H.—Bc

1903. NEW ZEALAND.

GOVERNMENT INSURANCE DEPARTMENT: REPORT BY THE ACTUARY ON THE TRIENNIAL VALUATION, 31st DECEMBER, 1902.

Presented to both Houses of the General Assembly pursuant to Section 45 of " The Government Insurance and Annuities Act, 1874," and "The Government Life Insurance Acts Amendment Act, 1890."

Wellington, 31st March, 1903. I have the honour to report the result of the valuation of the Department's liabilities under its assurance and annuity contracts as on 31st December last. The new business of the triennium just completed and the total business existing at the close of the period are summarised in the following table : —

NEW BUSINESS OF THE TRIENNIUM.

Including annuities, there were 42,406 policies for valuation, assuring the sum of £9,896,572, with reversionary bonus additions of £838,088 —making the total amount payable at death or maturity £10,734,660 —and £36,392 annuities per annum, immediate and deferred, in respect of which ordinary premiums amounting to £296,873 are receivable annually. The Department also receives £3,383 per annum, representing additions to the tabular premiums imposed when assurances are accepted ou lives which are estimated to fall below the requisite standard for any reason. These extra premiums are held to cover the current extra risk, and are not brought) into the valuation as an asset.

Class. Number of Policies. Sum Assured. Reversionary Bonuses. Annual Premiums. Annuities. Endowment Assurances Double-endowment Assurances .. Annuity Assurances Miscellaneous Assurances Annuities Simple Endowments, <fec. 8,546 749 243 26 66 289 £ 1,715,845 179,664 34,400 6,744 £ £ 58,007 5,482 1 817 252 15 1,372 £ 13,308 36,925 2,454 Total New Business 9,919 £1,973,578 £66,945 £15,762 BUSINI iSS IN FORC E AT END iF TRIENNI M. Whole-life and Term Assurances Endowment Assurances Double-endowment Assurances .. Annuity Assurances Annuities Simple Endowments, &c. 15,744 23,522 1,788 468 301 .583 4,584,630 4,735,819 445,690 63,250 591,966 241,984 3,362 776 112,425 164,769 13,825 3,346 76 2,432 24,069 12,323 67,183 Total Business in force 42,406 £9,896,572 £838,088 £296,873 £36,392