H.—Bb

7

FOURTH SCHEDULE. VII. 1. The liabilities of the Department under life policies and annuities at the date of the valuation, showing the number of policies, the amount assured, and the amount of premiums payable annually under each class of policies, both with and without participation in profits, will be found in detail in the Valuation Summary, given on page 6. 2. The net liabilities and assets of the Department, with the amount of surplus, are shown in the Valuation Balance-sheet given on page 5. VIII. All participating policies which were in force at the date of the valuation, however recently effected, share in the profits. The reversionary bonuses allotted to policies recently issued follow the sum assured—i.e., they vest immediately, and are payable with the sum assured as a claim, however short the duration ; but they do not acquire a cash value for surrender purposes until the policies to which they belong have been two years in existence. IX. The results of the valuation are as follows :— (1.) The total amount of profit made by the Department during the three years ending the 31st December, 1911, including a balance of £56,765 19s. 2d. carried forward three years ago, was £230,718 Bs. Id., of which amount £14,647 16s. 4d. has been paid as interim bonuses during the triennium. (2.) The amount of profit divided among the policyholders as at the 31st December, 1911, was £207,105, which has been converted into reversionary bonuses amounting to £333,994. The number of policies which participated was 47,331, assuring the sum of £11,178,251, or, including reversionary additions, £12,346,818. (3.) The following are specimens of the bonuses which have been allotted, for the three years ending the 31st December, 1911, to policies for £100 upon which all previously allotted bonuses had been allowed to remain : —

Whole Life.

The cash values of the reversionary bonuses are computed by the H M Table of Mortality, with interest at 4| per cent. MORRIS FOX. Actuary. 21st April, 1912.

dumber of ifears in Force. AGE AT ENTRY, 20. Reversionary Cash Bonus. Value. AGE AT ENTRY, 30. AGE AT 41 ENTRY, I. AGE AT ENTRY, 50. versionary Cash Bonus. Value. Number of Years in Force. Reversionary Cash Bonus. Value. Keversionary Bonus. Cash Value. Reversionary Bonus. !5 20 25 35 40 £ s. d. 3 10 o 3 15 » 420 480 490 4 12 o £ s. d. £ s. d. 113 3 10 o 158 3 15 o I 12 2 4OO 1 l8 II 44O 246 480 2 12 2 4 13 O £ s. d. £ s. d. 175 3 10 o 1 13 2 3 14 o 200 3 19 o 277 430 2 15 4 480 3 4 4 4 12 o £ s. d. 1 15 o 2 2 0 298 2 17 5 364 3 14 ° £ s. 4. £ s. d. 3 io o 240 3 14 0 2 11 2 3 19 o 2 19 7 420 3 5 11 450 3 11 11 15 20 25 30 35 40 Bndowmbn 1 Assurance . —Ter: 20 Year: 5 10 15 20 3 4° 380 3 10 o 3 M ° 1 14 5 3 4 o 249 380 2 16 3 3 10 o 3 14 o 3 14 o 1 14 11 340 251 380 2 16 7 3 10 o 3 14 o 314 o 1 15 9 262 2 16 11 3 H ° 340 1 17 11 380 271 3 10 o 2 17 6 3 14 o 314 o 1 5 10 15 20