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Session 11. 1923. NEW ZEALAND.

ANNUAL REPORT OF THE GOVERNMENT INSURANCE COMMISSIONER FOR THE YEAR ENDED 31st DECEMBER, 1922.

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

Government Insurance Office, Wellington, 26th March, 1923. I HAVE the honour to submit the following report upon the transactions of the Department for the year ended the 31st December, 1922, and its position at that date. The Revenue Account, Balancesheet, and Statement of Business are appended. New Business and Amount of Business in Force. —During the year 4,482 proposals were dealt with, for the assurance of £1,540,950. The number of policies actually completed was 3,777, assuring £1,286,609, with annual premiums amounting to £40,071. Twenty annuities were also granted, on which the purchase-money was £10,593. The total business now in force, including 425 immediate and deferred annuities for £23,616 per annum, is 59,487 policies, bearing an annual premium income of £483,394. The sum assured is £15,995,235, to which are attached reversionary bonuses amounting to £1,453,866. The total business on the books thus amounts to £17,449,101. Income. —The total income of the Department was £778,915 —viz., premium income, £473,141 • interest income (less land and. income tax), £294,914 ; annuity purchase-money, £10,593 ; and other receipts, £267. The total income for the year is greater than that of last year by £23,396. Outgo for Claims. —During the year 813 policies matured, for £198.131, and 534 policies became claims by the death of policyholders, the amounts payable being £204,561. Accumulated Funds.— -The total assurance, annuity, and endowment funds, apart from a special investment reserve of £288,773, now stand at £5,922,825, an increase of £196,468 over the amount at the end of 1921. The Balance-sheet. —On the 31st December, 1922, the total assets of the Department amounted to £6,276,019, 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 : —

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At 31st December, 1921. At 31st r )ecember, 1922. . , Percentage Amount. of Total As « eta Class of Investment. Amount. Percentage of Total Afsets. £ 2,743,405 45-1 percent. 794,546 13-0 1,960,400 32-2 224,909 3-7 136,016 2-2 145,918 2-4 84,907 1-4 Mortgages on freehold property Loans on policies Government securities Local bodies' debentures Landed and house property Miscellaneous assets Cash in hand and on current account £ 2,743,870 854,240 1,982,900 233,025 136,895 162,941 162,148 43-7 per cent. 13-6 31-6 3-7 2'2 2-6 2-6 6,090,101 100-0 per cent. Total 6,276,019 100-0 per cent.