2i,ggB 7s. 2d., of which £i,gog gs. Bd. represented single payments. The Interest and Fees amounted to £81,401 gs. 7d, being £7,940 17s. 7d. in excess of the amount received in 1888. The average rate was £5 7s. 3d. per cent., as against £5 ss. 7d. for the previous year. The Total Revenue was £2g8,70g 6s. nd., being an increase of £16,508 us. iod. on the previous year. The Mortality continues below what might be expected. The death-claims under assurance policies, including bonus additions, amounted to £72,112 17s. Of the 201 deaths recorded as claims, 36 resulted from accident or other violent cause. Endowment Assurances matured and Endowments matured amounted to £i0,83g 6s. Bd. The Accumulated Fund has been increased by £i2g,g6g 3s. 3d., and amounted at the end of the year to £1,582,447 17s. nd. The Fourth Quinquennial Investigation into the affairs of the Department, by the London Consulting Actuaries, will take place soon after the close of the current year. It is anticipated that there will, as on previous occasions, be a substantial surplus for division amongst the policyholders. Josephus H. Richardson, F.1.A.V., A.I.A. Government Insurance Commissioner.

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Eevenue Account of the Government Life Insurance Department for the Year ended 31st December, 1889. £ s. a. £ s. a. £ s. a. Amount of Funas (Orainary ana Inaus- Death claims under policies, trial) at 31st December, 1888 .. 1,452,478 14 8 Assurance, incluaing bonus Renewal premiums — Assurance, An- aaaitions .. .. .. 72,112 17 0 nuity, ana Enaowment .. .. 187,735 12 11 Enaowment Assurances maNew premiums on 3,187 policies, assuring turoa, incluaing bonus ad£781,255, and yieiaing an annual reve- aitions .. .. .. .. 10,155 4 0 nue of £23,026 17s. 4a. (incluaing in- Endowments matured .. .. GB4 2 8 stalments of first year's premium Premiums returned on Enfalling due in the year) .. .. 20,088 17 C dowments .. .. .. 83 0 5 Single premiums—Assurance and En- Bonuses surrendered for cash .. 805 3 0 dowmont.. .. .. .. 1,909 9 8 Annuities .. .. .. 4,162 12 7 Consideration for annuities .. .. 7,573 17 3 Surrenders .. .. .. 24,038 13 3 Interest .. .. .. .. 81,386 5 6 Commission, new .. ..11,568 13 7 Fees .. .. .. .. 15 4 2 „ renewal .. 1,235 12 1 12,804 5 8 Property-tax .. .. .. 5,936 0 6 Losses on properties foreclosed .. 900 4 8 Expenses of management— Salaries—Heaa Office .. 10,688 6 0 Branch Offices and Agents .. 5,338 13 11 Extra clerical assistance 1,734 9 6 Medical fees .. .. 4,350 11 10 Travelling-expenses .. 3,869 1 8 Advertising .. .. 1,111 310 Printing and stationery .. 1,829 13 9 Rent .. .. .. 952 1 7 Postage .. .. 2,601 12 2 Telegrams .. .. 821 2 6 Exchange .. .. 201 0 9 Office-furniture depreciation 634 17 5 General expenses .. 2,015 12 5 Quinquennial expenses .. 322 16 0 Compensation for loss of office .. .. .. 526 16 7 36,997 19 II Amount of funds at 31st December, 1889 1,582,447 17 11 £1,751,188 1 7 £1,751,188 1 7

Balance-sheet of the Government Life Inscban* c Department on 31st December, 1889. Liabilitiks. £ k. d. ! Assets. £ s. d. Total Assurance, Annuity, and Endow- I loans on policies .. .. .. 242,706 7 7 ment Funds (as per Revenue Account) 1,582,447 17 11 j Government securities .. .. 635,100 0 0 Claims announced not yet paid .. 22,472 17 9 j Railway debentures (guaranteed by GoSurrenders .. .". .. .. li 0 5 vernment) .. .. .. 79,850 0 0 Annuities .. .. .. .. 24 17 7 i Municipal Corporation debentures .. 78,072 0 O Commission .. .. .. .. 1,452 611 [ County securities .. .. .. 1,000 0 0 Medical fees .. .. .. .. 599 11 0 Otago 'University debentures .. .. 15,000 0 0 Postage .. .. .. .. 500 0 0 , Harbour Board debentures .. .. 10,000 0 0 Premium deposits .. .. .. 1,240 18 4 ' River Board debentures .. .. 935 0 0 Valuation-fee deposits .. .. 19 19 0 i Landed and house property .. .. 95,799 411 Mortgage-moneys in suspense .. .. 1,089 4 2 Office furniture (Head Office and Other sums owing by the Department .. 298 10 4! Agencies).. .. .. .. 3,521 16 1 j Mortgages on property .. .. 351,332 13 f> ! Properties acquired by foreclosure .. 1,204 0 0 Overdue premiums on policies in force .. £7,203 10 9 Outstanding premiums due in December, 1889 ..20,183 5 0 27,446 15 9 Interest outstanding .. 3,291 12 2 Interest accrued but not due .. .. ..18,299 8 2 21,591 0 4 : Agents'balances .. .. .. 1,808 9 7 Sundry accounts owing .. .. 1,072 12 5 Cash on current account .. .. 43,652 3 'A £1,610,152 3 5 £1,610,152 3 5 Government Insurance Office, 20th May, 1890. JOSEPHUS H. EICHARDSON, Deputy Commissioner and Secretary, (In absence of the Commissioner.) Audited and found correct. James Edward FitzGeuald, Controller and Auditor-General.

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Wellington 20th MaY 1890 [Approximate Cost of Paper.— Preparation, Nil; printing (1,300 copies), £4.] *—shb=i^=s

Statement of Policies issued and discontinued during the Year ended 31st December, 1889.

By Authority : George Didsbuby, Government Printer, Wellington. —1890.

Assurauces. pie Endowments nml Investments. Annuities. Total. Whole Life and Term Assurances. Endowment Assurances. No. 1 i h,,_, Eever- Annual Premium. Assured siouar y ! NoAssured. Bonus Ord . nary Extra K,,,v. Rever- Annual Premium. AaraSd sionar >' - ABsmed. , Bonu8 , ord , nary Extra N . Sum Annual u. Assured. Premium. « Annual •„ -. t, °- Premium Annuity. Sum Rever- Annual Premium. No - Assured. s '°° ar / —j— Bonus. ordinary. Extra. Annuity. Total Policies in) forco at begin- 1 ning of year j Add Policies is- , ) sued during the I year j 16,170 £ £ £ s. d. £ s.d. £ £ £ s. d. £ s. d. 4,900,608 211,622128,114 11 64,128 2 7 9,2502,144,595 74,616 77,478 1 4 793 7 6 542,319 .. j 13,703 6 7 318 1 7 1,143 237,086 .. 8,821 8 1 88 3 5 £ £ s. d. 001 31,0491,414 17 la £ s. d. £ s. a. 87 19 19 2 4,539 17 2 16 .. 814 18 7 £ £ £ s. d. 26,168 7,076,252 286,238 207,027 9 10 3,187 781,255 .. 22,620 12 4 £ s. a. £ s. d. 4,92110 14,53917 2 2,010 18 l,85o| 95 17 d 400 5 0 81418 7 ! Total .. 18,180 5,442,927211,622141,817 18 14,446 4 2 10,3932,381,681 74,616 86,299 9 5 88110 11 379,102 8,377 10,249 8 6 371 1 2 693 147,619 3,454 5,419 10 4 66 8 8 679 32,8991,510 15 9 103 19 19 2 5,35415 ol 129,3557,857,507 286,238229,648 2 2 5,32715 15,35415 Deduct Policies I discontinued I during the yearj 1,318 123 4,657 260 3 7 3 209 1 4 2,137 531,378 11,831 15,929 2 5 437 910| 209 1 Total Policies) in force at end [ of year 16,862 5,063,825 203,245131,568 9 74,075 3 0 9,7002,234,062 71,162 : 80,879 19 i 815 2 3 556 28,242Jl,250 11 11 100 19 19 215,145 14 5 p, 218 7,326, 129 274, 407 213, 718 19 9 4,890 5 145 14 Particulars of Policies discontinued during 1889. How Discontinued. By Death Maturity .. Surrender .. Surr. Bonus Lapse Expy. Policy Miscellaneous .. 158 "l58 i|6oo 2 53,348 52,074 2,870 1,634 12 11 66 4 2 1,135 1,346 3 0 61 0 6 1,094 3,278| 0,547 16 7 2111110 5 4 7 10 0 676 8 7 5 2 6 39 2 10 26 2 2 59 37 139 458 13,410 9,153 30,695 94"! 361 476 ■ 487 7 11 11 18 1 807 570 3 7 5 11 4 612 1,075 18 3 12 17 7 711 848 3,259 10 7 33 0 1 26 10 0 3 1 7 '45 684; 77 14 0 64J 3,845 155 6 3 3 j 209 1 4 - 220 66,758 3,346 82 9,837 807 361 86,114 1,747 1,805 1,472 368,369 4,126 2 300 i i 2,122 0 10 647 17 7 2,577 7 C 9,834' 10 2 5 4 7 676 8 7 65 13 2 78 2 3 209 1 511 4 7318 1 273 1380! 300J "l4 028 27"h (J •• ■ •• 244 1111 10 0 5 2 6 29 3 9 •■ • • 0 0 4 " •■ .. •• ■■ 1,318 10,249 8 6 371 1 21 093 147,6191 3,454 123 4,657 2,137 531,378 11,831 379,1021 8,377 5,419 10 4 66 8 260 3 7 3 209 1 4 15,929 2 5 437 910 209 1 Progress of Business of the Governmen , Insurance Department since Date of Establishment to 31st Dece: inber, li 189. Total issued .. 27,922 8,567,152 329,9591228,567 0 29,16118 ll 17,645^, 218,265113, 987 Totalvoid .. 11,0603,503,327126,714 96,998 10 7,5,08615 11; 7,9451, 984, 203J 42,825 Total in force 16,8625,063,825 203,245131,568 9 74,075 3 o'l 9,7002,234,062 71,102 152,012 18 02,051 8 3 71,732 18 111,236 6 0 80,879 19 1 815 2 3 1,633 75,74213, 789 6 6132 124 11 316,731 31147,332 1,077 47,5002,538 14 7 32 104 12 11,585 9 620,114 556 28,2421,250 11 11100 19 19 25,14514 527,218' 1 12,861,159| 5,535,030 ] 7,326,129 443,946|385,093 15 1111,213 6 46,731 311 169,539|171,374 10 2 6,323 1 11,585 9 6 19 9 4,890 5 3 5,145 14 5 [ 4,890 5 3 i 9,7002,234,062 71,162 : Note.— The Ordinary Premium is the premium at the real age; the extra, the additional premium imposed for any reason whatsoever. £218,609 5 0