H. -8c

Session 11. 1912. NEW ZEALAND.

ACTUARY'S REPORT ON THE VALUATION OF THE GOVERNMENT INSURANCE DEPARTMENT As at 31st December, 1911.

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

Wellington, 6th April, 1912. 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. PROGRESS OP THE DEPARTMENT. The progress of the Department during the last three years, when compared with the two previous trienniums, in respect of new business and total business in force, is as follows: —

From the above it will be seen that, not only has there been a satisfactory increase all round— in number of policies, sums assured, bonuses, and annual premiums—but the regularity of the increase has been conspicuous. The Consolidated Eevenue 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 Eevenue Account for the preceding triennium is also given.

Triennium. New Bus Number of Policies. New Business of Triennium. ainess of Trii Sums assured. iennium. Ii Annual Number of Premiums. Policies. In Force at End of Triennium. n Force at E Sums assured. 2nd of Triennium. Reversionary ! Annual Bonuses. Premiums. 1903-1905 1906-1908 1909-1911 9,526 9,739 10,476 ' £ 2,112,927 2,261,767 2,487,472 £ 70,428 72,803 77,477 £ 45,137 10,468,316 47,033 10,955,749 49,376 11,514,657 £ 954,751 1,068,950 1,168,620 £ 319,221 331,830 348,285