H.—Be.

1909. NEW ZEALAND.

ACTUARY'S REPORT ON THE VALUATION OF THE GOVERNMENT INSURANCE DEPARTMENT As at 31st December, 1908.

Presented to both Houses of the General Assembly pursuant to Section 40 of " The Government Life Insurance Act, 1908."

Wellington, Bth March, 1909. In accordance with instructions received I have made a valuation, as at the 31st December last, of the actuarial liabilities of the Department, with the object of ascertaining the net surplus available for division amongst the policyholders, and in compliance with section 40 of " The Government Life Insurance Act, 1908," I have now the honour to report 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 as follows : —

From this it will be seen that there has been a satisfactory increase all round—in number of policies, sums assured, reversionary bonuses, and annual premiums. The Consolidated Bevenue 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 Bevenue Account for the preceding criennium 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 £442,108 during the period under review.

New Business of Triennium. In Force at End of Triennium. Triennium. Number of j Policies. Sums assured. Annual Premiums. Number of | Policies. Sums assured. Reversionary Annual Bonuses. Premiums. 1902-1905 1905-1908 9,5'26 9,739 _ 2,112,927 2,261,767 £ 70,428 72,803 £ £ 45,137 ! 10,468,316 954,751 47,033 j 10,955,749 1,068,950 £ 319,221 331,830

Triennium ending 31st Dece: iber, 1908. Previous Triennium. Triennium ending 31st December, 1908. Previous Triennium. Funds at beginning of triennium Renewal premiums New premiums .. Consideration for annuities Interest Pees £ 3,822,577 £ 3,382,817 Death claims Matured claims Annuities paid Surrenders (including Civil Service policies) Bonuses surrendered for cash Commission Taxes Expenses Investment reserves Funds at end of triennium.. £ 392,458 273,988 43,440 176,659 £ 379,214 239,495 38.293 124,820 905,698 70,786 38,705 552,999 36 855,085 70,522 29,686 479,702 25 16,668 52,307 33,677 116,919 20,000 4,264,685 17,442 50,084 29,269 109,690 6,953 3,822,577 • Total Total £5,390,801 £4,817,837 £5,390,801 £4,817,837