H.—B

13

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 12. 2. The net liabilities and assets of the Department, with the amount of surplus, are shown in the Valuation Balance-sheet given on page 11. 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, 1917, including a balance of .€117,056 19s. Od. carried forward three years ago on the basis of a 3J per cent, valuation for assurances, was £236,482 10s. od. ; of which amount £19,770 9s. Od. has been paid as interim bonuses during the triennium. (2.) The amount of profit divided among the policyholders as at the 31st December, 1917, was £205,291 which has been converted into reversionary bonuses amounting to £322,090. The number of policies which participated was 47,520, assuring the sum of £11,419,896, or, including reversionary additions, £12,724,134. (3.) The following are specimens of the bonuses which have been allotted, for the three years ending the 31st December, 1917, 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. PERCY MUTER, 16th August, 1918. Actuary.

Number of Years in Force. AGE A 1 Hevorsionai Bonus. AGE AT 2l ENTEY, ). AGE AT ENTEY, 30. AGE AT ENTEY, 40. AGE AT ENTEY, en Number °°- of Years in Reversionary Cash Force. Bonus. Value. Reversionary Bonus. Cash Value. Revorsionary Bonus. Cash Value, Revorsionary Bonus. Cash Value. injixua. 20 25 30 35 £ «• d. 3 11 o 3 15 ° 420 480 £ s. d. £ s. d. 143 3 11 o 19 5 3 15 o 1 16 3 400 240 43° £ 1. d. in 5 1 17 6 2 5 4 2 12 2 £ s. d. £ s. d. £ s. d. 3110 203 3 11 o 3 14 o 267 3 14 o 3 19 o 2 14 8 3 18 o 430 327 430 £ s. d. 292 2 15 10 329 3 10 3 20 25 30 35 Bndowmen ASSURAN' IE, —Term 20 Years. 1 16 1 5 10 15 20 5 10 15 20 310 350 380 3 11 o 1 1 1 1 1 12 10 310 229 35° 2 14 8 380 3 11 o 3 11 o 1 13 4 2 3 1 2 14 11 3 11 0 310 1140 310 350 242 350 380 2 15 3 380 3 11 o 3 11 o 3 11 o 2 5 1 2 15 10 3 11 0