35

H.—B

ACTUAKY'S EEPOKT ON THE VALUATION OF THE GOVERNMENT INSURANCE DEPARTMENT AS AT 31st DEOEMBEK, 1914.

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

Wellington, 7th April, 1915. In accordance with instructions received 1 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 Oovernment Life Insurance Act, 1908, I have now the honour to report the results of the investigation. Progress of the Depabtment. The progress of the Department during the last three years, when compared with the three 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 Revenue 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 Revenue Account for the preceding triennium is also given.

New Business of Trie; inium. In Force at End of Triennium. ! Trion ilium. Number of. | Sums ; Keversionary i Annual Policies. assured. Bonuses. Premiums. £ £ £ 45,137 10,468,316 954,751 319,221 47,033 10,955,749 1,068,950 331,830 49,376 11,514,657 1,168,620 348,285 52,273 12,550,465 .1,246,610 370,882 Number of ; Sums Policies. assured. Annual Premiums. 1903-1905 1906-1908 1909-1911 1912-1914 £ .. ; 9,526 2,112,927 9,739 2,261,767 10,476 2,487,472 11,721 3,197,694 £ 70,423 72,803 77,477 89,715