H. —8

3

Revenue Account of the Government Life Insurance Department for the Year ended 31st December, 1928. £ s. d. £ s. d. Amount of Funds at Ist January, 1928 7,303,924 14 10 Death claims under assurance policies, Renewal premiums — Assurance, An- including bonus additions .. 197,492 9 10 nuity, and Endowment .. .. 543,462 0 5 Endowment Assurances matured, inNew premiums (including instalments eluding bonus additions .. 305,939 12 0 of first year's premiums falling due Endowments matured .. .. 9,136 19 0 in the year) .. .. .. 59,527 7 7 Premiums returned on endowments .. 127 19 3 Single premiums—Assurance and En- Bonuses surrendered for cash .. 8,796 2 10 dowment .. .. .. 6,215 9 8 Annuities .. .. .. 23,184 10 10 Consideration for Annuities .. 17,153 16 0 Surrenders .. .. .. 41,311 13 7 £ s. d. Loans released by surrender .. 53,268 7 0 Interest and Rent .. 423,221 18 3 £ s. d. Less land and in- Commission, new* .. 35,389 611 co m eta x, „ renewal 4,279 9 3 £22,193 9s. 5d.; — 39,668 16 2 property expenses, Contribution to Public Service Super£3,63o 6s. Id. .. 25,823 15 6 annuation Fund .. .. 710 0 6 397,398 2 9 Expenses of management— Salaries— £ s. d. Head Office .. 22,534 12 1 Branch offices and agents .. 12,226 1 3 Extra clerical assistance .. .. 2,749 17 4 Medical fees and expenses .. 3,963 6 1 Travelling-expenses 689 3 10 Advertising .. 489 0 8 Printing and stationery .. 1,644 4 3 Rent .. .. 5,758 10 0 Postage and telegrams 1,715 10 4 Exchange .. 54 6 4 General expenses .. 3,280 5 10 Services rendered by Government Actuary .. .. 260 18 4 55,365 16 4 Transfer to Investment Fluctuation Reserve Account .. .. 10,000 0 0 Amount of funds, 31st December, 1928 7,582,679 3 11 £8,327,681 11 3 £8,327,681 II 3 — * Including agents' allowances. Balance-sheet of the Government Life Insurance Department on 31st December, 1928. Liabilities. Assets. £ s. d. £ s. d. Total Assurance, Annuity, and En- Loans on policies .. .. 999,041 5 o dowment Funds (as per Revenue New Zealand Government securities 2,263,002 0 0 Account) .. .. .. 7,582,679 311 Municipal Corporation debentures .. 194,287 8 7 Claims admitted, proofs not yet com- County securities .. .. .. 104,190 16 10 pleted .. .. .. .. 31,981 18 3 Harbour Board debentures .. 29,300 0 0 Annuities .. .. .. 918 3 4 Town Board debentures .. . . 32,051 18 0 Commission .. .. .. 1,305 14 10 Road Board debentures .. 21,800 0 0 Medical fees .. .. .. 389 0 6 Drainage Board debentures .. 1,819 6 4 Premium and other deposits .. 8,133 11 5 Power Board debentures .. .. 706,046 7 0 Sundry creditors .. .. .. 3,742 7 4 Landed and house property .. 140,710 4 6 Accident and Fidelity Fund .. 3,441 18 5 Landed and house property (leasehold) 1,775 9 3 Investment Fluctuation Reserve .. 209,906 11 10 Mortgages on property .. .. 3,105,305 7 1 Sinking Funds on Local Body Loans 7,732 110 Properties acquired by foreclosure .. 5,033 19 11 Overdue premiums on £ s. d. policies in force .. 8,564 10 9 Outstanding premiums due but not overdue 53,210 11 4 — 61,775 2 1 Overdue interest .. 6,889 8 1 Outstanding interest due but not overdue 9,753 16 3 Interest accrued but not due .. .. 101,690 18 9 118,334 3 1 Agents' balances .. .. .. 9,207 0 10 Sundry debtors .. .. .. 1,352 14 9 Cash in hand and on current account 55,197 8 5 £7,850,230 11 8 £7,850,230 11 8 A. E. Allison, Commissioner. H. Rose, Secretary. Government Life Insurance Department, 26tli March, 1929. The Audit Office, having examined the Revenue Account and balance-sheet, and compared them with the relative books, documents, and securities, hereby certifies them to be in accordance therewith. —G. F. C. Campbell, Controller and Auditor-General.