H.—l2

ACTUARIES' REPORT.

In this manner, accounts have been prepared of the two sections for the five and a half years that have elapsed since the last valuation. Of these, the following is the summary: —

7. Of the surplus of £245,315 in the General Section, we recommend that .£150,000 be divided on the present occasion, and that £95,315 be reserved. The deficiency in the Temperance Section need not excite uneasiness, since no surplus could have been expected to accrue during the short period that this separate section has been in existence. 8. The surplus of £150,000 proposed for distribution in the General Section should, in our opinion, be divided among the policies on the participating scales, in proportion to the loading on the premiums paid under each since the last valuation of the 30th June, 1880. For policies that were in force at that date, the loading must therefore be taken for five and a half years ; and, for those granted subsequently, from the dates of their respective issue. No exclusion should be made, but every participating policy, however short the time it may have been in force, should share. By " loading " is meant, (in whole-term cases where the premium is payable annually throughout life,) the difference between the premiums set out in the policies and the corresponding |—j M 4| per cent, premiums. If an extra premium has been charged on account of the life being under average, it is intended that the loading at the increased age be taken ; but, if the policy has been charged with a fixed or sliding debt, then the loading at the true ago.

15

Income. General Section. Temperance Section. £ s. d. 459,335 17 0 843,731 1 1 11,519 4 2 216,322 15 6 122 13 1 £ s. d. Fund, 30th Juno, 1880 Premiums Annuity purchase-money .. Interest Fees 34,786 13 10 999 6 7 Tota .. 1,531,031 10 10 35,786 0 5 Outgo. Claims Surrenders Bonus surrendered Annuities Property-tax Expenses, including commission £ s. d. 217,491 3 0 64,864 13 6 8,104 1 0 13,686 18 0 1,828 19 5 139,610 6 0 £ s. d. 4,338 10 0 281 16 10 17 0 9 14,559 10 10 Fund, 31st Doc, 1885 1,085,445 9 11 16,589 2 0 6. The valuation has been made on aation has been made on the data and principles explained in par i tl [graphs 11, 2, 13, and 14; and the results are as fo and the results are as follow : — jllo" General Section. Temperance Section. Fund as above Estimated liability £ s. a. 1,085,445 0 0 840,130 0 0 £ s. a. 16,589 0 0 19,348 0 0 Surplus 245,315 0 0 Deficiency 2,759 0 0