TL—B

4

General. —Summarizing the results for the year — (1) The new business was again the highest ever transacted by the Department in any one year. (2) The total income increased by nearly £43,000. (3) Claims decreased by £19,529. (4) Total funds increased by £357,304. (5) Profits divided amounted to £214,188. (6) Expense ratios (both to total income and premium income) showed decreases. (7) The net rate of interest earned showed an increase. The combined effect of a careful selection of risks, economy of management, and profitable investment of the funds has been reflected in the increased profits recently distributed. During the past ten years the Department has made marked advances in all directions, and, given average trade conditions, there is every reason to expect further progress. The Department is constituted entirely on the lines of a mutual life-insurance office, its policyholders being a group of individuals joined together for mutual aid and protection. In the attainment of this end policyholders not only benefit themselves but, as their funds are invested entirely in the Dominion, they assist to no small extent in its development. The welfare of the Department is therefore of vital interest not only to the policyholders but to the people of New Zealand generally. A. E. Allison, Commissioner.