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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