H.-8

1908. NEW ZEALAND.

ANNUAL REPORT OF THE GOVERNMENT INSURANCE COMMISSIONER FOR THE YEAR ENDED 31st DECEMBER, 1907.

Presented to both Houses of tlie General Assembly pursuant to the Provisions of the Acts relating to Government Life Insurance. Government Insurance Office, Wellington, 12th May, 1908. I have the honour to submit the following report upon the transactions of the Department for the year ended the 31st December, 1907, and its position at that date. The Revenue Account, Balance-sheet, and Statement of business are appended. New Bnsi7iess. —During the year 4,016 proposals were dealt with, for the assurance of £"921,142, and the number of policies actually completed was 3,293, assuring being ,£"22,960 in advance of the new business for the previous year. The annual new premiums on new policies amounted to £"24,204. Thirty-four annuities were also granted, on which the purchase-money amounted to £17,179. The steady rate of progress of the Department's new business will be seen from a comparison of the figures for the past four years : —

Total Business in Force. —The total business now in force is 46,595 policies, assuring (and £"1,124,970 bonuses) at death or maturity, together with 350 immediate and deferred annuities for £"59,617 per annum ; the total business bearing an annual premium income of £"331.430. In the Civil Service section, which is included in the foregoing total business, there were 895 policies, assuring £"134,041 (and £"4,382 bonuses), and entitling the survivors at age sixty to annuities amounting to £"43,172 per annum, the annual premium income being It is expected that this section will be practically abolished during the current year, as the natural result of the working of " The Public Service Superannuation Act, 1907." It may be pointed out, however, that the provision for widows and dependants under the new superannuation scheme is not on such a high scale as to make insurance no longer necessary, and no doubt large numbers of Civil servants whose own old age is well provided for by the Superannuation Fund will see the wisdom of making provision for their families by assurances on their lives, for which this Department offers special facilities. Income. —The total income of the year was made up as follows:— New premiums (including single premiums) ... ... ... 22,111 Renewal premiums ... ... ... ... ... ... 303,792 Purchase-money for annuities ... ... ... ... 17,179 Interest ... ... ... ... ... ... ... 183,618 Fees ... ... ... ... ... .. ... 13 Total income for 1907 ... ... ... ... £"526,713 Attention is drawn to the steady increase of both premium and total income during the past few years, as shown by the following:—

I—H. 8.

Year New Sum assured Year. New Sum assured. I904 I9O5 £ 694.556 716,021 ! 1906 1 1907 £ 729,105 752,065

Year. Premium Income v . T (excluding Annuities).] Y Increase Total Income. Yearly Increase. Year. 1904 1905 1906 1907 £ £ 309,239 314,003 4,764 3*9.775 5.772 325,903 6,128 £ 480,716 490,925 507.070 526,713 £ 10,209 16,145 19,643 1904 1905 1906 1907