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The Balance-sheet.- Cn the 31st*December, 1918, the total assets of the Department amounted to £5,672,981, and were invested as shown in the following statement, which also gives the distribution of the assets at the end of the previous year for purposes of comparison :- —

During the year the Life Branch's subscriptions to war loans were increased by £195,(XX), the last instalment (£50,000) of its 1917 subscription having been paid over, together with a further amount of £145,000. In addition to completing this 1918 subscription the Branch has already this year taken up a further- sum of £2-10,000 in War Loan stock. The total amount taken up by the Branch in War Loan stock to date is £785,000, in addition to SAOfiOO taken rip in debentures under the finance Act. 1915. The rate of interest realized on Ihe mean funds, after deduction of land and income tax from interest, was £4 13s. Bd. The Staff. —As the war- has now ended, 1 should like, to place on record the fact that fifty-eight of the Department's officers joined the Expeditionary Forces, of whom four were killed in action and twenty-three were, wounded. .1. H. RICHARDSON, Government Insurance Commissioner.

Revenue Account ok thk, Government Life Insurance Department for the Year ended 31bt December, 1918. £ 8. d. j £ s. d. Amount of Funds at Ist January, 1918 5,199,320 1 0 ■ Death claims under polioies, Assurance, Renewal premiums—Assurance, An- including bonus additions .. .. 387,767- 3 0 nuity, and Endowment .. .. 8.65,724 6 7 ' Endowment Assurances matured, inNew premiums (including instalments eluding bonus additions .. .. 173,800 "> 0 of first year's premiurrrs falling due Endowments matured .. .. 3,398 10 0 in the year) .. .. .. 33,316 1 11 Premiums returned on endowments .. 185 0 9 Single premiums—Assurance and En- Bonuses surrendered for cash .. 9,936 13 7 dowment .. .. .. 631 15 9 Annuities .. .. .. .. 19,147 5 (1 Consideration for Annuities.. .. 11,406 6 2 Surrenders .. .. .. 15,405 2 8 Interest .. .£273,474 7 3 Loans released by surrender.. .. 31,122 5 2 Less land and in- Commission, new* .. £22,760 i 0 come tax .. 30,237 5 0 » renewal 2,594 8 7 243,237 2 3 25,360 12 7 Expenses of management— Salaries— Head Office ..£16,191 3 0 Branoh offioes and agents .. .. 7,741 15 10 Extra clerical assistance 3,969 12 1 Medical fees and expenses .. .. 5,219 2 (i Travelling-expenses .. 287 18 8 Advertising .. .'. 464 1 2 Printing and stationery 2,251 10 11 Bent .. .. 2,911 6 1 Postage and telegrams 2,202 9 7 Exchange .. .. 44 18 11 General expenses .. 2,267 4 2 Triennial expenses .. 2,216 7 1 45,767 10 0 Amount of fundß, 31st December, 1918 5,191,744 19 5 £5,853,635 13 s\ £5,853,635 13 8 * Including Agents' allowftnees»

At 31st December, 1917. Class of Investment. At 31st December, 1918. . Percent age Amount, j of ToU , 3,141,294 561 per cent. Mortgages on freehold property 780,976 139 . „ Loans on policies 1,055,900 i 18-9 „ Government securities 209,277 3'7 „ Local bodies'debentures 134,898 i 2-4 „ Landed and house property 1.30,064 2-3 „ Miscellaneous assets 150,462 2-7 „ Cash in hand and on current account I 3, 1, . I I £ 3,038,552 53-6 per cent. 738,018 13-0 1,250,900 22-0 211,711 3-7 134,864 , 2-4 128,593 : 2-3 170,343 ! 30 5,602,871 100-0 per cent. Total 1 5, 5,672,981 j 100 0 per cent.