H.—2o

1893. NEW ZEALAND.

ANNUAL REPORT OF THE GOVERNMENT INSURANCE COMMISSIONER FOR THE YEAR ENDED 31st DECEMBER, 1892.

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, 1893. I have the honour to submit herewith the revenue account, balance-sheet, and tables of business of the department for the year 1892. New Business. —During the year 3,481 proposals for a total amount of £"870,437 were received. Of the whole of the proposals submitted, 407 were deferred or declined. Of every 100 proposals received, 79 were accepted at ordinary rates, 9 were loaded— i.e., accepted with an extra premium, and 12 were deferred or declined. Of every 100 policies completed, 92 were at ordinary rates, and 8 with an extra premium or the equivalent contingent debt. The number of policies issued was 2,634, °f which the following are the particulars :—

In the General Section, the policies issued were 2,130, assuring £532,745, and in the Temperance Section, 504, assuring The Temperance section has been especially successful during the year, the new business transacted in this section being nearly three times that-of the immediately preceding year. Premiums received. —The total new premiums received amounted to £20,688, being slightly in excess of the previous year. The renewal premiums received amounted to £212,437, being an increase over 1891 of £9,585. The gross premiums received, £"241,965, exceeded those of 1891 by £"7,469. Interest. —The interest earned during the year amounted to £"100,639, being £"4,260 in excess of the previous year. Total Revenue. —The total revenue from all sources showed an increase of £"11,722, and amounted to £"342,617. Claims under Policies. —The claims preferred for deaths of assured persons amounted (after deduction of contingent debts) to £"84,366, while those for endowment assurances and endowments matured amounted to £"23,449. Expenses of Management. —'The expenses of management (including commission £"12,696, property-tax £"3,724, and land-tax £"2,137) amounted to £"52,707, and show a decrease both in actual amount and in relation to the premium income. In the latter case the reduction is 1 per cent. During the last three years the total reduction in the ratio of expenditure to premium income has been very nearly 4 per cent. Accumulated Funis. —The funds have increased by £"132,501, and at the end of the year amounted to £"1,980,297. I—H. 20.

No. Sum Assured. kVhole-life and term assurances Endowment assurances Children's endowments \nnuity policies (the amount payable to the annuitants being at the rate of £"906 per annum) I »3°4 1,274 37 263,696 3,874 19 2,634 £"642,10.