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Session 11. 1906. NEW ZEALAND.

ACTUARY'S REPORT ON THE VALUATION OF THE GOVERNMENT INSURANCE DEPARTMENT As at 31st December, 1905.

Presented to both Houses of the General Assembly pursuant to Section 45 of " The Government Insurance and Annuities Act, 1874," and Section 8 of " The Government Life Insurance Acts Amendment Act, 1890."

Wellington, 31st May, 1906. In accordance with instructions received I have made a valuation, as at the 31st December, 1905, of the liabilities of the Department, with the object of ascertaining the amount of surplus available for distribution amongst the policvholders, and I have now the pleasure of submitting the results of the investigation. The progress of the Department during the triennium, when compared with the previous triennium, in respect of new business and total business in force, is shown by the following: —

From this it will be seen that, while there has been a slight decrease in the number of new policies issued during the triennium, there has been a substantial increase in the sum assured, and also in the annual premiums payable thereon, thus showing a considerable increase in the average new policy. The increase in the amount of assurance transacted during the later period is principally characterized by a remarkable increase in double-endowment assurances. The Consolidated Revenue Account, given below, shows the total income and expenditure for the" past three years, and also the growth of the funds of the Department during the triennium ; for purposes of comparison the Consolidated Revenue Account for the preceding triennium is also given.

CONSOLIDATED REVENUE ACCOUNT.

In commenting on the foregoing comparative statement of income and expenditure, it may be noted in the first place that the funds have been increased by £439,760 during; the period under review.

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Triennium. 1899-1902 .. 1902-1905 .. ji New Business of Triennium. In Force at End of Tr Number of I Sums Annual Number of Sums Policies. assured. Premiums. Policies. assured. [ £ £ £ 9,919 ■■ 1,973,578 67,403 42,406 9,896,572 9,520 2,112,927 70,428 I 45,137 10,468,316 I New Business of Triennium. ji In Force at End of Trii inniuin. Annual Premiums. £ 300,256 319,221

Trieunium ending 31st Decei iber, 1905, Trfenniam. Triennimii ending 31st Docei iber, 1905. Previous Trieunium. I Funds at beginning of triennium Tontiue Savings Fund No. 1 Eenewal premiums New premiums Consideration for annuities Interest Fees £ 3,382,817 £ £ 2,997,681 £ £ 379,214 337,146 239,495 190,223 38,293 34,840 124,820 156,236 17,442 28,915 50,084 43,388 29,269 28,695 109,690 108,439 6,953 ! 22,783 3,822,577 ! 3,382,817 3,382,811 855,O8£ 70,525 29,68£ 479,705 'It £4,817,837 855,085 70,522 29,686 479,702 25 as 7 -2,997,681 Death claims Matured claims 16,753 Annuities paid 15 I 799,447 Surrenders 12 66,759 Bonuses paid in cash 16 25,913 Commission i2 426,890 I Taxes 5 39 Expenses Investment reserves Funds at end of tricnnium. . 7 £4,333,482 Total 16,753 799,447 66,759 25,913 426,890 39 Total £4,817,837 £4,333,482 £4,817,837 £4,333,482