H.—B

Session 11. L 912. NEW ZEALAND.

ANNUAL REPORT OF THE GOVERNMENT INSURANCE COMMISSIONER FOR THE YEAR ENDED 31st DECEMBER, 1911.

Presented to both Houses of the General Assembly pursuant to the Provisions of the Government Life Insurance Act. 1908.

Government Insurance Office, Wellington, 18th May, 1912. I have the honour to submit the following report upon the transactions of the Department tor the year ended 31st December, 1911, and its position at that date. The Bevenue Account, Balancesheet, and Statement of Business are appended. New Business, and Amount in Force.— During the year 4,311 proposals were dealt with for the assurance of £1,060,672, and the number of policies actually completed was 3,520, assuring £871,954, being an advance in the sums assured of upwards of £50,000 on the new business of the previous year. The annual premiums on new policies amounted to £27,134. Thirty-four annuities were also granted, on which the purchase-money was £17,339. The new business of the Department has shown a steady increase for some years past. The total business now in force is 48,999 policies, assuring £11,514,657 (and £1,168,620 bonuses) at death or maturity, together with 377 immediate and deferred annuities for £21,405 per annum ; the total business bearing an annual premium income of £348,285. In relation to the new business and amount in force the results are given hereunder for the past eight years : —

It will be seen that the new business last year was greater by £177,398 than was the case in 1.904, and that the total business in force increased during the same period by 5,182 policies and £1,255,095 sums assured. , Income. —The total income of the year was £575,849 (an increase of £14,699 on the previous year), made up as follows :— £ Few premiums (including single premiums) . . . . . . . . 26,803 Renewal premiums .. . . . . 316,174 Purchase-money for annuities . . . . . . 17,339 ' Interest . . .. • • .. . ■ 215,530 Fees . . . . • • • • . . 3 Total income for 1911 .. .. .. .. £575,819 The income from interest showed an increase of £8,978, and the average rate of interest earned on the mean funds was £4 13s. per cent. I—H. 8.

Year. i | New Sum I Policies in j Sums sssured in assured. Poroe. > , , ,r " rc ® ; (excluding Bonuses). . J I 1904 1905 1906 1907 1908 1909 1910 1911 "! • • i £ I £ 694,556 44,194 10,259,562 716,021 45,137 10,468,316 729,105 45,981 10,667.591 752,065 I 46,945 10.855,153 780,597 47,033 10,955.749 795,339 48,016 j 11.151,094 820,179 48,932 11,360,796 871,954 49,376 11,514,657