NEW ZEALAND Government Life Insurance DEPARTMENT

Appendix to the Journals of the House of Representatives, 1897 Session II, H-08

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NEW ZEALAND Government Life Insurance DEPARTMENT

ANNUAL REPORT BY COMMISSIONER, 1896.

TRIENNIAL INVESTIGATION, 1896. FIFTH DIVISION OF PROFITS.

WELLINGTON. By Authority : John Mackay, Government Pbinteb.

1897.

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NEW ZEALAND GOVERNMENT INSURANCE DEPARTMENT. Established 1870. I I

COMMISSIONER: ASSISTANT COMMISSIONER: JOSEPHUS H. RICHARDSON. D. M. LUCKIE. Actuary: Secretary: MORRIS FOX. W. B. HUDSON. Chief Medical Officer: Accountant: THOMAS CAHILL, M.D. G. W. BARLTROP.

District Managers i Auckland . , W. J. SPEIGHT. Wellington . . GEORGE ROBERTSON. Christchurch . J. C. PRUDHOE. Dunedin . . . R. S. McGOWAN.

Head Office i GOVERNMENT INSURANCE BUILDINGS, CUSTOM-HOUSE QUAY, WELLINGTON, N.Z.

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Sess. 11.—1897. NEW ZEALAND.

ANNUAL KEPOET OF THE GOVERNMENT INSURANCE COMMISSIONER FOR THE YEAR ENDED 31st DECEMBER, 1896.

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

Government Insurance Office, Wellington, Bth July, 1897. I have the honour to submit herewith the accounts and tables of business of the Department for the year 1896, and to report thereon in compliance with the law. New Business. —During the year 4,026 proposals, for a total amount of £"865,934, were received. Of the whole of the proposals submitted, 440 applications, for an aggregate of £"96,600, were deferred or declined. Of every 100 proposals received, 81 were accepted at ordinary rates of premium, 8 were loaded— i.e., accepted with an extra premium—and 11 were deferred or declined. Of every 100 policies completed, 94 were at ordinary rates, and 6 with an extra premium or the equivalent contingent debt. There were also granted 44 annuities, securing to their holders £"1,915 per annum. In the General Section the policies issued were 2,338, assuring £"517,836,* and in the Temperance Section, 482 policies, assuring £"88,150. The following is a condensed summary of the new policies issued by the Department during the year:—

Full particulars of the new and discontinued business of the year, and the progress of the Department from its inception, are given in detail in the annexed statement of progress of business. Civil Service Insurance Scheme. —There are now in force 168 policies under the Civil Service Insurance Regulations, insuring ,£"26,850, and entitling the survivors, at age 60, to annuities amounting to £"6,186 per annum. Premiums received. —The total new premiums received amounted to £"20,452. The renewal premiums received amounted to £"230,324, and the consideration for annuities granted during the year was £"19,944. Interest. —The interest earned during the year amounted to £"124,255, being £"4,282 in excess of the interest for the previous year. Total Revenue. —The total revenue from all sources showed an increase of £"8,973, an d amounted to £"394,985. Claims under Policies. —Death-claims arose under 283 policies through the deaths of 260 policyholders, representing (after deduction of contingent debts) a total sum assured, including bonus additions, of £"87,556, being a decrease of more than £"12,000 as compared with the previous year. Matured endowment assurances and children's endowments amounted to £"23,102.

• And deferred annuities securing £2,184 per annum, f And single premiums amounting to £19,944.

No. Sum assured. Annual Premium. iVhole-life and term assurances indowment assurances Double-endowment assurances Annuity assurances ... Children's endowments 8l3 1,360 569 49 29 1 251,941 145,100 *5,8 5 o 2,837 9.361 4-433 306 153 Annuities 2,820 44 ,986 £ 1 >9 I 5 P er annum iot Total policies 2,864 £"19-625

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Expenses of Management. —The expenses of management (including commission £ 12,503, special triennial investigation expenses £"2,024, and income-tax £7,566) amounted to £"55,018. The ratio of expenses to premium income shows a slight advance upon 1895, but this is mainly due to the increased taxation and the special valuation expenses. In these circumstances a fairer comparison is obtainable by contrasting the expense ratio during the valuation period which has just expired with that during the two preceding triennial periods, from which it will be seen that a very marked reduction in expenses has been steadily effected during the last six years.

Accumulated Funds. —The increase in the funds has amounted to ,£"173,597, of which amount £"10,500 has been carried to the reserve for possible depreciation of freehold and mortgage securities, and the balance (£"163,097) has been added to the Insurance Fund. The total addition to the funds exceeds any previous year's increment by upwards of £"7,000, which I think all will recognise as a really solid ground for satisfaction and congratulation, especially having regard to the fact that our overdue interest on all accounts only amounts to £"760, or a little over one-half per centum of our interest receipts. The total assets of the Department now amount to £"2,648,158, and on the 31st December, 1896, were invested as follows:—

General Remarks. —During the year the question of lowering the rates of interest charged to policyholders in connection with loans on their policies received full consideration, and the rates have been materially reduced. In view of the close of the valuation period and the consequent distribution of profits, a most searching investigation has been made into the freehold and mortgage investments of the Department, and as a measure of prudence a further amount of £"10,500 has been carried to the reserve constituted on account of those investments. At the same time amounts aggregating £"29,500 have been written off the fund, leaving a net balance of £"24,000. The provision now made is believed to be of the most ample character, the lowest estimates of value having, in every instance, been adopted, and the reserve then framed to provide a further substantial margin. The office furniture at the Head Office and branches has been carefully valued by competent assessors, and upon the basis of their valuations an amount of has been written off the items. In fact, the opportunity of the division of profits has been made the occasion of a most exhaustive examination of every asset, and it is confidently believed that every provision has been made which the most exacting prudence could suggest. The triennial valuation of the Department's actuarial liabilities was completed in due course. As on the last occasion, the work has been promptly and well carried out under the supervision of the Department's Actuary, and the course suggested by the eminent Consulting Actuaries of the Department in London, Messrs. Ralph P. Hardy and George King, of making a special reserve in order that the effective rate of interest in the valuation should be equivalent to £"3 12s. 6d. per cent., has been strictly followed. The surplus was again very considerable, notwithstanding the exceptionally low rates of premium charged, and, after taking every precaution to maintain the finances on a thoroughly sound footing by largely increasing both the investment reserve and the special reserve formed for the purpose of counteracting the universal fall in the rate of interest, the sum of £"144,000 was divided amongst the policyholders, causing additions to be made to policies amounting to £"258,000. The final outcome of the whole investigation has been to show clearly that the Department rests on an even stronger financial basis than at any previous period of its history ; and in this connection it is pleasing to be able to add that Messrs. Hardy and King, in a letter dated 7th January last, state that " the test valuations of the Department's Actuary and the whole course of the business point to the gratifying fact that the Department is in a satisfactory condition and able to meet the strain that the fall in the rate of interest yield imposes upon all life assurance institutions." J. H. Richardson, Commissioner.

'ercenl :age o expenses on Period. Premium Income. Total Income. I888-1890 1891-1893 1894-1896 ... I i__ 2 3'9 P er cen t. 21'9 „ 20-4 „ 17-4 per cent. I5-5 14*0 „

lass o: :nves; :ment. .mount. 'ercentage o: .ssets. rovernment securities ... Iortgages on freehold property ... ,oans on policies ,ocal bodies' debentures ,anded and house property ash on current account liscellaneous assets £ 872,016 812,586 464,829 167,068 146,076 109,990 75.593 32-9 per cent. 3O7 17-6 6-3 5'5 4'i 2-9 loco per cent.

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Revenue Account of the Government Life Insurance Department for the Year ended 31st December, 1896. £ s. d. £ s. d. Amount of Funds at Ist January, 1896 2,428,245 1 6 Death claims under policies, Assurance, Renewal premiums — Assurance, An- including bonus additions .. .. 87,556 5 0 nuity, and Endowment .. .. 230,324 6 5 Endowment Assurances matured, includNew premiums (including instalments ing bonus additions .. .. .. 22,049 2 0 of first year's premiums falling due in Endowments matured .. .. .. 1,053 7 4 the year) .. .. ■ .. .. 18,442 10 10 Premiums returned on endowments .. 47 810 Single premiums—Assurance and En- Bonuses surrendered for cash .. .. 2,040 3 4 dowment.. .. .. .. 2,009 2 2 Annuities .. .. .. .. 9,694 18 3 Consideration for annuities .. .. 19,943 10 7 Surrenders .. .. .. .. 17,332 14 6 Interest .. .. .. .. 124,255 4 8 Loans released by surrender .. .. 26,595 3 1 Fees .. .. .. .. 918 0 Commission, new .. £10,859 19 6 renewal .. 1,643 7 2 . 12,503 6 8 Land- and income-tax .. .. .. 7,565 16 10 Expenses of management— Salaries—Head Office £10,385 12 0 „ Branch Offices and Agents 5,776 3 3 Extra clerical assistance 1,504 18 8 Medical fees and expenses 4,612 6 10 Travelling-expenses .. 754 13 4 Advertising .. 733 13 4 Printing and stationery 1,232 17 11 Rent .. .. 2,225 0 0 Postage .. .. 1,481 18 2 Telegrams .. .. 692 1 1 Exchange .. .. 55 15 11 Office furniture depreciation .. .. 963 8 9 General expenses .. 2,506 18 3 Triennial expenses .. 2,023 15 9 34,949 3 3 Reserve for possible depreciation in freehold and mortgage securities .. .. 10,500 0 0 Amount of funds at 31st December, 1896 2,591,342 5 1 £2,823,229 14 2 £2,823,229 14 2

Balance-sheet of the Government Life Insurance Department on 31st December, 1896. Liabilities. Assets. s, s. a. £ s. a. s s. a. Total Assurance, Annuity, and Endow- Loans on policies .. .. 464,829 0 4 ment Funds (as per Bevenue Account) 2,591,342 5 1 Government securities— Claims admitted, proofs not yet com- Consolidated stock .. 670,116 0 0 pleted .. .. .. .. 16,814 18 0 Treasury bills .. 140,000 0 0Annuities .. .. .. .. 20 13 4 Railway debentures Commission.. .. .. .. 733 4 5 (guaranteed by GoMedical fees .. .. .. 685 13 0 vornment) .. .. 44,94.3 15 0 Premium and other deposits .. .. 3,943 9 1 Debentures issued under Fire Insurance moneys in suspense .. 100 0 0 j " The Native Land Tontine Savings Funds .. .. 10,517 16 5 Purchases Act, 1892" 15,000 0 0 Reserve for possible depreciation in free- Debentures issued under hold and mortgage securities .. 24,000 0 0 "The Immigration and Public Works Act, 1870" .. .'. 1,956 7 7 872,016 2 7 Municipal Corporation debentures .. 106,721 3 4 County securities .. .. .. 1,000 0 0 Otago University debentures .. .. 15,000 0 0 Harbour Board debentures .. .. 43,411 10 8 River Board debentures .. .. 435 0 0 Town Board debentures .. .. 500 0 0 Landed and house property .. .. 116,169 16 9 Office furniture (Head Office and Agencies) 3,256 2 6 Mortgages on property .. .. 812,585 11 9 Properties acquired by foreclosure .. 29,906 11 0 Overdue premiums on policies in force .. £4,767 12 8 Outstanding premiums due but not overdue .. 29,088 11 5 33,856 4 1 Overdue interest .. 760 12 1 Outstanding interest due but not overdue .. 2,230 1 3 Interest accrued but not due .. .. .. 30,285 17 0 33,276 10 4 Agents'balances .. .. .. 3,746 39 11 Sundry accounts owing .. .. 1,456 16 9 Cash in hand and on current account .. 109,990 9 4 £2,648,157 19 4 £2,648,157 19 4 Government Life Insurance Department, 9th March, 1897. J. H. Eichardson, Commissioner. W. B. Hudson, Audited and found correct. Secretary. J. K. Wahburton, Controller and Auditor-General.

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Statement of Business

ASSURANCES. TOTAL. Whole-life and Term Assurances. YEAR 1896. No. Sum Assured, Reversionary Bonus. Annual Premium. Annuities. I »„ Sum wo - j Assured. Annual Eever- Premium. sionary Bonus. 1. Ordinary. 2. Extra. 1. Ordinary. 2. Extra. 1. Immediate. 2. Deferred. polici: s issued AND DISCONPolicies in force at 31 st De-) oember, 1895 J £ 8,651,967 £ 693,262 £ s - d - (249,991 10 o 1 4.326 15 7 £ s - d - 9,66713 6) 4,40015 5)' 18,317 £ 5,439,513 £ 499,046 £ s. d. (133,773 1 8) 1 3,807 13 2J 33,968 New Business, 1896 2,864 605,986 1 19.503 10 8 I 121 14 5 1,795 10 61 2,303 o 7) 813; 200,258 ( 5,284 18 01 \ 77 8 5f Total 3 6 . 8 3 2 9,257,953 693,262 J26g,495 o 8 ( 4,448 10 o ",463 4 °1, 6,70316 oj 19,330 5,639,771 499,046 (141,057 19 81 j 3,585 1 7j Policies discontinued during) 1896 | 2,060 503,149 32,373 ( 15,075 1 8 I 334 5 ° 1,045 2 9) 1416 of 1,145 321,433 22,712 f 8,522 12 81 '[ 249 9 10 J Total Policies in force at 31st! December, 1896 ) 34,772 ( 254,419 19 0 1 4,114 5 0 10,418 1 31 6,689 0 0) 476,334 (132,535 7 0) I 3,335 11 9J 8,754,804 660,889 18,185 5,318,338 : pa: ticula: ,s o POLICIES DISCONHow Discontinued. By Death Maturity Surrender Surrender of Bonus 299 97 301 77,264 19.455 77,063 8,563 3,038 4.965 3.791 f 2,264 14 o) 1 83 19 II i" j 896 1 6) I 11 9 2} f 2.343 17 4l I 63 1 8/ j 8,854 9 1) ( 159 18 4J 29 3 1 j 633 5 2] ( 3 19 3) f 53 11 61 \ 11 16 8} 1,045 2 9 14 16 o 192 160 56,739 48,336 7 001 - f X ' 518 U 8 i ( 1,278 6 2) 3 ' 510 :"( 84 10 l} 2,909 - If 8,055 19 41 »>•«"] 117 2 llj 29 3 1 f 633 3 2) •• 1 3 19 3/ I 12 4 31 •• ( 6 14 10 J Lapse 1,361 328,267 I2,Ol6 791 215,258 Expiry of Policy 2 1,100 2 1,100 Expiry of Premium Miscellaneous ( 15,075 1 8 1 334 5 0 1,045 2 9) 14 16 0) 1,145 321,433 f 8,322 12 8[ " :z ' a - J j 249 9 10f 2,0601 503,149 32,373 PR GRESS OP B SINESS OP THE G iVERNMENT INSURANCE 'otal issued 'otal void issued .. .. 67,9631 void .. .. 33,191 67,963 33,191 17,570,881 1,117,670;-. > 2 14 6 " •" ' [ 12,965 10 6) ' J t o o e C _<> 273,672 12 I , 8,816,077 456,781-, 5 6 |j 4,506 13 3 , 1 (528,092 Hi) , , 1,117,670;- J ' i ,-21,613 14 6 ' ' I 12,965 10 6| ' J t , ,, ! 273,672 121); , 456,781 ] 5 6 j 4,506 13 3 36,974 11,019,343 804,767 j 2 j[{|' g 33 £ % \ 18,789 5,701,005 328,433 j 1 19 ll} 18,188 5,318,3381476,334; j 13 :M >3 5 J °1 ' ,; | 6 ,333 11 9| Total in force .. ?otalin force .. .. 34,772 Extra Premiums Reduction of Premium by Bon 34,772 8,754,804 660,889 254,419 19 0~{ 1 jj$Jjj \ \\ Extra Premiums Reduction of Premiun 0 by Boi Ordinary Premium is the premium charged J3258,829 2 11 Wellington, yd March, 1897.

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at end of Year 1896.

at the true age; the Extra, the additional premium imposed for any reasou whatsoever. J. H. RICHARDSON, Commissioner. MORRIS FOX, Actuary.

ASSURANCES. ANNUITIES. EN VI SIM )OWMI :stme 'LE NTS, INITS, &C. Endowment Assurances. Annuity Assurances. No. Annual Sum Kever- Premium. A<s«m-pd sionary Assured. BonuB j ordinary. 2. Extra. — No. Sum Deferred Annual Assured. Annuities. Premium. Annual Annuities. No. Premium. 1. Immediate. 2. Deferred. Sum Assured. Annual Premium. NUED DURING THE YEAR 1896. £ £ £ s. d. j112,332 9 81 I 819 2 5/ £ £ s. d. £ s. d. £ s. d. £ s. d. 9,66713 6) 421 1 41 £ £ s. d. .4,778 3,170,423 194,216! 83 ; 11,300 3,979 14 1 608 0 0 (206 1 7 61 12 2 377 30,731 1,216 6 6 1,929 397,041 ( 13,749 8 11) { 44 6 Of 5,850 2,183 15 11 306 5 0 II 10 0 0! 1,79510 6) 119 4 8f 29 2,837 152 18 9 491 .6,707 3,567,464 194,216 (126,081 18 7) i 863 8 5j 132 17,150 6,163 10 0 914 5 0 j 248 I 9 71 VI 2 11,463 4 0) 540 6 0| 406 33,568 1,369 5 3 864 179,596 ' 9,661 f 6,449 12 5) 1 84 IS 2f 100 14 16 0 6 4 0 1,045 2 9 34 2,020 96 12 7 1 US .5,843 3,387,868 184,555] (119,632 6 2) 1 778 13 3j 131 17,050 6,148 14 0 908 1 0 f 232 I 9 7112 2 10,418 1 3) 540 6 0/ 372 31,548 1,272 12 8 NUED DURING THE Y: AR 1896. 91 77 20,323 18,402 1,562 3,038 j 730 19 4) ( 16 17 2f !( 865 19 11) 1 11 9 2/ j 1,017 6 10) ( 8 11 7/ 16 1,045 2 9 20 1,053 30 1 7 129 28,060 1,455 1 100 14 16 0 6 4 0 11 567 42 0 4 882 ( 3,773 19 1) j 42 15 5f 567 112,609 2,724 3 400 24 10 8 I 41 7 31 1 5 1 10) J 6,449 12 5) t 84 15 21 864 179,596 9,661 1 100 14 16 0 6 4 0 16 1,045 2 9 34 2,020 96 12 7 IPARTMENT SINCE DATE iF ESTABLISHMEN TO 31st DECEM ;ER, 1896. !8,627 .2,784 6,432,019 312,903 j| X q} 133 17,2506,213 1 10919 5 0 3,044,151128,348 1 112 'ggg X g *| 2 200 64 7 10 11 4 0 3,387,868184,555 j 119 '^ 32 J 2 l 131 17,050 6,148 14 0908 1 0 329J185 7 5 13,400 12 6 88|ll315 3 4,442 3 5 "( 232| 7. 10,418 1 3) I 97112 2 540 6 Of 1,900102,269 1,528 70,721 372 31,548 4,895 7 8 3,622 15 0 3,387,868184,555 j 1,272 12 8 .5,843

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REPORT BY THE ACTUARY ON THE NET SUEPLUS OF PROFITS OF THE NEW ZEALAND dtanramtt Insurance JJeprtent, As on the 31st December, 1896, Made under Section 45 of "The Government Insurance and Annuities Act, 1874," and Section 8 of "The Government Life Insurance Acts Amendment Act, 189 O."

Wellington, 7th June, 1897. I have to report that I have made a thorough investigation into the contingent liabilities of the Department, with the object of ascertaining its financial position and of determining the amount of surplus available for distribution amongst the policyholders. There were 34,772 policies for valuation, assuring the sum of £8,754,804 with reversionary bonus additions of £660,889 —making the total amount at risk £9,415,693, payable at death or maturity—and £17,107 annuities per annum, immediate and deferred ; in respect of which ordinary premiums amounting to £254,715, and extra premiums £4,114, are receivable annually. The following summary will show the various classes to which these policies belong : —

No. of Policies. Class. Sun) Assured. Percentage of Total Sum Assured. Annuity per Annum. I 17,253 J Whole-life Assurances : Uniform premiums, insuring 14,883 Endowment Assurances 960 Double-endowment Assurances 909 i Whole-life Assurances : Limited premiums 355 I Children's Endowments and Investments 131 i Annuity Assurances .. 40 ; Miscellaneous policies 241 j Annuities .. — ! Bonus additions £ 4,915,750 3,144,268 243,600 392,113 31,214 17,050 10,809 660,889 52-2% 33-4% 26% 4-2% 0-3% 0-2% 0-1% £ 6,149 10,958 7-6% 34,772 £9,415,693 £9,415,693 100-0% £17,107

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ACTUARY'S REPORT.

PROGRESS OF BUSINESS DURING THE TRIENNIUM. Since the last valuation in 1893 there has been a net increase of 3,063 in the number of policies, £594,438 in the sum assured and bonuses, £9,252 in the amount of immediate and deferred annuities payable per annum, and the tabular annual premiums have increased by £15,062. A detailed statement of the progress of the office will be found in Table A, which comprises the whole of the policies, and shows clearly the movement during the triennium amongst the different classes of assurance, endowment and annuity. A brief progress summary of the Temperance and Tontine Sections of the Department is given hereunder :—

MOBTALITY, INTEREST, AND EXPENSES. Mortality. —The mortality amongst policyholders has again been much lighter than anticipated, both in the General and Temperance Sections. The approximate profit from favourable mortality in each section has been estimated by the method devised by Messrs. Bailey, Hardy, and King in 1887. The mortality profit of the Department in the past has been substantial, as might have been expected in view of the admitted healthiness of New Zealand and the care exercised in the acceptance of proposals for insurance ; and there is reason to believe that the continuance of a light mortality amongst the policyholders of the Department will prove a steady and reliable source of profit in the future. A nosological summary of the mortality experienced in each section will be found in Table B, on page 16. The violent deaths of the triennium have been more than usual, numbering 129 and amounting to 17 per cent, of the total deaths. Of the violent deaths, 101 were due to accident, 4to homicide, and 24 to suicide. Of the accidental deaths, 18 were the result of the disastrous coal-mine explosion in March, 1896. In this connection it may be stated that, while the average sum assured is much less in the case of accidental deaths than the general average, that of suicides is much more, amounting to £546 per life against £249 in the case of accidents. Interest. —Owing to the general decline in the rate of interest obtainable for new investments in first-class securities it has been found impossible to maintain the high rate which was being earned at the close of the last triennium ; an experience, however, which has been shared by life insurance companies throughout the world. The average rates of interest earned on the mean funds of the Department for the last six years were as follows : — £ c. d. £ s. a. 1891 .. .. .. ..582 1894 .. .. .. ..550 1892 .. .. .. ..552 1895 .. .. .. ..523 1893 .. .. .. ..553 1896 .. .. .. .. i 19 0 The fall in the rate of interest during recent years has naturally caused a considerable diminution of the profits expected from this source, and it will for some time be desirable to act with extreme caution in making sufficient reserves to counteract, as far as possible, the effect of a continuance of the present low rates and the possibility of a still further reduction in the future.

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Tbmpeba: ice Section. Tontine Section. Tontine No. 1. Tontine No. 2. Number of Policies. Sum Assured. Number gum Policies. Assured. Number of Policies. Sum Assured. £ 943,291 £ 1,190,936 £ 584,250 In force at 31st December, 1893 4,558 4,285 2,141 Issued during the triennium Void during the triennium 1,568 932 303,360 191,994 414 117,650 2,084 1,039 483,850 279,700 Net increase 636 111,366 - (4W) -(117,650) 1,045 204,150 In force at 31st December, 1896 5,194 £1,054,657 3,871 £1,073,286 3,186 £788,400

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ACTUARY'S REPORT.

Expenses. —The total expenditure for the triennium (including taxes and commission) amounted to £161,203.

The triennial ratios of expenses to income have declined materially for some years past, as will be seen from the following table: —

Attention has frequently been drawn to the heavy taxation to which the Department is subjected, and during the triennium under review the taxes have amounted to £20,106, being fully 2£ per cent, of the total premium income for the period. Life insurance companies in New Zealand are in reality taxed on their liabilities, and as these increase from year to year with the duration of the policies while the premiums remain constant an increasing proportion of the premium income is annually absorbed in taxation. The taxation imposed upon this Department in 1893 amounted to £2 ss. 7d. per cent, of the premium income; in 1894 to £2 6s. 7d. per cent.; in 1895 to £2 9s! 9d. per cent.; and in 1896 to £2 15s. lid. per cent.; from which it will be seen that the incidence of taxation forms a serious obstacle in the way of reducing the ratio of expenses to income. THE BASIS OF VALUATION. The rate of interest to be assumed in the valuation demanded the most careful consideration, in consequence of the decline in the rate of interest obtainable on investments and the uncertainty of the future in this respect. In the 1890 and 1893 valuations the nominal rate assumed was 4 per cent., but on each occasion special reserves were made in accordance with the recommendations of the Consulting Actuaries —Messrs. A. H. Bailey, E. P. Hardy, and George King — which brought the actual basis in each case to a point between H M 4 per cent, and H M 3 J per cent. In 1890 the H M 4 per cent, surplus for the quinquennium was £239,475, of which amount £39,475 was specially reserved. In 1893 the H M 4 per cent, surplus for the triennium was £190,000, of which £50,000 was specially reserved, it having been ascertained, by means of a carefully prepared estimate, that such a course would make the valuation fully equal to one upon an interest basis of 3f per cent. Before finally deciding upon the course to be adopted in the present instance two complete valuations of the Department's liabilities were made upon the bases of H M 4 per cent, and H M per cent, respectively. The results of these valuations were submitted to Messrs. Ealph P. Hardy and George King, who recommended that the nominal basis of H M 4 per cent, should again be taken, but that such a special reserve should be made from the resulting surplus as would make the valuation virtually equivalent to one by H M 3-f per cent. This course has been strictly followed, and in the Fourth Schedule which accompanies this report will be found a description of the methods employed in the valuation. EESULTS OF THE VALUATION. The full valuation schedule appears in Table C, of which the following is a condensed summary : — £ Value of £8,721,655, sums assured (participating) .. .. .. .. 4,316,505-9 Value of £660,886, reversionary bonus additions, and reduction of premiums .. 372,882-5 Reserve for extra premiums of £4,109 per annum .. .. .. .. 1,028 , 5 Reserve for loading on limited-premium and paid-up policies .. .. .. 13,5775 4,703,994-4 Deduct value of £209,081 per annum, future net premiums .. .. .. 2,458,713-3 2,245,281-1 Add value of annuities of £17,107 per annum .. .. .. .. .. 108,233-1 Add value of 379 miscellaneous policies (non-participating) .. .. .. 12,321-6 Add special adjustment reserve .. .. .. .. .. .. 506-5 Net liability .. .. .. .. .. .. £2,366,342-3

Percentage of Expenses on Period. Premium Income. Total Income. 23'9 per cent. .. ! 17'4 per cent. 1888-1890 1891-1893 21-9 .. ! 15-5 1894-1896 20-4 .. 14-0

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ACTUARY'S REPORT.

It will be seen from the Consolidated Revenue Account (Table D) that, after making a further reserve of £10,500 for possible depreciation of freehold and mortgage securities, the accumulated funds at 31st December, 1896, amounted to £2,591,342 ss. Id. There is, therefore, a gross surplus of assets over liabilities of £225,000, as shown by the valuation balance-sheet given in Table B. ALLOTMENT OF SURPLUS. Of the total ascertained surplus of £225,000 the profit made during the triennium (in addition to interim bonuses amounting to £5,758) was £166,950, the balance of £58,050 being the special reserve of £50,000 made at the last valuation together with the interest accumulations. Having ascertained that a special reserve of £81,000 would be sufficient to bring the present valuation up to the standard of H M 3f- per cent., I recommended in my interim report of the 20th March that a further reserve of £22,950 should be drawn from the profits of the triennium for that purpose. This recommendation was accepted, and, in the interval which has elapsed, the divisible surplus of £144,000 has been allotted to the participating policyholders, upon the principles explained in the Fourth Schedule, securing reversionary additions to policies amounting to £257,911. The stringency of the special reserve which it has been considered judicious to make in consequence of the decline in the rate of interest, combined with a reduction of the rate assumed in converting the cash surplus into reversionary bonuses, necessarily has the effect of causing those bonuses to be somewhat smaller than they would otherwise have been ; but in view of the fact that the direct consequences of this action will be to strengthen the financial position of the Department and to improve its prospects of future prosperity, it cannot be doubted that the steps now taken in this .respect .are in the best interests of the general body of the policyholders. The net surplus was divided between the General and Temperance Sections in accordance with "The Government Life Insurance Acts Amendment Act, 1890," the result being that General policies received slightly higher bonuses than Temperance policies which were like them in all other respects. At the previous distribution the relative positions of the two sections were reversed, the temperance policyholders receiving bonuses somewhat larger than non-abstainers. As I remarked on that occasion no definite conclusions as to the future can be drawn from these results, for until the numbers in the Temperance Section are considerably increased fluctuations are certain to occur; a few more deaths, or claims for larger amounts than the average, causing variations in the rate of bonus. GENERAL REMARKS. As was suggested in my last report, the Department's surrender values and annuity rates have been revised during the triennium. A slightly increased scale of surrender values has been adopted, and a more liberal basis of commutation is now allowed to those policyholders who desire to take their bonuses in cash. On the other hand, as the result of an investigation into the mortality experience of the Department's annuitants, and in view of the general fall in the rate of interest, the old basis of the English Annuitants Experience (1860) with 4 per cent, interest was, as you are aware, discarded, and the English Annuitants Experience (1884) with 3 per cent, interest was, by Order in Council, substituted in calculating the rates now being used. I would here suggest that it would be desirable to make an exhaustive investigation into the mortality experienced by the Department's policyholders before the next valuation date, more especially as between abstainers and non-abstainers, a great part of the data necessary for such an investigation having been already tabulated. In view of the-difficulty experienced in making remunerative investments at the present time I would recommend that the single premiums at present in use should be increased, and I understand the matter is receiving attention. As to the prospective, or interim, bonuses on policies becoming claims during the present triennium, I recommend that 20s. per cent, per annum upon the sum assured and existing bonuses be allowed on temperance death claims, 21s. per cent, on general death claims, and 225. per cent, on all claims by maturity. In concluding, I desire to place on record my appreciation of the excellent manner in which the Bonus Clerk, Mr. J. W. Kinniburgh, has throughout performed the very laborious duties involved in superintending the heavy clerical work of the valuations ; and I also wish to mention the valuable general assistance I have received from Mr. Percy Muter, F.1.A., during the investigation. Respectfully submitted by MORRIS FOX, The Government Insurance Commissioner. Actuary.

H.—B

12

ACTUARY'S

Table

Movement of Business

ASSURANCES. YEARS: 1894. TOTAL. Whole-life and Term Assurances. ie»o. 1896. No Sum &- P&u a m. Jl^^^^ Annual Sum Kever- Premium. No - Assured S1 °nary _ assured. Bonug> j Ordinary. 2. Extra. 2. Deferred. POLIC [ES ISSUED AND DISGONPolicies in force at 31st De-1 cember, 1893 f Bonus allotted • as • at 31st | December, 1893 j New business of Triennium 3i,7 0 9! 9,039 £ ■■ 8,302,257 1,943,047 £ 518,998 277,268 48 £ s. d. £ s. d. f239,357 17 9 7,485 7 2) \ 4,646 15 4 370 o of f 6l,202 14- 2 4,422 7 2 I I 447 19 7 6,383 7 iof £ £ £ s. d. 18,421 5,489,421378,976 j 18 f'7i? }l 51 ' I d,80o 12 8j 192,132 a iuJ qao »r, aq ' 20,464 3 0) 3,174i 800,35/ 48 < ' on _ „ ., 1 297 8 0 1 21,595 ! 6,289,778:571,156 { 159 ' ]H 14 „ I i t 4,103 0 8 1 j 1 3,410 971,440- 94,822 j 26 'J! 42 [ lb 1 8 111 Total Policies discontinued during) the Triennium f 40,748 10,245,304 796,314 (300,560 11 11 11,907 14 4) I 5,094 14 " 6,753 7 iof f 46,140 12 II 1,489 13 ll ( 980 9 II 64 7 IO) 21,595 5,976 1,490,500 135,425 3,410 Total Policies in force at) 31st December, 1896 f 34,772 ! 8,754,804 660,889 '254,419 19 0 10,413 1 3) I 4,114 5 0 6,689 0 07 18,185 5,318,338476,334 ,? „;- [ d,33o 11 9) I j I 18,185 deta: :ls F POLICIES DISCONHow Discontinued. By Death f 7.4°4 r 3 10 I 207 2 9 ( 3,209 o 2 I 34 8 5 f 9,027 15 n 1 i'93 6 4 1,489 12 1) 49 n iof j 23 , 0 j 5,525 10 7) 23,463 J 177 14 856 242,577 27,909 610 193,239: Maturity 3°3 64,788 10,740 f I f 14 16 o ( 4,980 5 7! is, liI j 157 17 3) - 33,896 ' f 13,992 10 5) 2,6, 78b j 310 1Q 4J - 30 5 0 f 2,010 19 9) •• 1 47 2 Of f 102 16 2i •• j 74 5 3f Q4 R99 lf 26 > 642 7 6 I 94 > 822 ( 767 8 llf Surrender 1,117 291,158 19,289 609 183,897 Surrender of Bonus 45,537 ( 24,183 11 10 t 4 10 5 10 3° 5 o ' 2,021 2 o I 47 2 o ! 264 4 2 1 88 4 7 2,188 Lapse 3-697 890,777 31,950 I 593,104 Expiry of Policy 3 1,200 3 1,200 Expiry of Premium 1 f I J OIO Miscellaneous 5,976 1,490,500! 135,425 1 46,140 12 11 ( 980 9 11 1,489 13 1) 64 7 10/ 3,410; 971,440 PR GRESS OF BUSINE ■S OF THE DEPARTMENT 'otal issued 67,96317,570,881 1,117,670; 33,191 8,816,077 456,7 Sl 2S -°f " *| 21,613 14 6 I ( 12,905 10 6 ' j t (273,672 12 ll , 1 00 c 4,5°6 13 3 8,851 5 6 MJ ° J 36,974 11,019,343 804,767 I 2 ??' 2 ? 3 ? t\ I ( 10,348 11 8) 18,789 5,701,005 328,433 j 19 11} 1M8~5"5^^47J^;{ 132 : |5J 0) 'otal void Total in force.. 954 419 19 0 i 10,4-18 1 81 Z04.4I9 ia u jj i 689_o_fjf 34,772 8,754,804 660,889 Extra Premiums Reduction of Premi mg by Bonus, &c. .. 4,114 5 O:' 294 l8 IIj Note.—The Ordinary Premium is the premium charged £258,829 2 11

13

H.—B

REPORT.

A.

during the Triennium 1893-96.

at the true age; the Extra, the additional premium imposed for any reason whatsoever.

ASSURAN ICES. SIMPLE ENDOWMENTS, INVESTMENTS, &c. ANNUITIES. Endowment Assurances. Annuity Assurances. ; Annual Sum I Kever- , Premium. No - Assured Bipnary— Assured. Bonua# | ,, Ordinary. I 2. Ex tret. No. Sum Deferred ; Annual Assured. Annuities, i Premium. Annual : Annuities. r,,i,-,rv, I 1 - Immediate. mium. , g< deferred. N Sum j Annual ' Assured.; Premium. :nued dur: :ng the t; ,ie: nium. £ £ £ s. d. I 99,432 10 6| 1 841 2 8f £ £ s. d. £ s. d. J 17,2506,213 1 10919 5 0-' : 17,250:6,213 1 10 919 5 0-1 1 200; 64 7 10; 11 4 0 17,050 0,148 14 0 ! 908 1 0-[ £ s. d. £ s. d. 151 .. 7,485 7 2 3 23 12 2 370 0 0 £ i £ s. d. 12,723' '2,783,433 140,022! i | 411 29,4031,188 3 7 85,136 106 .. 4,422 7 2 6| 48 0 0 170 6 0 257 ; .. 11,907 14 4 9. 71 12 2 540 6 0 5,531 1,115,611 ( 39,337 18 9) 1 150 11 7 J 133 I 89 9,829 433 7 5 i 18,254 (3,899,044 1225,158 . (138,770 9 3) 1 \ 991 14 3 f 133; 1 50o; ! 39,2321,621 11 0 .2,411 511,176 i 40,603 , f 19,138 3 1) ' ( 213 1 Of - (119,632 6 2) 1 | 778 13 3 j 2 131 25| •• | 1,489 13 1 232 .. 10,418 1 3 9 71 12 2 540 6 0 I i 128 7,684, 348 18 4 15,843 ;3,387,868 ! 184,555 1 372! j 31,5481,272 12 8 !! i ' . ii I Tl INUED DUR1 ING THE TF he: NIU I i 220; 241! I 49,238 61,941 ! ! 4,506 ! 4,506 j 1 ' a ! 2 * ° °[ 1 100; 49 11 10 5 0 0 . 10,740 in 74n ' 3 ' 091 10 5 1 10 ' 740 1 34 8 5f •■ j 1,874 3 8) "1 29 8 8 1 ( 3,091 10 5) 1 34 8 5 f ( 3,914 7 1) 1 35 9 If ] i &o 25 1,489 12 1 62, •■ ! 2,847 | 117 9 9 4G2 104,588 ! 5,552 l 5,552 | 3 ' 944 I \\ 1 100 14 16 0 6 4 0 { 35 9 lj 1 45 2,573 ! 126 19 3 11,641 i 11,641 .. ; .. - ... . ( 19 097 fi 11 f 10,097 6 1) 1 99 15 6f i *' 1,488 295,409 8,164 W 1} 21 2,264 93 15 4 10 2 3 10 2 3 ( 150 14 0) •• [ 13 19 4f " V ""** ■*-«* * I ( 150 14 0) [ 13 19 4f ( 19,138 3 1) j ( 213 1 0 f 2 I 0 1 0 10 14 0 2,411 511,1761 j 40,603; '• 40,603;-; 19j o?o ? ll 2 200 64 7 10 11 4 0 ( Zld 1 oj I 25 1 .. j 1,489 13 1 128 I 7,684 ! 348 18 4 i r ' i I i SI [NCE E >ATE OF ESTABLISHMENT TO 31st DECI IMBER, 18! 96. i I 312,903 i 234 /' .f! 1 -: 133 17,250*6,213 1 10 919 5 0 ( 2,61b 18 10 i I 128,348 I 112 ' 22 q 19 t\\ 2 2001 64 7 10! 11 4 0 ( 1,8.38 0 / | j ; ; ] I 184,555 I 119 '^ 32 t l\ 13117,050 6,148 14 0:908 1 oj I [ i to 16 O \ \ I I 28,627 6,432,019 329185 7 5 |15,400 12 8 1,900 102,269| |4,895 7 8 12,784 3,044,151 88113 15 3 4,442 5 5 1,528 70,721| |3,622 15 0 15,843 3,387,868 232 9 71 12 2 10,418 1 3 540 6 0 a [- 372 31,548; 1,272 12 8

H.— 8.

ACTUARY'S Table SUMMARY OF MORTALITY I

Assurance Policies in Force at 31st December, 1893.

14

Number c,,™ Average. Section. of Assured Policies. Age. Duration. Sum Assured. 1 £ £ General .. I 26,621 7,330,285 39-85 8-24 275 Temperance.. 4,558 | 943,291 33-22 5-63 207 Total •• 3I.I79 i £8,273,576 38-88 786 £265

GENERAL DURATION IP Pi ilio: :es. *3.2 Ho ft AGES CAUSE OP DEATH. 0 l[2 34 to to I to to to 1 2 j 3 4 5 5 6 7 to to to 6 7 8 8 to 9 9 to 10 O to 5 5 to 10 10 15 to to 15 20 20 to 25 25 to 30 15 to 20 i 20 25 to to 25 30 Zymotic Diseases 1 6 1 3 1 6 3 1 12 10 13 11 7 1 54 1 3 5 Parasitic Diseases 1 1 1 Dietetic Diseases 1 1 1 4 2 8 Constitutional Diseases— Cancer Phthisis Others 4 1 1 3 1 1 1 1 1 6 2 3 1 2 2 6 4 4 2 2 1 5 2 I 3 17 7 16 15 4 14 21 8 8 4 4 14 5 4 1 56 62 27 10 '8 3 2 3 Total 5 5 5 3 9 6 8 8 5 8 27 35 43 16 23 1 145 13 8 Developmental Diseases .. 1 1 2 2 1 6 1 12 Local Diseases— Nervous system Circulatory system Respiratory system Digestive system Urinary system.. Others 1 4 2 1 1 1 2 3 1 2 3 2 4 2 1 2 3 3 2 4 5 4 2 2 7 5 2 6 6 7 5 6 3 1 1 7 11 10 6 1 5 24 25 19 9 6 19 38 13 11 7 2 15 23 12 17 10 2 15 23 13 9 12 1 1 1 81 121 67 52 36 10 1 1 1 1 2 1 2 2 1 4 4 1 I 1 2 1 2 1 Total 8 8 5 II 8 12 17 19 19 16 40 83 90 79 16 73 2 367 1 5 6 Violent Deaths 13 10 5 9 6 7 12 4 7 7 43 37 3° 9 135 6 9 8 Miscellaneous 1 1 2 4 7 5 3 19 Total, General Section 28 16 27 24 26 37 39 37 32 I124 '7' 186 132 123 5 _74! 3° 27 29 8 tempe: Zymotic Diseases 2 1 1 2 2 2 6 1 2 Constitutional Diseases— Cancer Phthisis Others 1 1 1 3 1 1 I 1 2 3 1 2 3 2 3 8 4 5 1 1 1 11 16 1 5 3 8 1 1 I 3 3 7 7 10 1 1 Total 1 2 1 4 ; 2 1 2 6 7 18 10 1 1 37 1 2 Local Diseases— Nervous system.. Circulatory system Respiratory system Digestive system Urinary system Others 1 2 1 1 1 1 1 1 1 I I 1 1 3 3 4 2 5 4 1 5 2 1 I 1 1 10 10 7 4 2 2 1 1 1 1 1 2 1 1 1 3 1 2 1 1 1 1 Total 2 1 2 2 3 1 1 2 3 6 10 13 8 2 1 1 35 2 3 4 Violent Deaths 1 1 1 1 I 1 2 3 4 5 12 2 ■ ! I Miscellaneous I 1 1 Total, Temperance Section 3 3 4 5 8 4 3 4 12 14 23 37 25 3 2 1 91 4 7 14 GENERAL AND TEMPE Grand total .. • • 31 32 20 32 32 30 40 43 49 46 J I 147 2 °8 211 135 125 6 832 12 37 41

H.—B.

REPORT. FOR THE TRIEMIUM, 1894-96.

Assurance Policies in Force at 31st December, 1896.

15

Section. Number of Policies. Sum Assured. AverageAge. Duration. Sum Assured. General Temperance .. £ 28,982 i 7,547,132 5,194 ; 1,054,657 4004 33'97 9-25 6-87 £ 260 203 Total 34,176 .£8,601,780, 39'I2 8-89 £252

SECTION. atta: [NE AT DEATH. > ag: DURATIONS. sum assur: ID. Ph o a % o 30 to 35 35 to 40 40 i 45 50 55 to to to to 45I50 55 60 60 to 65 65 to 70 70 75 80 to to to 75 80 85 o Total. Average perl Life. Total. Average per I Policy. Total. j Average perl ; Policy. I Average per I Life. Y. M. 633 3 Y. M. II 9 £ 17,750 £ 329 £ 355 6 6 7 3 4 5 5 2 1 2 50 2,237 44'7 7'39 1 49 49-o 100 100 100 •15 2 1 2 1 363 51-9 128 10 16 1 2,200 275 314 1-03 1 6 2 12 5 8 6 4 5 3 18 1 9 3 5 6 1 1 1 53 58 26 2,946 2,184 1,275 55-6 37-7 49-0 794 1 584 9 310 10 H 2 9 5 11 6 16,609 16,063 6,55o 297 259 243 313 277 252 7-83 8-56 3-8 4 I 3 3 16 3 1 3 1 4 8 17 • 10 •12 22 17 1,689 8 11 8 286 11 2 1 137 6,405 46-8 39,222 270 20-23 1 2 2 7 12 880 73'3 213 7 17 10 1,642 137 137 1-77 2 2 5 9 5 7 3 1 2 7 5 6 3 7 13 2 10 19 8 9 3 2 17 24 10 11 12 14 22 7 4 5 1 4 13 7 5 2 2 5 4 2 1 3 1 72 113 60 47 33 9 3,853 6,183 3,069 2,449 1,802 416 53-5 54'7 51-2 52-1 54'6 46-2 1,071 1 1,638 o 838 4 713 o 576 8 91 o 13 3 13 6 12 6 13 9 16 o 9 1 25,615 39,655 21,495 17,578 14,000 3,050 3i6 328 321 338 389 305 356 35i 358 374 424 339 10-64 16-69 8-86 6-94 4-88 1-33 4 6 1 2 3 10 27 23 35 51 74 53 6 31 14 334 17,772 53-2 ' 4,928 1 13 5 121,393 33i 363 49-34 17 17 14 12 15 9 118 4,805 40-7 1,206 11 8 11 36,220 268 307 I7H3 2-66 1 2 2 1 3 3 2 18 962 53 - 4 258 11 13 8 6,850 361 381 42 69 64 63 87 115 83 54 21 13 *677 33,473 49-4 1 9,059 7 12 3 (£225,377 £304 £333 lOO'OO SECTI N. .. I 1 i — LL 6 47 4 7 11 1 1 220 36-7 1,100 183 183 7-06 ■•3 5 1 2 .. .. ! 2 ! 8 15 9 440 55'0 554 36-9 3°3 33'7 117 11 136 4 77 3 10 9 8 6 7 9 3,250 3,3oo 2,235 295 206 224 406 220 248 9-41 17-64 10-59 1 2 2 1 1 1 2 1 2 3 1 7 5 1 32 1,297 40-5 33i 6 9 o 8,785 237 275 37-64 1 1 1 1 1 212 1 1 I 10 470 : 47'° 471 47-1 3°5 ! 43'6 140 35-0 106 53-0 69 34'5 102 11 89 o 78 4 15 3 14 6 11 o 10 4 8 11 11 2 3 i° 7 3 5 6 2,015 i,530 1,520 600 I 202 202 11-76 11 -76 8-25 4-7i 2-35 2-35 41-18 1 1 1 1 1 .. 1 5 3 3 1 1 3 1 .. !, i I 10 7 4 2 2 153 217 15° 75 150 153 217 150 75 150 1 150 300 3 2 2 4 2 1 35 1,561 44-6 311 o 8 11 6,115 175 175 2 3 2 II 422 38-4 95 4 7 11 3,000 250 273 12-94 1 42 42-0 9! 200 200 200 1-18 8 8 6 12 9 6 7 2 I *8 5 3,542 ! 41-7 785 11 : 8 8 £19,200 £211 £226 ioo-oo I I SECTIONS COMBINED I 50 76 72 j 69 99 124 89 56 22 14 I 1 '760 * Two lives were insured in both sections; therefi I 37,015 ! 48-7 9,845 6 11 10 £244,577 £294 £322 ioo-oo ire the total lives, 760, is not the sum of the lives in the two sections. !

H.—B

16

ACTUARY'S

Table SUMMARY AND VALUATION OF POLICIES OF THE NEW As at 31st

pa; .TICDLARS IF POLICIES FOR VALUATION. Office Yearly Pkemiums. DESCRIPTION OF TRANSACTIONS Number of Policies. Sums assured. Bonuses. Annuities. Yearly Permanent Reduction of Premiums. Ordinary. Extra not valued}. ASSURANCES. I. With Participation in Profits. I "Whole Life Assurances: Uniform Premiums II Whole Life Assurances: Limited and Single Premiums III. Endowment Assurances, payable at Death or Maturity XVI Double-Endowment Assurances IV. joint. Life Assurances : Uniform Premiums IVa. Survivorship Assurance .. Xlleo- Annuity Assurances : Temporary Assurance with Deferred Annuity XHIeo. Annuity Assurances: Whole-life Assurance, with Deferred Annuity Reserve for Extra Premiums £ £ £ £ B. d. £ •• d. £ ■• d. 17.253 909 4,915,750-000 392,112-558 398,98825 76,962-90 158 11 3 3 14 7 128,039 16 3 4. 2 4i 12 5 3,252 19 11 59 18 8 14,883 3,144,267-750 184,55500 132 13 1 112,547 19 4 776 5 7 960 15 1 76 243,600-000 8,375 # ooo 500-000 9,600-000 31390 66'oo 7,216 19 11 367 9 8 16 10 o 480 o o 278 15 5 10 2 10 o 3.5°7'52i 55 7,450000 2,641179 428 i o Total Assurances with Profits .. 34,152 8,721,655-308 660,886-05 6,148-700 294 18 11 253,338 8 7 4,109 7 8 II. Without Participation in Profits. I. Whole Life (transferred from Temperance to Non-profit) V. Endowment without Return of Premiums.. VI. Endowments with Return of Premiums XI. Temporary Assurances V. Investments I.B. Industrial .. .. 5 I 228 2 126 17 850-000 IOO OOO 27,376000 750-000 3>737'9°4 334-100 3-50 22 14 8 1, no 12 8 9 9 10 153 15 4 848 i 4 17 4 Total Assurances without Profits 379 33,148-004 3-50 1.304 17 2 I 4 17 4 Total Assurances .. 34,531 8,754,803 , 312 66O,889'55 6,148-700 129418 11 254,643 5 9 4,114 5 0 ANNUITIES. VII. Immediate VIIa. Joint and Survivorship .. VIII. Reversionary IX. Deferred without return of Premiums X. Deferred with return of Premiums 224 8 1 7 1 9,706796 711-267 300 000 190-300 50000 6016 2 10 16 o Total Annuities 241 ilO,958 363 1 71 12 2 Adjustment Reserve Total of tlx© Results 254,71417 11 4;114 a 0 31,772 8,754,803-312 660,889*55 17,107'OeS 294 18 11

H.—B

17

REPORT.

3—H. 8.

C. ZEALAND GOVERNMENT LIFE INSURANCE DEPARTMENT, December, 1896.

tt a t tt A mtrt-KT . i Assurances by the Institute of Actu VALUnllUXX . 1 Immediate Annuities by English Gc aries H" , Table ; ivernment Annuita: ,ts (1884) Tables; } Interest, 4 P' ;rcent. VALUE OF VALUE OF Net Yearly Premiums. Sums Assured. Bonuses. Annuities. Yearly Reduction of Premiums. Additional Reserve ior Limited Premium and Paid-up Policies. TOTAL LIABiLI ;Y. Office Yearly Premiums. Net Yearly Premiums. NET LIABILITY. £ £ £ £ £ £ £ £ £ £ 105,709-890 3,397'385 2,215,670-4 206,603-0 201,1333 42,433 - 5 1,802 8 38-9 13,137-8 2,418,606-5 262,213-2 1,697,9885 24,929-6 1,379,187-1 19,577'° 1,039,419-4 242,636-2 92,813319 1,796,074-6 126,184-5 I ,°77'4 439-7 i,923,77 6 ' 2 1,182,955-2 960,632-6 963,143-6 6,087-375 298-497 I3'598 398958 89,532-4 4,658-6 IOO'I 1,679-6 198-9 132 89,532-4 4,857'5 "3'3 7,292-2 99,858 o 3,923-8 59 '9 7,936-6 83,675-8 3,159-2 49'4 6,598 2 5,856-6 1,698-3 63-9 694-0 5,6i2-6 361-764 2,187-2 4,298-9 6,486-1 6,911-0 5,834'° 652-1 I ,028-5 1,028-5 1,028-5 4,317,534-4 9,911-5 209,080-786 369,963-4 2,919-1 13,577-5 4,713,905-9 3,024,562-6 2,458,713-3 2,255,192-6 18-943 404-2 1-9 406-1 2984 247-1 159-0 91-5 9,492-8 4'7 2,496-3 77'3 gi'5 9,4928 47 2,496-3 77'3 91-5 9,492-8 4'7 2,496-3 77'3 18-943 12,566-8 1-9 12,568-7 298-4 247-1 12,321-6 209,099729 4,330,101'2 369,9651! 9,911*5 2,9191 13,5775 4,726,474'6 3,024,861*0 2,458,960*4 2,267,ul4"2 86,245-4 9,225-1 I ,i8o-2 1,255-6 415-3 98,321-6 _ o _ . _ 1,1802 86,245-4 9,225-1 1,1802 i> 255-6 415 3 86,245-4 9,225-1 1,180-2 1,255-6 415-3 1,255-6 4153 98,321-6 506-454 98,321-6 506-454 506-454 209,099729 4,33O,6O7"654J 369,9658 108,2331 '2,0191 I 13,577'5 4,825,302'654 8,024,861*0 2,458,960'4 2,:-166,342 '2 54

18

H.—B

ACTUARY'S REPORT. Table D. CONSOLIDATED REVENUE ACCOUNT OF THE GOVERNMENT INSURANCE DEPARTMENT, For the Period commencing 1st January, 1894, and ending 31st December, 1896.

Table E. VALUATION BALANCE-SHEET OF THE GOVERNMENT INSURANCE DEPARTMENT, As at 31st December, 1896,

Amount of Funds on 1st January, 1894 Renewal Premiums *Jew Premiums jingle Premiums Consideration for Annuities granted interest.. ?ees £ s. d. 2,128,589 18 0 679,683 14 9 58,069 14 5 5,437 7 9 47,764 16 9 359,498 16 11 20 12 8 £ s. a. £ s. d. Death Claims under Policies, Assurances, including Bonus Additions .. .. 275,928 1 0 Endowment Assurances matured, including Bonus Additions .. .. .. 73,829 18 0 Endowments matured .. 2,846 16 2 Premiums returned on Endowments .. .. .. 136 2 8 Bonuses surrendered for Cash.. 21,890 14 4 Annuities .. .. .. 25,885 7 10 Surrenders .. .. .. 61,015 14 6 Loans released by Surrender .. 54,487 1 0 516,019 15 6 Commission, New .. .. 34,898 10 11 Renewal .. 4,775 4 0 :• Land- and Income-tax Expenses of Management— Salaries, Head Office .. 30,3611111 „ Branch Offices and Agents .. .. 16,569 13 7 Extra Clerical Assistance .. 4,742 0 10 Medical Fees .. .. 13,636 5 11 Travelling Expenses .. 2,227 4 3 Advertising ' .. .. 2,442 10 8 Printing and Stationery .. 3,884 4 2 Rent .. .. .. 6,549 12 0 Postage .. ... .. 4,805 0 4 Telegrams .. .. 1,685 4 8 Exchange .. .. 178 11 1 Office Furniture Depreciation 1,851 5 7 General Expenses .. .. 7,489 5 5 Triennial Expenses .. 4,796 0 10 Compensation for loss of Office .. .. .. 205 3 3 39,673 14 11 20,105 11 3 £3,279,065 1 3 Investment Reserve Fund Amount of Funds on 31st December, 1896 101,423 14 6 10,500 0 0 2,591,342 5 1 £3,279,065 1 3

Dr. £ s. d. Cr. Vo Net value of Liabilities (as per By Accumulated Funds (as per ConValuation Summary in Table B) 2,366,342 5 1 solidated Revenue Account in Vo Surplus .. .. ■■ 225,000 o o Table C) £ s. d. z.59i,34 2 5 1 £2, 591,342 5 1 £2.591,342 5 1

19

H.—B

FOURTH SCHEDULE. Statement respecting the Valuation of the Liabilities under Life Policies and Annuities of the Government Insurance Department, made by the Actuary. I. The date up to which the valuation was made was the 31st December, 1896. 11. The principles upon which the valuation and distribution of profits were made were as follows :— (1.) Principles of Valuation. —The valuation has been made upon a strictly "net premium " basis ; in other words, no credit whatever has been taken for any extra premiums or loadings, the net premiums alone having been valued for inclusion amongst the assets. The liability has been ascertained by taking the difference between the present value of the sums assured (including reversionary bonuses) and the present value of the net premiums (derived from the Institute of Actuaries H M Table with 4 per cent, interest). Where the original premiums have been reduced by the application of amounts received in consideration of the surrender of bonuses or former policies the present values of such reductions have been added to the liability. In all cases where an extra premium was payable the policy has been valued at the true age, and a full proportion has been reserved for the unexpired risk for which the extra premium had been paid. Adequate extra reserves have been made for limited-premium policies and the immediate payment of claims, and allowance has been made for the actual incidence of the premium income. Reserves have been made for Children's Endowments, Investments, and Deferred Annuities equivalent to the premiums paid accumulated at 1 per cent. Immediate Annuities on single lives have been valued by the English Government Annuitants Mortality Experience (1884), with 4 per cent, interest, and joint-and-survivorship and reversionary annuities by the Carlisle Table, also with 4 per cent, interest. In the case of annuityassurances the value at age 60 of the annuity has been computed by the 1884 English Annuitants Experience and treated as an endowment payable at age 60, which has then been valued, in combination with the insurance portion of the contract, by the Institute H K Table, with 4 per cent, interest. All policies have been valued separately in duplicate, and also in groups where practicable. From the gi-oss surplus which resulted from the application of the foregoing principles a special reserve has been made, in view of the probable necessity for reducing the rate of interest in future valuations. The effect of this special reserve is to place the Department in a position to satisfy the requirements of a net premium valuation upon an interest basis of 3f per cent. The balance has been treated as divisible surplus, and allotted amongst the policyholders in the manner described in the next section.

H.—B

20

FOURTH SCHEDULE.

(2.) Principles of Distribution of Surplus. —The divisible surplus has been allotted amongst the policyholders by ascertaining the profits arising from the excess of interest realised over the valuation rate of 4 per cent, and dividing that portion of the surplus exclusively amongst those participating policies which were in force at the last valuation and which remained in force at the present valuation, in proportion to their H M 4 per cent, reserves at the 31st December, 1893. The remaining surplus has been divided amongst all the participating policies in proportion to the loadings on the premiums paid on each policy during the triennium, —policies secured by a limited number of premiums being treated as though the premiums had been spread over the whole term of the policy,—with the exception that whole-life assurances issued during the triennium received reversionary bonuses at the rate of 20s. per £100 assured, and endowment assurances at the rate of 18s. per £100 assured, for each year of the triennium; it having been ascertained that those rates were approximately what would have resulted from an allotment in exact proportion to the accumulated loading. The approximate profit from favourable mortality in the General Section and the Temperance Section respectively has been ascertained and specially divided amongst the members of the respective sections. The result is, on this occasion, that general policies receive slightly higher reversionary bonuses than temperance policies which are like them in all other respects. The divisible surplus has been converted into reversionary bonuses by means of the H M Table of mortality with 3-g- per cent, interest, the reversion for a continuous assurance having been used for whole-life policies. In all cases of rated-up lives such lives have been treated for bonus purposes as though they had been of the higher age. 111. The Tables of Mortality used in the Valuation were, — (1.) For Assurances, the Institute of Actuaries H M (Healthy Males) Table ; (2.) For Annuities, Finlaison's 1884 Government Annuitants Tables; excepting for special annuities, which were valued by the Carlisle Table. IV. The rate of interest assumed throughout the valuation was 4 per cent. V. The whole of the loading, or the difference between the premiums payable to the office and the net premiums, amounting to £44,261 per annum and valued at £565,900, has been reserved for future expenses and profits ; and in the case of limited-premium and paid-up policies, where the loading as well as the risk-premium is payable for a limited period only, a further reserve of £13,577 has been made to provide for expenses and profits when the premiums shall have ceased. VI. The Consolidated Revenue Account for the three years that have elapsed since the last valuation is given in Table D, page 20.

21

H.—B

FOURTH SCHEDULE. VII. 1. The liabilities of the Department under life policies and annuities at the date of the valuation;, showing the number of policies, the amount assured, and the amount of premiums payable annually under each class of policies, both with and without participation in profits, will be found in detail in the Valuation Summary, given in Table 0, pages 18 and 19. 2. The net liabilities and assets of the Department, with the amount of surplus, are shown in the Valuation Balance-sheet, Table E, page 20. VIII. All participating policies which were in force at the date of the valuation, however recently effected, shared in the profits. The reversionary bonuses allotted to policies recently issued follow the sum assured — i.e., they vest immediately, and are payable with the sum assured as a claim, however short the duration ; but they will not acquire a cash value for surrender purposes until the policies to which they belong shall have been two years in existence. IX. The results of the valuation are as follows :— (1.) The total amount of profit made by the Department during the three years ending the 31st December, 1896, was £172,708, making, with the reserve at last valuation and interest thereon £58,050, a total surplus of £230,758. Of this amount, .£5,758 has been paid as interim bonuses during the triennium, and £81,000 has been specially reserved, leaving £144,000 cash surplus available for distribution. (2.) The amount of profit divided amongst the policyholders as at the 31st December, 1896, was £144,000, which has beeu converted into reversionary bonuses amounting to £257,911. The number of policies which participated was 34,152, assuring the sum of £8,721,655, or, including reversionary additions, £9,382,541. (3.) The following are specimens of the bonuses which have been allotted, for the three years ending the 31st December, 1896, to ordinary whole-life policies upon which all previously allotted bonuses had been allowed to remain : —

AGE AT ENTRY, 20. Number of General. Temperance. Years in Force. ~ ' jReversionary Cash Reversionary Cash Bonus. Value. Bonus. " Value. General. Beversionary Cash Bonus. Value. AGE AT ENTRY, 30. Temperance. Reversionary Cash Bonus. Value. Number of Years in Force. 5 10 15 20 25 £ s. A. £ s. d. 390 o 16 5 400 114 420 1 4 11 3 15 o 15 7 3 10 o 17 5 £ s. d. £ s. d. ; 3 4 o o i 5 3 3 15 o 100 3 18 o 139 3 12 o 14 7 390 170 £ s. d. / s. d. 350 019 9 380 133 330 148 380 1 10 o 3 19 o i 19 6 1 £ s. d. J £ s. d. 310 o 18 7 340 i 1 10 300 136 3 G o 192 3 16 o 1 18 o 5 10 15 20 25 AGE AT E> 'RY, 40. AGE AT INTET, 50. 1 Number of Years in Force. GENERAL. TEMP] jrance. Gen: BBAIi. Tkmpebance. Number of Years in Force. Reversionary Cash Bonus Value. Reversionary Bonus. Cash Value. Reversionary Bonus. Cash Value. Reversionary Bonus. Cash Value. 5 10 15 20 25 £ ■• d. 2 19 o 380 300 3 10 o 3 17 ° ;£ s. d. 1 3 1 1 10 o 1 10 o 1 19 8 2 8 5 £ * d. 2 15 o 3 5° 2 18 o 390 3 15 ° £ s. d. 1 1 6 1 8 8 1 g o 1 19 1 272 £ »■ d. 2 16 o 3 7 0 3 3 0 3 14 o 3 15 o £ s. d. 1 8 o 1 18 o 1 19 8 2 11 2 2 16 7 £ s. d. £ s. d. 2 13 O 166 3 3 0 i 15 8 310 1 18 5 3 12 o 2 g 10 3 13 o 2 15 1 5 10 15 20 25

22

H.—B

FOURTH SCHEDULE.

The irregularities in the preceding table are partly the result of increases in the current rates of premium made in 1877 and 1885, and partly in consequence of the table showing the results for five-year intervals only, whereas the bonuses are allotted triennially. In addition to the foregoing statutory table, the following one is given containing the results for three-yearly intervals of duration: —

The cash values of the reversionary bonuses are computed by the H M Table of Mortality with interest at 4| per cent. MORRIS FOX, Actuary.

AGE AT ENTRY, 20. Number, m of General. Temperance. Yearsin! „ Force. I" Reversionary Cash Reversionary Cash Bonus. Value. Bonus. Value. AGE AT ENTRY, 30. Number General. Temperance. of Years in Force. Reversionary Cash Reversionary Cash Bonus. ' Value. Bonus. Value. 1885 PREMI JM RAT S. £ s. d. 3300 6 3 14 o 9 3 15 ° £ s. d. o 13 9 O 18 2 0 19 8 £ s. d. 300 3 9 0 3 II o £ s. d. £ s. d. o 13 9 3 o ° o 16 11 340 018 8 3 10 o £ s, d. I £ s. d. . £ s. d. 0 17 3 1, 3 o o o 17 3 1 00 ' 300 I0I89 134 '3601120 3 6 9 877 PREMIUM RAT S. I ' 'I 12 j 4 2 0 ; 1 3 3 15 4 2 o i I 4 II 18 3 13 o I 1 3 9 3 18 o 12 1 3 18 o 13 9 3 10 o 129 2 14 o o 19 7 330 148 370 182 2 11 o 300 3 5 0 o 18 6 12 136 15 17 4 I 8 21 3 3 o 1 2 1 24 3 8 0 j 1 5 10 27 3 12 o ! 1 9 9 1870 PREMI UM RATES. 1 10 11 21 1 16 7 24 220 27 310 114 360 150 3 10 o 1 8 11 3 10 o 1 11 10 3 17 o 1 17 6 420 231 3 8 o 3 15 o 400 I AGE AT ENTRY, 40. AGE AT iNTRY, 50. Number of Years iu Force. Geni SRAL. Cash Value. Temperance. General. Tempe Number lance. of Years in Force. ue in e. Reversionary Bonus. Reversionary Cash Bonus. Value. Reversionary Cash Bonus. Value. Reversionary Bonus. Cash Value. 1885 PREMI M RATES. 3 6 9 £ s. d. 300 320 360 £ s. d. 1 2 3 1 4 10 1 8 7 £ s. d. £ s. d. 300 123 2 18 o 132 320 1 6 10 £ s. d. £ s. d. 300189 2 15 o 1 82 3 5 o ; 1 15 9 £ s. d. 3°o 2 12 o 3 I o £ s. d. I 8 9 i 6 8 i 13 7 3 6 9 1877 PREMI M RATES. 12 15 18 2 13 o 300 370 1 4 9 1 10 o 1 16 o 2 11 o 2 18 o 350 1 3 9 1 9 o 1 15 o 2 14 o 1 11 11 330 1 19 8 3 11 o 274 I 2 12 0 I IO 9 310 1 18 5 390 260 12 15 18 1870 PREMIUM RATES. 21 24 27 3 10 o 3 15 o 400 207 263 2 12 4 380 1 19 5 360 3130 250 3!3° 3180 2 no 400 266 2 14 2 320 340 251 3 II O 2 12 8 3 19 o I 3 I 3 21 24 27

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23

HEP O H T BY THE In terms of Section 43 of "The Government Insurance and Annuities Act, 1874." (See sth Schedule.)

STATEMENT OF THE LIFE ASSUKANCE AND ANNUITY BUSINESS OF THE GOVEKNMENT INSUEANOE DEPARTMENT ON THE 31s* DECEMBER 1896.

Question 1.—The published table or tables of premiums which are in use at the date above mentioned. Answer. —The tables of premiums in use are contained in Appendix No. 1. Question 2. —The total amount assured on lives for the whole term of life which are in existence at the date above mentioned, distinguishing the portions assured with and without profits, stating separately the total reversionary bonuses, and specifying the sums assured for each year of life, from the youngest to the oldest ages. Question 3. —The amount of premiums receivable annually for each year of life, after deducting the abatements made by the application of bonuses in respect of the respective assurances mentioned under heading No. 2, distinguishing ordinary from extra premiums. Answer to Questions 2 and 3.—This information is contained in Appendix No. 2, and similar information in respect of other policies is given in Appendices Nos. 3, 4, 5, and 6.

n.—h

24

FIFTH SCHEDULE.

Question 4. —The total amount assured under classes of assurance business other than for the whole term of life, distinguishing the sums assured under each class, and stating separately the amount assured, with and without profits, and the total amount of reversionary bonuses. Question 5. —The amount of premiums receivable annually in respect of each such special class of assurances mentioned under heading No. 4, distinguishing ordinary from extra premiums. Question 6. —The total amount of premiums which has been received from the commencement upon all policies under each special class mentioned under heading No. 4, which are in force at the date above mentioned.

Answers to Questions 4, 5, and 6 are contained in the following table: —

Question 7. —The total amount of immediate annuities on lives, distinguishing the amounts for each year of life.

Reversionary Bonus. Annual 'BBMIUMS. Table. Class of Assurance. J-l O P Sum assured. Total Ordinary Premiums Received. Ordinary. Extra. With Profits. £ s. d. / s. d. £ s. d. £ s. d. £ s. d. III. Endowment Assurances 14,883 3,144,267 15 o 184,555 0 o 112,547 1 9 4 776 5 7 961,626 4 4 XVI. Double Endowment Assurances 960 243,600 o o 7,216 19 11 2 7 8 7.764 3 7 IV. Joint Assurances 15 8,375 ° ° 313 18 o 367 9 8 15 5 10 2.915 5 3 IVa. Survivorship Assurances i 500 o o 66 o o 16 10 o 2 10 o 148 10 o XII. & XIII. I Annuity Assurances 131 17,050 o o* 908 1 of 1,342 19 8f Without Profits. Endowments : Without return IOO O O 42 1 3 V. I VI. Endowments : With return .. 228 27,376 o o 1, no 12 8 7,823 4 7 XL Temporary Assurances 2 750 o o 9 9 10 4 17 4 26 o 1 Totals 16,221 £3,442,018 15 0 £134,934 18 0 £122,177 2 5 £801 6 5 £981,688 8 9 * And deferred t These amoun mnuities for 14s. > are also given under " Deferred Annuities ' in Answer to Q lestion 8.

25

H.-8-

4—H. 8.

FIFTH SCHEDULE.

ANSWER TO QUESTION 7. Total Amount of Immediate Annuities on Lives, distinguishing the Sex and the Amounts for each Year of Life.

Amount of Annuities. Age attained. Female. Male. j 1 l_ 22 £ 8. d. 25 16 8 25 16 8 £ 8. d. 25 39 40 41 42 44 45 46 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 7'o 71 72 73 74 75 76 77 79 80 81 82 85 86 87 89 92 1 1 27 11 8' 32 o o 50 o 10 100 o o 113 4 o 139 10 4 163 2 O 93 6 o 73' 9 8 47 4 o 41 6 8 4 3 8 27 19 o IO O 2 96 14 4 10 16 5 9 1 4 375 o o 180 17 2 100 7 o 138 18 o 332 5 10 51 17 6 89 1 1 17 17 10 65 18 4 108 14 8 14 12 o 26 o o tig o 10 41 9 4 48 16 4 1200 68 2 6 60 o o 300 o o 14 13 4 74 8 4 135 8 4 316 8 6 212 o 4 483 18 5 103 9 10 128 o IO 70 O O 194 3 4 81 12 3 216 6 2 224 12 2 108 6 1 526 11 10 321 O IO 441 9 4 243 7 8 682 4 o 177 10 6 61 16 6 574 3 4 151 10 8 128 r8 10 35 o o 244 3 o 55 18 8 142 10 8 52 5 o 64 o o 4980 '49 7 4 Totals .. £2,801 19 4 £6,904 16 7 Joint and Survivorship. Ages attained. Female. Male. Amount of Annuity. 44-48 57-57 57-58 64-63 67-66 67-79 68-80 78-76 Totals .. I 1 I I 1 1 .. I 1 I I I .. .. I I £ 8. d. 200 O O 65 13 4 90 o o 130 o o 104 16 o 36 13 4 48 o o 36 2 8 £711 5 4

H.—B

26

FIFTH SCHEDULE.

Question B.—The amount of all annuities other than those specified under heading No. 7, distinguishing the amount of annuities payable under each class, the amount of premiums annually receivable, and the amount of consideration-money received in respect of each such class, and the total amount of premiums received from the commencement upon all deferred annuities.

ANSWER TO QUESTION 8. The Amounts of all Annuities other than those specified under Heading No. 7.

Question 9. —The average rate of interest at which the funds of the Department were invested at the close of each year during the period since the last investigation. Answer. —At the close of each financial year the average rate of interest at which the funds of the Department were invested for that year was as follows : — / s d 1894 ... ... ... 5 5 0 1895 ... ... ... 5 2 3 1896 ... ... ... 4 19 0 Question 10. —A table of minimum values, if any, allowed for the surrender of policies for the whole term of life, and for endowments and endowment assurances; or a statement of the method pursued in calculating such surrender values, with instances of its application to policies of different standing, and taken out at various interval ages, from the youngest to the eldest. Answer. —The minimum surrender values for whole-life and endowment assurance policies issued at the present rates of premium are given in Appendix No. 7. In the case of children's endowments (premiums returnable) the premiums paid are returned without interest, as surrender value. Endowments without return ot premium are treated specially.

Table. Class of Annuity. Amount of Annuities. Annual Premiums. Single Premiums. Total Premiums received to 31st December, 1896. VIII. I Reversionary £ s, d. 300 o o £ •■ d. £ s - d. 1,137 ° ° £ s. d. 1,137 ° ° IX. I Deferred (Premiums not returnable) 190 6 o 60 l6 2 1,056 6 3 1,194 3 9 X. I Deferred (Premiums returnable) .. 50 o o 10 16 o 252 o o XII. . Deferred (Annuity-Assurances)* .. 3>5O7 10 5 480 o oj 86 7 8 703 19 2 J XIII. ■ Deferred (Annuity-Assurances)f .. 2,641 3 7 428 i oj 48 8 2 639 ° 6J Totals £6,689 0 0 £979 13 2 £2,328 2 1 £3,926 3 5 * And temporary assurances for £9,600. t And Questions 5 and 6. t And vboie life assurances for £7,4^0. These amounts are ilso given in Answer ti

27

H.-8

FIFTH SCHEDULE.

Question 11.—A statement to be furnished of the manner in which policies on unhealthy lives are dealt with. Answer. —When proposals are made on lives which, although not of such inferior quality as to merit total rejection, are considered not to reach the requisite standard for insurance at the ordinary rates of premium, such proposals are accepted at increased rates. Great refinement is not attempted in the assessment of lives, proposals being as a rule either accepted at par, with an extra premium of 10s. per cent, of the sum assured, an extra of 20s. per cent., or declined. The alternative of a fixed contingent debt in lieu of extra premium, if not remissible, is always offered. The true age is taken as the basis of surrender calculations, excepting in the cases of bonuses and paid-up policies, the surrender values of which are calculated at the rated-up ages. The Appendices alluded to above have been compiled under the immediate supervision of Mr. Morris Fox, the Actuary to the Department. JOSEPHUS H. RICHARDSON, Government Insurance Commissioner.

28

H.—B

FIFTH

Appendix THE PUBLISHED Which were in Use on

Class of Assurance, with Participation in Profits. Age 15. Age 16. Age 17. Age 18. Age 19. Age 20. IS Age 22. Age 23. Age 24. / s. d. 1 11 1 £ •■ d - 1 11 11 £ s - d - 1 12 9 £ •■ d. 1 13 8 £ »■ d1 14 5 £ s. d. 1 15 2 £ S. d. I 15 II: f •■ d. 1 16 8 £ s. d. 1 17 5 ;£ s. d. 1 18 3 rt a) I. II. s Annual premium during whole of life Single payments 29 8 o 29 19 o 30 10 o 31 3 o 31 12 o 32 2 o 32 12 O' 33 2 o 33 « ° 34 2 o ce O c9 11.5 11.10 11.15 11.20 n.25 11.30 11.35 Annual premiums,— Limited to 5 years „ 10 „ , 15,, 20 „ 25 „ 30 . 35 „ 6 17 11 3 16 8 2 16 8 2 6 11 708 3 18 3 2 17 10 2 7 II 2 2 3 I 18 8 I 16 4 7 3 5 3 19 10 2 19 1 290 232 1 19 7 1 17 2 765 4 1 7 3°4 2 10 1 2 4 2 205; 1 18 o 7 8 10 4 2 11 3 1 4 2 10 11 7 11 1 4 4 2 324 2 11 9 2 5 8 2 1 11 1 19 5 7 X 3 4 : 4 5 6 3 3 4 2 12 7 1 2 6 5' 227! 2 o r 7 15 6 468 : 3 4 3 , 213 4 272 12 3 3 209 7 17 7 4 7 i°i 2 4 3 2 7 10! 2 311 2 1 5 7 J 9 11 I 4 9 3 1 3 6 2 I 2 15 o ! 2 8 8 249 222 to u B C IB c 2 1 4 1 17 10 1 15 6 2 4 11 j 2 I 2 I 18 9 •a <D rt ■3 a J CD .a *o •o e «| «u c to rt O h H ° t/i 33 o Pi rc h P CO < d £ o c H Annual Premiums, — Payable for 10 years „ ii.. 12 948' 95395 11 86 2! 86987 4 7 10 9J 7 11 4 7" «. 6 17 10 1 6 18 4! 6 18 II 6 6 9' 6 7 36 7 10! 965 8 7 10 7 12 5 6 19 5 684 9 6 10! 8 8 3| 7 12 91 6 19 91 6 8 8 9 7 1 8 8 5 7 13 °! 700! 6 8 11! 972 887 7 13 2 7 ° 2J 6 9 1 9 7 3 9 7 3 8 8 8j 8 8 9 7 X 3 3! 7 13 3 7 o 3| 7 o 4 6 9 2 1 6 9 3 9 7 5 8 8 10 7 r 3 5 7°5 6 9 5 13 » 14 15 » 16 „ 17 - 18 . 5 17 3i 5 17 9 5 18 31 5 8 11! 5 9 6 5 10 o[ 5 1 8; 5 2 2J 5 2 9: 4 15 3 4 r 5 9 4 16 4 4 9 7; 4 10 1 4 10 7 5 18 9 5 10 6 5 3 2 4 16 9 4 11 1 5 19 2 5 10 10: 5 3 7! 4 17 I 4 11 5 5 19 4 5 11 1! 5 3 9 4 17 4! 4 11 81 5 19 6 5 11 3 5 3 " : 4 17 7; 4 11 ioi 5 19 7 5 19 9 5 11 4 5 11 5 5 4 i| 5 4 3 4 17 8: 4 17 10 4 12 oj 4 12 2 5 19 11 5 ii 8 5 4 5 4 18 o 4 12 4 19 . „ 20 .. 21 . 22 . 23 . 24 . 446450456 3 19 III 4 o 5! 4 o II 3 15 10! 3 16 4! 3 16 10: 3 12 23 12 8j 3 13 2 38 9; 393399 460 4 1 5 3 17 4 3 13 7 3 10 3 4 6 4 | 4 r 9 3 17 8; 3 M 0 3 10 7' 467; 4 2 oj 3 17 n; 3 14 3 3 10 10 469: 4 2 3; 3 18 2 3 14 5 3 11 I 4 6 11 4 7 1 4 2 5| 4 2 7 3 18 4i 3 18 6 3 14 7| 3 14 10 3 11 3 3 11 6 4 7 4 429 3 18 8 3 15 o 3 11 8 III. 3 7 2 3 4 4 3 I 10 2 19 6 2 17 4 3 7 6 3 4 9 322 2 19 10 2 17 8 3 7 *o 350 326 302 2 18 0 3 8 oj 3 5 3 3 2 9 3 ° 5 2 18 3 3 8 3| 3 8 5 3 5 5 1 3 5 8 3 2 II; 3 3 2 3 ° 7 3 ° I0 2 18 6, 2 18 9 388 3 5 11 3 3 5 3 I 2 2 19 o 25 • 26 . 27 . 28 „ 29 . 35 81 362J 368 3 2 11! 3 3 5! 3 3 11 3 o 4| 3 o ioi 3 1 4 2 18 o: 2 18 6 2 19 o 2 15 10! 2 16 41 2 16 10 2 13 101 2 14 4) 2 14 10 2 12 o 2 12 6' 2 13 o 2 10 4 2 10 10! 2 11 4I 2 8 9 2 9 31 2 9 9! 2 7 41 2 7 10 a 8 4! 3° - 31 » 32 - 33 » 34 . 2 15 4 2 13 6 2 II ioi 2 IO 3 2 8 10 2 15 9 2 13 11 2 12 31 2 10 S\ 293 2 16 O 2 14 3 2 12 7 2 II 0 2 16 4 2 14 6| 2 12 ioj 2 11 4; 2 9 111 2 16 7 2 16 10 2 14 9 2 15 o 2 13 l 2 13 5 2 11 7: 2 11 11 2 10 3J 2 10 6 2 17 1 2 15 4 2 13 9 2 12 3 2 10 11 2 9 7 35 , 3f» - 37 . 38 . 39 » 4° » 2 6 oj 2 6 61 2 7 oj 249253259 237241248 226230237 21 6: 22122 7; 207212218 I 276 2 6 3 2 5 21 2 4 ij 232 223 2 7 11 269 2 5 7 2 4 7i 2 3 7l 229; 284 2 7 I 260 2 4 K 24O 2 3 I 2 8 7 2 7 5 264: 2 5 4' 2 4 4' 2 3 6 2 8 11 a 9 3 2 7 9j 2 8 1 2 6 8j 2 7 o 2 5 8j 2 6 o 2 4 9; 2 5 1 2 3 ill 2 4 3 2 9 7 286 275 2 6 5 2 5 7 249

H.—B.

SCHEDULE.

No. 1. TABLES OF PREMIUMS the 31st December, 1896.

29

Age 25. Age 26. Age 27. Age 28. Age 29. Age 80. Aga 31. Age 32. Age 33. Age 34. Age 33. Age 36. Age . 37. I. £ s. d. 1 19 1 £ s. d. £ s. d.l £ s. d. 20 i| 2 1 ij 2 2 1 £ s. d.j 2 3 2! £ s. d. 5243 £ s. d. 2 5 5 £ s. d. 268 £ s. d. 2 7 11 £ s. d. 2 9 3 £ 3 - d - 2 10 8 £ s. d. £ s. d.j 212 2213 9! I. 41 15 042 II Oj II.s II.s 34 11 ° 35 4 035 16 036 7 o; 37 ° °! !37 12 0 38 5 o 38 18 o 39 12 o 40 6 o 41 o o II.5 II.10 H.15 II.20 II.25 II.30 11-35 822 4 10 6 3 7 1 2 15 10 2 9 5 2 5 5 2 2 10 8 4 ni 8 7 8| 8 10 4 4 12 14 13 8 : 4 15 2 38439 7: 3 10 9 2 16 11 2 17 n 1 2 18 n 2 10 5 2 11 4' 2 12 3 264273282: J239248257; 8 13 2 4 16 10 3 12 o 300 2 13 3 i 2 9 1 i 2 6 6 8 16 o 4 18 6 3 13 3 3 1 I 2 14 3 2 10 1 276 8 18 11 502 3 14 7 323 2 15 4 2 11 1 286 920 5 1 " 3 15 11 3 3 5 2 16 5 2 12 3 2 9 7 9 5° 5 3 9 3 17 4 3 4 8 2 17 7 2 13 4 2 10 9 9 8 3 5 5 7 3 18 9 13 5 11 2 18 9 2 14 5 2 II II 9 n 6 5 7 6 402 3 7 3 300 2 15 9 2 13 2 9 14 11 9 18 j' II.5 5 9 6 5 11 7 II.10 4 : 9; 4 3 5| H-I5 3 8 7 3 10 ll 11.20 3 1 4 3 2 9j II.25 2 17 I 2 l8 5 II.30 2 14 6 2 16 O II.35 i Term of Years. Term of Years. 10 10 976 n 8 9 Oi 12 7 13 7 13 708 14 697 979980 892896 7 13 10: 7. 14 1 7 o 11 7 1 2 6 9 ioi 6 10 2 9 8 3 9 8 7 8 9 9 8 10 o 7 14 5 7 14 8 7 1 5 7 1 9 6 10 5 6 10 9 9 8 10 8 10 4 7 14 11 720 6 n o 9 9 1 8 10 7 7 15 2 724 6 11 4 9 9 4 8 10 10 7 15 6 727 6 11 7 9 9 7 8 11 2 7 1 5 10 7 2 n 6 11 11 9 9 11 8 n 5 7 16 1 7 3 3 6 12 4 9 10 3 8 11 9 7 16 6 7 3 7 6 12 8 9 10 7 8 12 1 7 16 10 740 6 13 1 9 10 n 8 12 6 7 17 2 7 4 5 6 13 6 n 12 13 14 15 6 o ij 16 5 11 10 17 5 4 8 18 4 18 3 19 4 IZ 7 6 o 41 o 0 8 5 12 1(5 12 5 5 4 '!' 5 5 3 4 18 6. 4 18 10 4 12 ill 4 13 2 6 o 11 6 1 3 5 12 9 5 13 o 5 =5 6 5 5 i° 4 19 2 4 19 6 4 13 6| 4 13 10 6 1 7 5 13 4 562 4 19 10 4 14 3 6 1 10 5 13 8 566 502 4 14 7 622 5 14 0 5 6 10 506 4 14 11 626 5 14 4 572 5 o 11 4 !5 4 6 2 ro 5 14 9 5 7 7 5 1 4 4 15 9! 6 3 3 5 15 2 5 8 0 5 1 9 4 16 3 638 5 15 7 5 8 6 523 4 16 10 642 5 16 1 5 9 0 5 2 10! 4 17 V 15 16 17 18 19 4 7 10; 4 8 2 4 3 4 4 3 s 3 19 4 3 19 8 3 15 8; 3 16 o 3 12 4: 3 12 8 4 8 64 8 10 440445 4 o o 4 o 5 3 16 5 3 16 9 3 13 1 3 13 6 4 9 3 4 4 9 409 3 17 2 3 13 11 4 9 7 4 5 2 4 1 2 3 17 7 3 14 4 4 10 o 4 5 7 4 1 7 3 18 o 3 14 10 4 10 5 460 421 3 18 6 3'5 4 4 10 10! 4 6 6| 4 2 71 3 19 o 3 15 10 4 11 5 470 4 3 1 3 19 7 3 16 6 4 11 II 4 7 7 ! 4 3 8' 403 3 17 1 4 12 6 482 4 4 4 4 o II 3 17 10 20 20 4 7 7 21 4 3° 22 3 19 0| 23 3 15 41 24 3 12 oj 21 22 23 24 25 390 .26 363 27 3 3 9 28 316; 29 2 19 5| 3 9 4! 3 9 9 3 6 71 3 7 ° 3 4 2j 3 4 6 3 1:1? 3 2 3 2 19 I0| 3 o 3 3 10 1 3 10 6 3 7 5 3 7 1° 3 5 o| 3 5 5! 3 2 9! 3 3 2| 3 o 8: 3 1 2! 3 11 0 3 8 4 3 5 11 3 3 8 3 1 8 3 11 5 3 8 9 364 3 4 2 322 3 11 n 3 9 3 3 6 11 3 4 9 329 3 12 5 3 9 10 3 7 6 3 5 4 3 3 5 3 13 oj 3 10 5 3 8 1 3 6 oj 3 4 ij 3 13 8 3 11 1 3 8 9 3 6 8 3 4 ioj 3 14 4 3 11 9 3 9 6 3 7 6 3 5 8 3 15 o 3 12 7 3 10 4; 3 8 4! 366: 25 26 27 28 29 30 2 17 6J 31 2 15 9! 32 i 2 14 2 33 I 2 12 8! 34 2 11 4 2 17 n 2 18 4 2 16 2 2 16 8 2 14 7 2 15 I 2 13 I 2 13 7 2 II 9 2 12 3 2 18 10 2 19 4. 2 17 I 2 17 8 2 15 7 2 16 I 2 14 2 2 14 8 2 12 10 2 13 5 2 19 10 2 18 2 2 16 8 2 15 4 2 14 O 3 o 5 2 18 9 2 17 3 2 15 11 2 14 8 310 2 19 5 2 17 II 2 16 7 2 15 5 3 1 8 301 2 18 7 2 17 4 2 16 2 324 3 o 10 2 19 5 2 18 2 2 17 o 3 3 2 3 1 7 303 2 19 o 2 17 n 3 4 0 326 312 2 19 11 2 18 10 3 4 10 3 3 5 3 2 1 3 o 11 2 19 n 3° 31 32 33 34 35 2 10 1 36 2 8 11 37 2 7 11 3S 2 6 11 39 : 2 6 1 40 ! 2 5 3 2 IO 7| 2 II I 2 9 51 2 IO O 2 8 5: 2 9 O 2 7 6 2 8 1 2 6 7; 2 7 3 2 5 10; 2 6 6 2 II 8 2 12 3 2 10 7| 2 II 2 2 9 7' 2 IO 3 2 8 8; 2 9 4 2 7 II ■ 287 2 7 22 7 10 2 12 II 2 II 10 2 10 II 2 13 7 2 12 7 2 11 8 2 10 10 2 10 1 2 9 5 2 14 4 2 13 4 2 12 5 2 II 8 2 15 I 2 14 2 2 13 4 2 12 6 2 II IO 2 II 3 2 l6 0 2 15 I 2 14 3 2 13 6 2 12 10 2 12 3 2 16 n 2 16 o 2 15 3 2 14 6 2 13 11 2 13 4 2 17 n 217 1 2 16 4 2 15 8 2 15 1; 2 14 7 2 19 0 2 18 2 217 6 2 16 10 2 16 4 2 15 10 35 36 37 38 39 40 2 IO I 2 9 A 2 8 8 2 10 II 2 IO 4 1

30

H.-8

FIFTH

Appendix THE PUBLISHED Which were in Use on

Class of Assurance, with Participation in Profits. Age 38. Age 39. Age 40. Age 41. 42. Age 43. Age 44. Age 45. Age Age 47. / S. d. 2 15 4 £ •• d. 2 17 1 / s. d. 2 18 II £ •■ d - 3 o 10 £ ■■ d. 3 2 10 £ =• d - 3 5 1 £ s. d. 1 f s. d.j 3 7 51 3 9 10 £ s. d. £ ■. d. 3 12 6 3 15 3 3 s a a 6-5 o m m q; ID u 3 O a> O I. 11,8 II.5 II.IO II.i 5 II.20 II.25 II.30 H-35 Annual premium during whole of life Single payments Annual premiums,— Limited to 5 years „ 10 15 » 20 » 25 . 3° » n 35 " 43 6 ° IO 2 O 5 13 7 4 5 0 3 11 6 3 4 1 2 19 10 2 17 5 44 2 o 10 5 8 5 15 9 469 3 13 1 3 5 8 3 I 4 2190 44 19 o 1096 5 18 1 487 3 14 9 3 7 3 3 3 0 308 45 16 oj 10 13 4! 6 o I 410 6 3 16 5 3 8 11 3 4 8 46 13 o IO 17 2 j 6 2 9 4 12 4 3 18 2 3 10 7 3 6 5 47 12 o 11 i 7 6 5 5 4 14 6 402 3 12 7 3 8 5 48 11 049 9 o 11 6 1 11 10 5 6 8 i' 6 10 10 4 16 9 4 19 o 423444 3 14 8 | 3 16 9 3 10 7 3 12 9 50 ro 0151 10 o 11 15 o 1 6 13 9! 6 16 10 516540 4 6 8 1 4 9 1 3 19 14 1 6 I 1 Annual Premiums, — Payable for 10 years I 9 12 6 j 8 14 2 I 7 19 o S 7 6 4 6 15 7 9 13 1 8 14 9 7 19 8 770 6 16 3 9 13 8 8 15 5 804 7 7 9 6 17 1 9 14 5 8 16 3 8 1 2 7 8 7 6 17 11 9 15 3 8 17 1 8 2 1 796 6 18 11 9 16 I 8 17 11 830 7 10 6 6 19 11 9 17 o 8 18 11 840 7 11 6 7 1 o •a o -3 a S I I o ■a a 5 !.* !I j> « D — h ° V) 8 a i en en < a > •s a „ ii// ,, 12 „ 13 - 14 « 9 11 3 8 12 10 7 17 7 7 4 10 6 14 o 9 11 7 8 13 3 7 18 o 7 5 3 6 14 5 9 12 ol 8 13 8J 7 18 6 7 5 9! 6 15 o 15 » 16 „ 17 » 18 „ 648 5 16 7 5 9 6 5 3 4 4 17 11 652 5 17 1 5 10 1 5 4° 4 18 7 6 5 9 5 17 8 5 10 9 5 4 7 4 19 3 664 5 18 4 5 11 5 5 5 4 500 6 7 1 5 19 1 5 12 3 5 6 2 5 o 11 6 7 11 600 5 13 1 572 5 1 11 689 6 o 11 5 14 I 5 8 2 5 3° 6 9 10 620 5 15 3 5 9 4 5 4 2 6 10 11 632 5 16 5 5 10 7 5 5 6 6 12 o 644 5 17 8 5 11 11 5 6 11 19 » „ 20 „ 21 22 „ ..j 4 13 1 4 8 10 4 5O 4 J 7 3 18 7 4 13 9 496 4 5 9 424 3 19 4 4 14 6| 4 i° 3! 4 6 6j 4 3 3 403 ! 4 15 4 , 4 11 2 ; 4 7 5 442 4 1 3 4 16 3 4 12 1 485 4 5 2 424 4 17 3 4 13 2 4 9 7 465 4 3 7 4 18 5 4 H 5 4 10 10 4 7 9 4 4 11 4 J 9 8 4 15 9, 4 12 3 492 465 5 1 1 I 4 17 2 4 13 9 4 10 8 4 8 1 5 2 6 4 18 8 4'5 4 4 12 5 4 9 10 23 „ 24 „ III. 25 „ 26 „ 27 „ 28 „ 29 „ 3 15 10 3 13 4 3 11 2 3 9 2 3 7 5| 3 16 8 3 r 4 3 3 12 1 3102 3 8 5 3 17 7 3 15 3 3 13 : 3 11 3 3 9 6 3 18 7 3 1 5 3 3 14 3 3 12 5 3 10 9 3 19 9 3 17 6 3 15 6 3 13 8 3 !2 1 4 1 i| 3 J 8 10 3 16 n 3 15 2 3 13 7 426 4 ° 4 3 18 5 3 l6 9 3 15 3 4 4 J 4 1 11 401 3 18 6 3 17 I 4 5 9 4 3 8 4 1 11 404 3 19 o 476 4 5 7 4 3 10 424 4 t I „ 30 » 31 » 32 » 33 » 34 - 3 5 10 3 4 5 3 3 2j 3 2 ol 3 1 °i 3 6 11 3 5 6 3 4 4 3 3 3 323 380 3 6 9 3 5 6 3 4 6 3 3 7 3 9 4 380 3 6 11 3 5 ii 3 5 1 3 10 9 3 9 6 3 8 5 3 7" 368 3« 3 3 11 1 3 10 1 3 9 2 885 3 H ° 3 12 10 3 TI XI 3 11 1 3 10 4 3 15 10 3 14 9 3 13 10 3 13 Ij 3 12 5 1 3 17 10 3 16 10 3 16 o J 3 15 4 1 3 14 9 400 3 19 I 3 18. 4 3 17 8 35 " • ■ 36 „ 37 " 38 » 39 w • • 302 2 19 5 2 18 8 2 18 1 2 17 7 3 1 5\ 308; 3 o 1 2 19 6 2 19 1 3 2 10 3 2 1 3 1 °l 3 I ° 307 3 4 4 3 3 8 13 3 1 3 2 8 323 3 5 11 3 5 4 3 4 10 3 4 5 3 7 9 3 7 3 369 3 9 9 3 9 3 t 3 n 11 Age 29. j 2 3 9 ; 2 3 II Age 228 Age SO. I 2 4 II, , 2 2 10 40 ., 2 17 a 2 r8 8 303 Age 34. 2 IO 2 2 IO 4 Age 33. 289 2 8 11 Age 32. 275 277 2 7 10 2 8 I Age 31. 262 264 2 6 7 2 6 10 2 7 I 251; 2 5 4J 2 5 7 2 5 IO 262 I 2 4 2 I 2 4 4 248 2 4 11 2 5 3 230 2 3 3 2 3 6 2 3 9 2 4 I 2 4 5 Age 35. 2 II 7 292 Age Age 3 8; 39, 2 16 6 2 18 4 2 16 IO Age 87. 2 14 10 2 15 1 2 15 5 Age 30. 2 13 2 2 13 5 2 13 9 2 14 I 2 II IO 2 12 2 2 12 6 2 12 II 2 IO 8 I 2 II O 296 2 9 10 2 10 3 2 10 9 2 8 5 2 8 IO 293 299 2 7 5 2 7 IO 284 2 8 10 267 270 276 280 2 5 8 262 268 2 4 II 2 5 4 2 5 ti 2 6 6 J II 4 2 11 9 2 7 3

H.-8

31

SCHEDULE.

No. 1—continued. TABLES OF PREMIUMS the 31st December, 1896.

Age 48. Age 49. '" I Age 50. Age 31. Age Age 52. 53. Age 54. 1 Age Age Age 55. 56. 57. j Age 58. Age S9. Age 60. 1 ] ! \£ j 3 3 18 Mi 1 ' £ •■ d 4 1 ■ 2 / £ s. d 4 4 ■ d-|i 4 ' £ * < 4 7 d. 9 £ s. d. : / s, d. 4 " 5i 4 J 5 4 £ »■ d. 4 19 6 1 £ ■■ d. 5 19 2 £ »■ d. 6 5 5 £ s- d. 6 12 o I. s. d.i 3 18 1 ■ i / s. d.i £ s. d.i / s. d. \ 4 1 2| 4 4 4 J 4 7 9 £ s. d.j / s. d. £ s. d. 5 4 ol 5 8 8' 5 13 8 I. II.s 52 ■ 52 9 o 2 g 1 05; I 1 53 11 o ; 54 11 °|55 12 o ,3 11 ( °j5< 14 11 ' P,5; 15 12 ol 56 14 0I57 17 o 59 o o 60 4 061 6 o|62 10 0] J63 15 o 65 5 o 66 14 o II.S II-5 II.10 II.15 II.20 II.25 II.30 n.35 12 6 5 4 12 4 8 6 19 8 5 6 5 4 11 6 4 3 11 2 4 ; 5 19 : 5 6 . \ 11 1 I 8 12 8 5 5 ; 6 / 1 ! 12 9 9 : i2 14 812 ig 9 7 2 III 7 6 ii 7 9 5 5 9 2 5 11 11 5 14 11 4 14 14 16 10 4 19 9 4 6 8; 4 g 5! 2 9 < 721 5 9 : 4 14 9 is 1 1 " 2: < 2 14 7 6 5 11 1 4 16 ii [I ; [O A 2 19 7 9 5 M 1 4 19 9: 5| 11 9i 13 5 1I13 10 8 ; 7 12 11 7 16 8 5 18 16 1 5 I 5 2 ioj 5 6 3 13 16 5 807 6 5 o| 5 19 10 14 2 614 8 414 14 5 8 4 9I 8 8 II 8 13 5 6 i i ioj 6 12 91 6 16 11 5 13 9J 5 17 9J 6 2 1 15 1 3 8 18 4 7 1 7 670 15 9 2 9 4 I 770 6 12 8 15 17 2 9 9 11 7 12 7 6 18 7 II.5 II.10 11.15 11.20 11.25 II.30 II.35 ♦ 3 1 :i 4 8 , 4 9 5 1 t \ t Term of Years. jlO 2 7 10 4 2 9 4 11 9 6 6 i 8 10 41 8 12 1 J 7 18 3: 8 o 2 17 8 2 7 10 1 Term of Tears. 10 11 12 9 17 11 8 19 11 j 8 5 o i 7 12 8 722 g i8 iilio o o g o ii g 2 I 8 6 2| 8 7 5 7 13 10; 7 15 2| 7 3 6 7 4 IO ! 10 1 3 9 3 5! 8 8 10 I 7 16 8 ! 7 6 5| 10 5 11 10 7 10 9 8 4 9 10 5 8 14 o 8 16 2 822845 7 12 3 7 14 8J i ID II 12 13 14 13 14 17 18 6 13 3 6 5 8 5 ig 1 5 13 5 5 8 5 i 6 14 8 6 16 1 67 i 6 8 8 60762 3 5 15 o 5 16 8 5 10 1 5 u 11 ,1 j 6 17 9 6 10 4 641! 5 18 7 5 13 11 6 19 7! 7 1 8 6 12 4; 6 14 6 661-684 I 6 o 9i 6 3 11 I 5 16 I 5 18 7 7311764! 6 16 ioj 6 ig 5 6 10 g! 6 13 6 I 6 5 7! 6 8 5 613642 15 16 17 18 19 19 20 5 4 2 5 0 4 4 1 7 1 4 14 2 4 11 8 - 5 5 ioj 5 7 9 5 2 2! 5 4 2 41811:5 1' o 4 16 2 1 4 18 3 4 13 g 4 15 11 5 9 10 564 5 3 3 508 4 18 5 5 12 2 5 14 8 5 8 8 5 ii 4 559586 5 3 3 5 6 2 5 1 i| 5 4 1 5 17 6 6 o 7 5 34 3 5 17 6 511 7I 5 14 11 5 9 3j 5 12 g[ 5 7 4 5 10 ii| . . I 20 21 22 23 24 Age 16. I 12 2 Age 15. I II 4 1 " 5 Age 17. I 13 I I 13 2 i 13 3 1 13 4 65 64 25 26 27 28 29 496 4 7 7 4 5" 4 4 7 4 3 4 4 11 74 13 11 4 9 IO 4 12 .2 4 8 3I 4 10 9 4 6 1 1 i 4 9 6 4 5 io f 4 8 6 4 16 6 4 X 4 1° 4 13 6 4 12 4 4 11 4 - : 419 4525 4.17 91 5 1 ° 1 4 16 6; 4 19 9 4*5 5 ! 5 5 9 5 9 5: 5 4 5 Age — . Age 19. 20. I M 9 Age r X 5 7 1 M 10 21. 1 16 4 1 15 8] 1 15 o 1 16 51 15 9 1 15 1 I 16 6 1 15 11 I'I5 3 1 16 8 1 16 o; 1 15 5 i 16 10 1 16 2 1 15 7 Age I.13 II 1 14 o 1 14 2 I 12 3 I 12 4 112 6 1 11 6 1 11 7 1 11 8 1 11 10 63 62 61 60 I 12 71 '1 30 3 1 32 4 2 4! 4 1 6 409; I 4 ' 4 io : 4 7 7 Ase J !9 8 26. 2 o 7 1 19 9 2 o 8 i 19 10 2 o 10 2 o o 2 10203 2 1 3206 Age 24. 1 18 8 1 18 10 Ago 22 - 23. 1 17 1 II7IOII7 2 11711 I 17 3 1 18 1 1 17 5 1 14 3 1 14 5 I 14 6 1 14 9 1 14 11 1 13 6! 1 13 8 1 13 10 1 14 o 1 14 2 I 12 9 I 12 IO I 13 I I *3 3 1 13 6 112 o 112 2 I 12 4 I 12 6 59 58 57 56 55 t I 12 g 53 52 51 50 I Age 27. 2 I 7 2 I 9 2 III 2 2 1 1 18 11 I 19 I 1 19 4 I 19 6 1 19 9 1 18 3; 1 17 7| 1 18 5! 1 17 g| 1 18 7' 1 18 o 1 18 10 1 18 3 1 19 2 1 18 7 1 17 o 1 16 5I 1 15 io| i 17 2 1 16 8 1 16 o 1 17 5 1 16 11 1 16 4 1 17 9 1 17 2 1 16 7 1 18 o 1 17 6 i 16 11 1 15 2 1 15 5 1 15 8 1 16 o 1 16 4 1 14 5 1 14 9 1 15 o 1 15 4 1 15 8 1 13 9 1 14 0 1 14 4 1 14 S 1 15 o 1 13 o 1 13 4 1 13 8 I I4 0! i 14 5 I 54 53 52 51 5° 49 48 47 46 ■ 45 2 2 4 2 2 7 2 2 11 2 1 6209 2 1 10 2 1 1 201 1 19 5 1 18 11 1 19 9j 1 19 3 2 o 2 I 19 8 2 o 71 2 o 1 2 1 ii 2 o 7 1 18 4 1 17 10 1 17 4 1 18 9 1 18 3 i 17 9 1 19 2 1 18 8 1 18 2 1 19 8 1 19 2 I 18 8{ 2021 19 8 1 19 3 2 o 82 o 31 19 10 2 1 42 o ill 2 o 5 2202173-12 2 2 92 2 4! 2 1 11 I I 1 16 g 1 17 2 1 17 7 t 18 1 1 18 8 1 16 1 1 16 6 1 15 5 1 15 11 1 16 5 1 16 11 1 17 6 1 14 10 1 15 3 1 15 9 1 16 4 1 16 11 49 48 47 46 45 2 3 3 2 3 8 222215 2 2 62 1 10 205 2 o 9 2 1 2 2 1 8 1 17 o 1 17 6 1 18 1 2 2 11 2 2 3| 44 43 42 41 2 4 1 2 4 7 252 2 510 2 3 5 2 2 9 2 3 n 2 3 3 2 4 62 3 10 252246 228 2 3 4 240 2 I 7 2 I 2 2 2 21 2 I 9 2 2 10 2 2 5 23623I 1 19 3 1 19 11 208 1 18 8 1 19 4 201 1 18 1 1 18 9 1 19 6 203! 1 17 6 1 18 2 1 18 11 44 43 42 41 2 1 5 2 o 10 1 ig 9

32

H.--8

FIFTH

Appendix THE PUBLISHED Which were in Use on

JOINT LIVES.

Annual Premiums required to secure £100, payable on the failure of either Life. (With Profits.)

IMMEDIATE ANNUITIES.

Showing the Sum to be paid for an Immediate Annuity of £10, payable by Half-yearly Instalments.

Temporary ASSURANCES.

Premium to be paid for assuring £100 on a Single Life. (Without Profits.)

Double-Endowment ASSURANCES.

(With Profits.) For the Assurance of £100 in the event of Death during the Term, and an Endowment of £200 in the event of the Life assured surviving the Term.

Children's ENDOWMENTS.

Rates of Premium to secure Endowments of £100. The Premiums to be returned without Interest if Death occurs previous to the specified Age. (Without Profits.)

To be paid at the Age of 18.

To be paid at the Age of 21.

DlFFEBENCE EKTWKE YtrtJNGE n Age of :b Life. ILBKB AND 0 Years. ; 2 Years. 4 Years. 6 Years. 8 Years. 10 Years. J I I 1 ! "" I 20 21 22 23 24 25 26 27 28 29 3O 31 32 33 34 35 36 37 38 39 4O 41 42 43 44 45 46 47 48 49 50 £ s. d. £ s. d. £ s. d. 2 13 o 2 14 1 2 15 3 2 14 1 2 15 2 2 16 6 I 2 15 2 2 16 4 2 17 9 2 16 3 2 17 6 2 19 I 2 17 j 2 18 10 ; 3 0 6 2 18 9 303 320 303 31 10 336 3 i 9 .3 .3 5. 3 5 2 334 35° 3 6 11 350 369 389 368 38613107 3 8 5 3 10 4 j.3 12 7 3 10 3 3 12 4 i 3 14 8 3 12 3 3 14 4 3 16 10 3 14 3 3 16 6 3 19 1 3 16 5 3 18 10 ; 4 1 6 31894121440 4 1 1 4 3 9 ; 4 ° 9 437 4 6 4:497 4 6 3i4 9 2 ; 4 12 b 4 9 o 4 12 2 : 4 15 u 4 12 o 4 15 5 I 4 19 5 4 15 2 4 18 10 ' 5 3 1 4 18 a J 5 2 715 7 1 525 56° 5 11 3 564 5 10 8 5 15 8 5 10 7 5 15 I 6 ° 4 5 14 11 5 19 9|6 5 4 5 19 6 6 4 8 ! 6 10 8 6 4 5 6 9 10 ': 6 16 4 697 6 15 5 7 2 4 / 5. d. 2169 2 18 1 2 19 5 3 o 10 3 2 3 3 3 10 3 5 6 3 7 3 3 9 1 3 11 o 3 13 ° 3 15 1 3 17 3 3 19 7 420 4 4 7 4 7 5 4 10 4 4 J 3 5 4 16 9 5°3 540 5 7 11 5 12 1 5 16 7 6 I 5 6 6 6 6 11 11 6 17 9 7 3 11 7 10 5 £ *■ d - 2 18 6 2 19 II 3 i 3 329 3 4 3 3 5 11 3 7 8 3 9 7 3 11 6 3 13 7 3 15 8 3 17 11 403 429 4 5 5 483 4 11 4 A 14 6 4 17 " 5 1 5 5 5 2 5 9 2 5 13 5 5 18 o 6 2 11 682 6 13 9 6 19 8 7 5 11 7 12 8 7 19 10 £ «■ *• 3 o 5 3 i io 3 3 4 3 4 io 366 3 8 4 3 10 3 3 12 2 3 M 4 3 16 6 3 18 9 4 I 2 4 3 9 466 496 4 12 7 4 15 10 4 19 4 5 2 11 569 5 10 10 5 15 ' 5 19 JO 6 4 10 6 10 3 6 16 o 7 2 1 7 8 7 7 15 6 8 2 10 8 10 9

1* as MALE. FEMALE. 43 >! MALE. FEMALE. £*.<*. / *• d - 8O J 5 1 IO I0 55 IO ° 79 : 53 19 2 1 58 5 0 78 ! 56 9 2 I 61 1 8 77 ''' 59 ° ° 64 o o 7g ; 61 12 6 J 67 o 10 75 i 64 7 6 j 70 2 6 74 I 67 5 ° 73 5 10 73 '■■ 70 3 4 7 6 Io IO 72 73 5 ° j 79 17 6 71 76 8 4 j 83 5 10 7O 79 I2 6 86 16 8 69 82 17 6 : 90 11 8 68 i 86 2 6 94 9 2 67 ! 89 7 6 98 8 4 66 92 12 6 102 o 4 65 96 o o J 106 7 6 64 99 9 2 no 6 8 63 ; 102 18 4 I 114 4 2 6 2 106 7 6 . 118 o o 61 j 109 16 8 121 15 10 £ s. d. 6O 113 7 6 59 117 o o 58 j 120 12 6 57 "4 2 6 56 127 10 10 55 i 130 16 8 54 134 o 10 53 137 4 2 52 , 14° 5 ° 51 143 5 o 5O 146 4 2 4g 149 o 10 4g 151 16 8 4-7 Io lo 46 r 57 5 o 45 j 159 17 6 44 162 8 4 43 i 164 19 z 42 167 9 2 41 169 18 4 4O j 172 6 8 £ s. d, 125 12 6 129 7 6 133 3 4 136 17 6 140 11 8 144 4 2 147 14 2 151 4 2 154 12 6 157 19 2 l6l 4 2 164 10 o 167 15 o 170 18 4 174 o 10 177 o 10 179 19 2 182 16 8 185 11 8 188 5 10 190 18 4

Annual Annual i Annual Premium Premium Premium lor for (or 1 Tear. 5 Years. 7 Years. [ ! 15 16 17 18 19 2O 21 22 I 23 24 I 25 I ' 26 j 27 ; 28 29 3O 31 32 33 I 34 35 36 37 38 39 4O ; 41 42 43 44 45 | 46 47 48 i 49 5O ! 51 52 53 54 £ s. d. I £ s. d. £ s. d. o 16 5 o 17 5 o 17 6 o 16 ro o 17 10 I o 17 11 o 17 3 I o 18 3 j o 18 4 o 17 7 o 18 7 I o 18 8 o 17 10 I o 18 10 ' o 18 11 o 18 o i o 19 o ■■ o 19 1 o 18 2 j o 19 2 o 19 3 o 18 4 o 19 4 o 19 5 o 18 6 i o 19 6 o 19 8 018 9 019 9;i o o 0191 1 001 05 o 19 6 j 1 o 51 on 0 19 11 1 o 10 1 1 5 104 1 1 4 1 1 11 109 1110125 1 1 3 J 1 2 4 1 3 o 1 1 91 2 10 I 3 7 1 2 31 3 5 1 1 4 2 129:140:149 1 3 i 1 1 4 7 I 1 5 5 1 3 9 j 1 5 2 1 6 1 1 4 4 I 1 5 10 1 6 9 1 4 II I 6 61 7 5 t 5 61 7 21 8 i 161 17 10 18 10 169 187 198 1 7 5 i T 9 411° 7 1 8 2 1 10 2 j 1 11 7 1 9 o : 1 11 2 I 12 8 1 g 11 J 1 12 4 j 1 13 11 1 10 11 I 1 13 8 ; 1 15 4 1 12 I 1 15 2 1 16 11 1 13 5 1 16 10 1 17 8 1 14 11 1 18 8 ! 2 o 7 1 16 7208 228 1 18 52 2 10 2 4 11 205252274 227 278:2911 2 4 II 2 10 4 ! 2 13 9 2 7 6 i 2 13 3 i 2 15 11

Tm-in ; Annual lerm. , p remiam . ■ \.£ s. d. io years 17 6 o 15 „ ■ 10 14 o 20 ,, 780 I 25 „ 5 12 o 30 „ 480 35 „ i 12 o •

§« . Single . Annual a>S Premium. ! Premium. To be paid at the Age of 14. £ 3. d. £ s. d. 1 56611 5122 2 58 19 4 6 4 5 3 61 13 1 6 19 2 4 64 9 5 i 7 16 8 5 67 8 8 8 18 3 6 70 10 6 10 5 3 7 73 15 o 12 o 1 8 77 2 3 14 6 8 g 80 12 5 17 11 11

1 46 17 o 2 49 o 11 3 51 5 10 4 I 53 13 1 5 56 2 11 6 5815 o 7 61 9 5 8 64 6 3 9 67 5 7 10 7° 7 7 11 73 12 4 12 ! 7 6 19 " •|3 80 10 6 3 17 9 4 4 8 4 12 6 5 i 6 5 12 O 643 6 18 11 716 5 8 iS o 10 5 o 11 19 10 M 6 5 17 11 9

.. 1 4° I0 2 2 42 8 6 3 44 7 7 4 46 8 11 5 48 12 7 6 5° 18 3 7 53 6 o 8 55 16 o 9 58 8 3 10 61 2 11 11 64 o 1 ■|2 66 19 II 13 7° 2 6 14 73 7 10 15 76 16 2 16 8o 7 G 3 1 o 3 5 11 3 ir 4 3 17 5 4 4 3 4 12 2 5 1 2 5 11 7 6 3 10 6 18 7 7 16 o 8 17 8 10 4 9 11 19 7 14 6 1 17 " 5

H.—B.

SCHEDULE.

No. 1—continued. TABLES OF PREMIUMS the 31st December, 1896. PREMIUMS and BENEFITS in accordance with Regulations under "The Civil Service Insurance Act, 1893."

ALTERNATIVE BENEFITS for Entrants whose Age exceeds 40.

s—H.—B.

33

ANNUITY ASSURANCES. ANNUITY ASSURANCES. S3 Temporary Insuranc Payable Yearly. Deferred Annuity, commencing at Age 60. Payable Half-yearly. Annual Premium, ceasing at Age 60. Wholelife Insurance. Deferred Annuity, commencing at Age 60. Annual Premium, ceasing a -+jj Payable Payable Payable at Yearly. Half-yearly. Quarterly. Age 60. <T^ un il Age 60. Payable Quarterly. 15 16 17 18 19 2O 21 22 23 24 25 26 27 28 29 3O 31 32 33 34 35 36 37 38 39 4O £ 100 100 100 100 100 100 100 100 100 100 100 100 100 £ s. d. 63 11 1 59 15 9 56 3 10 52 15 3 49 i1 10 46 12 7 43 16 5 4i 3 5 38 13 ° 36 4 9 33 18 8 31 14 10 29 12 9 27 12 10 25 15 2 23 19 6 22 5 9 20 13 6 19 2 11 17 14 1 16 6 8 £ s. d. 62 18 2 59 3 6 55 12 4 52 4 6 49 1 8 46 3 2 43 7 6 40 15 o 38 5 2 35 17 6 33 11 8 3i 8 4 29 6 8 27 7 2 25 9 10 23 14 8 22 1 2 20 9 4 18 19 o 17 10 6 16 3 4 14 17 8 13 13 4 12 10 4 11 8 10 10 8 2 £ s. d. 62 11 8 58 17 4 55 6 8 51 19 o 48 16 8 45 18 4 43 3 o 40 10 8 38 1 o 35 13 8 33 8 4 31 5 o 29 3 8 27 4 4 25 7 4 23 12 o 21 19 o 20 7 o 18 17 o 17 8 8 16 1 8 14 16 o 13 12 o 12 9 o ri 7 8 10 7 o £ *■ d. 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 £ 100 100 100 100 100 100 100 100 100 100 100 100 100 £ s - d63 11 1 59 15 9 56 3 10 52 15 3 49 11 10 46 12 7 43 16 5 4i 3 5 38 13 ° 36 4 9 33 18 8 31 14 10 29 12 9 27 12 10 25 15 2 23 19 6 22 5 9 20 13 6 19 2 11 17 14 1 16 6 8 £ s. d. 62 18 2 59 3 6 55 12 4 52 4 6 49 1 8 46 3 2 43 7 6 40 15 o 38 5 2 35 17 6 33 11 8 31 8 4 29 6 8 27 7 2 25 9 10 23 14 8 22 1 2 £ s. d. 62 11 8 58 17 4 55 6 8 51 19 o 48 16 8 45 18 4 43 3 o 40 10 8 38 1 o 35 13 8 33 8 4 31 5 o 29 3 8 27 4 4 2 5 7 4 23 12 o 21 19 o 20 7 o 18 17 o 17 8 8 16 1 8 14 16 o 13 12 o 1290 11 7 8 10 7 o £ *■ <*■ 5 7° 570 580 580 590 5 9O 5 io o 5 10 o 5 11 o 5 11 o 5 12 o 5 12 o 5 13 ° 5 14 o 5'5 o 5 16 o 5 17 o 5 18 o 5 19 o 610 620 640 660 670 610 o 6 12 o 15 16 17 18 19 2O 21 22 23 24 25 26 27 28 29 3O 31 32 33 34 35 36 37 38 39 4O 100 100 100 100 100 100 100 100 100 100 100 100 100 100 15 ° 9 13 16 2 12 13 o 11 11 2 100 100 100 100 100 100 15 o 9 13 16 2 12 13 o 11 11 2 20 9 4 18 19 o 17 10 6 16 3 4 14 17 8 13 13 4 12 10 4 11 8 10 10 8 2 100 100 100 100 100 10 10 5 100 10 10 5

S3 Benefit A. Endowment Assurance, payable at Age 60 or earlier Death. Benefit B. Deferred Annuity, commencing at Age 60. * Annual Premium, ceasing at Age 60. ! Payable Payable Payable Yearly. Half-yearly. Quarterly. 41 | 9' 42 ! 9 43 j 8. 44 8. 45 746 6' 47 6; 48 5! 49 : 5: 50 j 4' £ 97 91 85 80 >7 )i *5 So '4 J9 >3 58 i3 19 15 9 8 14 4 6 1306 11 17 8 10 15 11 9 15 3 8 15 8 7 17 o 6 19 3 625 I 'ayable by ino s. rf. 15 9 8 14 4 6 1306 11 17 8 10 15 11 9 15 3 8 15 8 7 17 o 6 19 3 625 15 6 6 15 5 o I 5 o 14 1 6 14 o o 50 12 17 10 12 16 4 50 11 15 2 11 14 o 1 5 o 10 13 8 10 12 8 50 9 13 4 9 12 4 50 8 13 10 8 13 o 50 7 15 4 714 4 50 6 17 10 6 17 o 50 612 604 50 J onthly deductions from salary. / 5. £ 15 6 6 14 1 6 12 17 10 11 15 2 10 13 8 9 13 4 8 13 10 7 15 4 6 17 10 612 £ *• <*• 15 5 o 14 o o 12 l6 4 II 14 O 10 12 8 £ s. d. 500 500 500 500 500 500 500 500 500 500 o 41 o 42 o 43 o 44 ° 45 o 46 o 47 o 48 o 49 ° 5O 1 74 69 63 58 53 49 9 12 4 8 13 o 7H 4 6 17 o 604 I *

H.—B.

FIFTH SCHEDULE.

Appendix No. 2. ASSURANCES FOR THE WHOLE TERM OF LIFE WITH WHOLE-LIFE PREMIUMS. TABLE I. In force at 31st December, 1896.

34

Office Annual Pbemiums.* Yearly Permanent Reduction of Premium. Age attained. Number of Policies. Net Premiums. Age attained. assured. Additions. I Ordinary. Extra. / 55O 2,500 4,725 7,200 ii,37° 19,170 28,780 36,930 39,000 56,735 67,515 67,820 77.625 74,730 96,470 83,005 107,415 100,014 96,745 103,900 113,325 105,530 112,430 "4.715 142,874 128,077 128,673 126,992 *4i>755 131,282 136,226 149,841 135,256 120,174 128,538 117,202 98,489 124,986 137,940 116,791 130,286 130,801 132,236 93,423 115,186 98,483 90,348 83,479 67,37° 75,004 58,858 38,325 40,229 33.54° 28,511 23,790 18,106 22,258 10,825 10,027 4,788 5,253 4.57° 3,000 2,239 1,000 120 £ «■ £ *. d8 13 4 39 7 4 75 4 11 117 12 6 187 on 319 18 1 483 3 3 626 12 2 676 3 10 996 2 9 1,205 7 ° '1,221 12 4 1,438 13 9 1.410 14 2 1.854 1 3 1,620 18 10 2,154 9 2 2,028 10 10 2,008 4 2 2,182 6 2 2,433 13 10 2,309 18 5 2,461 6 4 2,582 8 3 3,276 o 8 2,989 10 6 3,001 7 o 3,014 2 1 3.411 12 7 3,098 9 1 3,346 19 6 3,784 11 9 3,382 7 6 3.151 18 7 3,494 17 10 3.087 1 3 2,665 5 9 3,420 12 3 3 > 864 9 9 3.356 19 7 3,850 9 10 3,938 1 10 4.036 17 3 2,897 18 4 3.756 6 11 3.225 17 2 2,982 6 9 2,957 18 11 2,368 o 4 2,737 3 2 2,134 ° ° 1,336 12 10 1,651 16 10 1,280 1 o 1,127 14 5 i>039 15- 7 756 o 3 937 6 9 624 16 11 499 9 7 232 19 6 234 10 10 274 17 4 150 16 8 139 19 6 49 8 4 742 22 16 o I s. d. 5-873 27'2O2 5I-93I 82-137 I3O'922 225-304 34O-7O4 443-859 482-745 713-841 868-780 884-066 I ,050-906 1,036-848 1,368-654 I,2OI-239 I,6lO-335 I,522-733 1,516-423 1,659-077 1,860-090 1,778-390 I ,909-692 2,016-379 2,582-761 2,365-556 2,396-628 2,414-962 2,748-033 2,525-97I 2,736-933 3,107-695 2,790-770 2,611-879 2,908-624 2,591-630 2,245-912 2,889-417 3,283-699 2,868-496 3,298-395 3.383-I44 3,487-I25 2,515-708 3,268-048 2,816-927 2,617-936 2,604-318 2,093-980 2,427-401 1,904-946 I,I99-733 1,482-766 I,I58-875 1,024-324 949-297 695-014 865-437 562-217 461-914 215-407 220-928 254-170 140-263 128-664 46-920 6-545 22-392 £ s. d. 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 8 19 34 51 89 124 153 168 234 273 273 308 283 348 300 369' 360 377 344 409 369 410 402 510 494 45° 462 512 462 497 481 454 439 465 376 39° 418 471 392 446 428 435 329 365 310 293 269 236 236 193 127 122 94 94 66 63 50 25 26 T 4 18 1 17 11 15 69 3 143 12 457 4 765 13 989 8 i,73O o 2,253 16 2,715 18 2,639 13 2,718 3 3.919 14 3,628 12 4,248 9 4.359 17 4,489 14 4,956 2 5,544 l8 5,089 15 6,656 18 6,265 9 7,565 17 6,946 10 8,058 12 8,361 15 9,879 14 10,089 11 10,538 4 11,750 8 11,410 1 9,411 2 10,926 14 12,142 9 10,013 14 13,815 12 14,358 3 12,720 3 14,536 2 16,270 7 15,909 18 10,878 2 I4,55i 17 12,896 18. 11,360 17 9,691 17 8,556 13 io,535 11 8,132 3 5,334 18 4,773 15 4.793 10 4.397 2 3,228 11 2,581 5 2,478 14 1,365 H 1,283 I2 913 ! 947 16 690 6 579 12 349 14 261 17 r 3 1 31 13 300 600 11 19 3 18 o o 8 12 8 11 17 6 15 2 5 16 8 9 30 4 o 10 7 6 21 14 o 30 3 2 27 9 8 32 14 7 34 5 2 41 11 4 42 16 9 32 2 6 95 § 1 89 9 11 62 5 4 68 19 4 66 17 1 68 12 4 78 11 7 77 § 4 90 7 6 93 7 11 98 3 4 84 17 10 93 2 3 103 12 1 112 17 2 73 11 5 112 14 o in 11 11 130 1 4 85 3 o 90 15 3 ■ 148 13 9 114 5 o 117 18 9 79 1 1 75 11 o 75 10 11 49 15 4 44 17 o 61 9 3 26 1 2 39 3 5 3 1 X 4 1 31 o 11 16 7 3 24 17 9 8 1 4 1 17 8 16 4 8 7 9 4 o 14 o o 13 o 012 o 18 11 056 I 2 8 0 12 O 1 5 3 3 13 7 °54 o 17 6 2-14 o 476 o 16 6 032 9 16 3 3 11 9 ° 13 4 1 2 8 658 460 5 '8 1 1 9 10 o 18 8 14 15 16 17 18 19 2O 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 o 11 5 11 5 n 836 286 o 14 4 o 19 o 8 17 2 4 6 11 17 14 2 11 8 4 1 7 4 098 o 10 8 2 1 4 13 14 8 1 19 6 082 1 18 10 16 11 10 064 12 1 5 4 9 6 2 2 2 400 Totals 17,253 £4,915,750 .£398,988 5 .£128,039 16 3 £3,252 19 11 .£158 11 3 * Note.—The Ordinary Premium is the premium at the real age ; the extra, the additional premiu: imposed for any reason whatsoever.

H.—B.

FIFTH SCHEDULE.

Appendix No. 3. ASSURANCES FOR THE WHOLE TERM OF LIFE BY LIMITED AND SINGLE PREMIUMS. TABLE II. In force at 31st December, 1896.

35

Age attained. ■s . 1° I* Amount assured. Bonus Additions. «o! °» -rfd Office Annual °i>,§ 8.2 »S Premiums.* S a ■a * 2 °°S gag gS g 5 *«£ !§■ Ordinary. : Extra. Net Premiums. Yearly Permanent Reduction of Premiums. 17 18 19 20 21 22 23 24' 25 26 27 28 29. 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 1 £ s. d. 100 o o £ s. d. £ s. d. £ s. d. £ £ s. d. 3 2 2 5 6 400 o o 300 o o 200 o o 900 o o 2,200 O O 2 19 o 1 5 o 27 9 o 76 II o 26 2 O 12 19 O 437 3 3| 356-169 1897 24 48-6 5 13 6 5 4 7 7 4 17 9. 5 5 11 2,200 o o 1,200 o o 2,200 O O 2,200 O O 1,250 o o 6,550 o o 3,150 o o 2,000 o o 2,300 O O 5,300 o o 1,550 o o 4.533 o o 2,400 o o 3.300 o o 1,200 o o 86 17 o 133 15 o 62 7 o 538 18 o 170 II o 274 o o 158 16 o 387 15 o 211 I O 449 5 0 229 8 o 365 12 o 59 4 o 6 12 o 788 15 o 481 60 800 3 o 786 16 o 540 2 O 1,046 16 O 1,396 19 o 1,848 7 o 2,058 19 o 3.159 3 o 3,514 13 o 1,624 ] 4 ° 3,152 5 o 4,108 3 o 4.695 8 o 3,978 12 o 5,662 7 o 3,921 7 o 2,547 10 o 4,386 12 o 3,424 18 o 3,606 8 o 2,845 10 o 2,657 16 o 1.160 o o 1,036 16 o i,557 13 o 1,062 3 o 378 o o 803 16 o 168 15 o 1,637 4 o 871 16 o 952 5 o 18 16 o 1898 1899 1900 35 16 19 49-o 47-6 45-8 419 15 5 252 11 3 334 15 8 2 18 2 13 9 7 2 13 o 344-361 207-816 276-754 1901 11 44'! 150 13 3 724 122-557 1902 13 44'6 190 II O: 3 1 8 150963 5 8 7 6 5 3 10 1903 1904 16 14 44'9 49'3 300 5 II 412 12 6 4 11 8 3 10 5 249-672 343-669 1,300 o o 4,250 o o 2,807 o o 7,046 o o 8,538 o o 4,436 o o 5,705 o o 7,863 o o 8,364 o o 11,437 o o 15,043 o o 15,572 o o 8,412 o o 13,139 o o 17,190 o o 22,764 o o 13,657 17 o 24,273 o o 18,644 o o 10,831 o o 21,882 14 2 16,311 o o 12,298 o o 9,042 o o i3,37o o o 5,535 o o 5,878 o o 6,696 o o 1905 10 40-1 162 13 8 1 15 o 131-226 12 1906 6 35'9 100 3 3 76-065 17 23 13 13 19 15 29 39 26 26 1907 16 39-2 266 19 9 1 6 8 206-359 1 14 8 1908 6 34-5 108 11 5 172 82-358 - 1909 12 41-0 184 13 8 120 145-130 1910 J 3 33-9 167 13 3 128-043 1911 7 34'6 106 12 7 85-187 25 35 51 1912 13 29-6 127 o o 2 18 4 94-569 32 50 49 28 46 35 34 19 21 14 12 16 1913 15 33'5 147 9 9 7 16 8 116-117 1914 17 30-9 161 12 7 o 12 6 123-844 1915 7 31-1 80 6 7 61-514 1 19 11 igi6 8 26-1 66 12 6 49-256 1919 1 28-0 7 14 o 5-661 1920 1 250 288 1-799 14 7 11 6 4,727 o o 2,078 o o 6,313 o 0 1,135 o o 8,107 o o 3,000 o o 1921 2 250 7 10 4 5-486 1924 2 20-5 630 4309 13 3 7 1 1925 1 24-0 11 5 o 8-075 4,100 o o 1926 3 27'3 18 14 10 13-804 30 o o 1928 1 28-0 8 19 4 6-622 3 5 1 1,042 o o 3,301 o o 37 o o 152 13 o 742 o o 8 16 o 1 500 o o 25 o o 82 1 o 1 15 9 o Totals £392,112 11 2 £76,962 18 o 289 40-6 £4,241 12 5 £39 18 8 £3,397-385 £3 14 7 909 * Note.—The 'hatsoever. •dinary Premium is the premiu: at the real age ; the extra, the additional premium imposed for any reason

H.—B

36

FIFTH SCHEDULE.

Appendix No. 4. ENDOWMENT ASSURANCES. TABLE III. In force at 31st December, 1896.

Tear of Maturity. Number of Policies. Average Age attained. Amount assured. Bonus Additions. Office Annual Premiums.* Ordinary. Extra. Yearly Net Permanent Year Premium. Eeduction of of Maturity. Premium. £ 43,533 £ s - 7,189 17 £ *■ <*• 1,963 10 9 £ 5. d. 39 17 3 £ 1,718-871 £ S . d. 1897 168 52-2 1897 1898 178 52-0 50,493 7,614 2 2,345 16 1 22 2 9 2,058-696 18 5 9 1898 1899 205 507 56,096 8,282 1 2,703 11 6 21 9 7 2,374347 014 1899 1900 195 50- 1 53,599 7.157 15 2,572 14 6 25 5 7 2,251-687 1 14 6 1900 1901 158 47"i 38,965 4,859 18 1,884 X 7 6 18 8 9 i,63i'557 1901 1902 339 46'! 78,925 10,179 16 3>4 12 7 7 28 10 7 2,948-153 17 o o 1902 1903 368 45'4 75,439 8,504 5 3,312 11 11 39 8 2 2,869 996 3 9 4 1903 1904 332 43'6 79,983 8,994 3 3,607 3 1 29 3 9 3,120-387 o 12 11 1904 1905 359 42-5 79,035 8,178 13 3.413 I2 ° 23 7 I 2,936586 962 1905 1906 278 410 61,854 5,281 18 2,873 15 3 21 18 3 2,44 1 '933 10 o 5 1906 1907 420 ' 41-3 96,854 9.785 2 3,811 o o 30 o 3 3,215-982 8 5 5 1907 1908 464 406 99,294 9,328 18 3,747 12 1 33 1 1 3,165-649 1 18 6 1908 1909 483 38-2 110,032 8,173 13 4,460 5 6 28 o 11 s>755^44 1 9 11 6 1909 1910 547 37'5 116,704 8,395 12 4,474 11 9 40 1 o 3,750-081 3 8 5 1910 1911 512 35'9 106,465 6,943 8 4,255 17 1 30 III 3,527-696 5 1 2 1911 1912 653 36-8 143,784 10,467 4 5,057 18 4 37 o 4 4,168-184 4 I 9 1912 1913 658 35'° 136,549 8,204 2 4,849 11 1 4 1 4 5 4,006-107 715 6 !9 X 3 1914 736 333 150,100 6,891 8 5,492 3 9 29 12 o 4,513-026 402 1914 1915 753 327 151,294 6,158 15 5,418 7 2 48 o 5 4,450-894 7 18 1 1915 1916 802 309 153,992 6,280 5 5,558 12 1 37 " 1 4,506-135 1 15 8 1916 1917 574 312 121,175 5,789 o 3,864 o 8 16 5 5 3,094-289 4 12 4 1917 1918 670 29-5 134,172 4,117 10 4,384 6 1 15 7 2 3,507-912 3 16 o 1918 1919 73° 286 147,450 3. 8 55 10 4,747 12 2 846 3,797135 1 12 1 1919 1920 679 27-6 133,467 3,352 15 4,201 10 9 19 2 4 3,348-675 o 17 3 1920 1921 759 26-8 145,650 3,217 19 4,574 15 ° 24 5 ° 3,625-107 2 14 o 1921 1922 33 1 28-0 67,300 1,995 7 1,898 18 6 5 11 2 i>477-534 1 15 10 1922 1923 470 26-5 98,420 1,320 8 2,811 16 o 14 12 7 2,192-891 018 1923 1924 425 25'3 85,615 534 « 2,440 17 7 8 10 o 1,900-643 012 o 1924 1925 460 247 88,650 496 8 2,523 18 7 10 4 2 1,962-861 058 1925 1926 408 23'4 82,050 473 15 2,306 5 11 10 1 1 1,792-475 028 1926 1927 97 26'2 21,625 367 5 548 15 6 o 18 o 417-276 1927 1928 150 25-2 33,475 286 11 839 14 2 8 17 9 637-O53 190 1928 1929 149 23'9 30,725 IO 3 4 770 o o 2 12 11 583-113 030 1929 1930 105 236 22,800 88 4 558 2 O 1 11 4 422105 050 1930 1931 83 24-1 17,250 33 12 425 I 5 3 7 6 320916 I93I 1932 25 25'O 5,082 14 2 118 12 4 090 88-480 1932 1933 24 23-9 4,859 1 o 109 13 8 8i-574 1933 1934 11 22-8 2,145 2 5 47 17 8 34-961 1934 1935 20 21-4 3,903 ° 15 84 11 o o 18 o 62-158 1935 1936 8 2I-J 1,850 40 5 o 126 29-296 1936 1937 2 I9-5 400 8 10 4 6-228 1937 1938 3 187 450 9 5 4 6-746 1938 1939 3 18-0 800 15 12 8 11-160 1939 1941 1 i6'O 100 1 18 o 1-323 1941 Single Pr'm: Single Pr'ms. 88 44-6 ii,86 4 t 1.634 4 Totals • • 14.883 W-9 J68.144,267t £184,555 0 £112,547 19 I £776 5 7 f'9a,8l8'8ie £132 18 1 ige; the extra, the additional premiu: ' t And 15s. imposed for any roason whj itsoever. * Note.—The ordii iary premium is the pre: lium at the real

37

H.—B

6—H. 8.

FIFTH SCHEDULE.

Appendix No. 5. DOUBLE-ENDOWMENT ASSURANCES. TABLE XVI. In Force at 31st December, 1896.

Appendix No. 6. NON-PROFIT SECTION (TRANSFERRED FROM TEMPERANCE SECTION). ASSURANCES FOR THE WHOLE TERM OF LIFE, WITH WHOLE-LIFE PREMIUMS. In Force at 31st December, 1896.

♦Note.—The ordinary premium is the premium at the real age; the extra, the additional premium imposed for any reason whatsoever.

Year of Maturity. Number of Policies. Average Age attained. assured. Additions. Office Annual Pbemiums.* Ordinary. Extra. Premium. Year of Maturity. £ 800 £ s. d. 70 10 5 £ *-*• £ 64-000 1905 4 31-0 1905 I906 11 437 3,600 316 o 5 288-000 I906 igiO 18 34'9 4,700 259 1 o 226-775 igiO igi I 3° 36-9 7,600 412 8 6 366700 igil 1915 72 303 15,900 601 14 11 o 14 6 520-725 I9I5 I9l6 109 30-3 28,700 1,086 11 8 939-925 igi6 I92O 148 27'3 34>5°o 985 19 6 076 828-000 1920 1921 227 26'4 541 800 1,563 16 6 1,315-200 I92I 1925 87 24-1 22,900 512 15 11 I 5 8 417-925 J 925 I926 "5 24'0 30.300 679 13 9 552-975 1926 I93O 64 22'I 20,300 371 4 8 289-275 I93O I93I 75 22"O 19,500 357 2 8 277-875 I93 1 Totals 960 26'8 £248,600 £7,216 19 11 £% 7 8 £6,087'875

Age attained. Number of Policies. Amount assured. Bonus Additions (allotted previous to transfer). Office Annual Premiums.* Ordinary. Net Premium. Age attained. Extra. £ £ *• <*• £ i. i. 6 14 6 £ 4O 1 300 5-178 40 49 I 200 4 19 4 4-252 49 53 1 150 4 4 4 3'654 53 54 I 100 3 io o 3 13 10 3-099 54 56 I 100 3 2 8 2-760 56 Totals £850 £3 10 0 A'22 14 8 £18*943

H.—B.

38

FIFTH SCHEDULE.

NOTE.— In addition to the above Values the full H M - 4i per cent. Cash Value of all existing ordinary Bonuses is granted.

Appendix No. 7. Table showing the Minimum Surrender Value of Policies for £100.

By Authority: John Maokay, Government Printer, Wellington.—lB97. Price Is.]

TABLE I. TABLE IIIis. TABLE Illas. TABLE IIIs5. By Equal Annual Premiums for the Whole Term of Life. Endowment Assurances payable in Fifteen Years, or at previous Death. Endowment Assurances payable in Twenty-five Years, or at previous Death. Endowment Assurances payable in Thirty-five Years, or at previous Death. True Age at Entry. MINIMUM SURRENDER VALUES AT THE END OF 5 Years. 10 Years. 15 Years. 20 Years. 25 Years. 5 Years. 10 Years. 1 5 Years. 10 Years. 15 Years. 20 Years. 5 Years. 10 Years. 15 Years. 20 Years. 25 Years. £ s. d.! 3 10 £ s. a. 6 8 0 £ s. d. j 10 2 0 £ s. a.; 14 4 0 £ s. a. 18 18 0 £ s. a. 25 0 0 £ s. a. 57 10 0 £ s. d. 11 8 0 £ s. a. 26 10 0 £ s. d. 44 11 0 s s. a. 67 5 0 £ s. d. 6 11 0 £ s. a. 15 8 0 £ s. a. 25 8 0 £ s. a. 37 8 0 £ s. d. 51 18 0 15 20 2 16 0 6 19 0 11 4 0 16 2 0 21 15 0 25 0 0 57 10 0 11 8 0 26 10 0 44 11 0 67 5 0 6 11 0 15 8 0 25 8 0 37 8 0 51 18 0 25 3 10 Oi 8 7 0 13 8 0 19 5 0 25 15 0 25 0 0 57 10 0 11 8 0 26 10 0 44 11 0 67 5 0 6 11 0 15 8 0 25 8 0 37 8 0 51 18 0 30 4 2 0 9 18 0 16 1 0 22 16 0 30 4 0 25 0 0 57 10 0 11 8 0 26 10 0 44 11 0 67 5 0 6 11 0 15 8 0 25 8 0 37 8 0 51 18 o 35 4 19 0 12 0 0 19 8 0 27 0 0 35 5 0 25 0 0 57 10 0 11 8 0 26 10 0 44 11 0 67 5 0 6 11 0 15 8 0 25 8 0 37 8 0 51 18 0 40 6 2 0 14 10 0 22 17 0 31 13 0 40 10 0 24 6 0 56 12 0 11 4 0 26 6 0 43 14 0 65 14 0 45 7 7 0 17 5 0 26 17 0 36 8 0 45 19 0 23 16 0 55 18 0 11 5 0 26 8 0 43 9 0 64 15 0 50 8 17 0 20 9 0 31 0 0 41 10 0 51 4 0 23 5 0 55 1 0 55 10 10 0 23 14 0 35 10 0 46 8 0 55 12 0 22 12 0 53 16 0 60 12 3 0 27 5 0 39 16 0 50 8 0 58 10 0 21 12 0 52 1 0 ..