GOVERNMENT LIFE INSURANCE.
(By Telegraph—Parliamentary Reporter.)
WELLINGTON, Wednesday,
The anuual report of the Government Insurance Commissioner, laid on the table of the House to-day, given the usual clear view of. the position. Tiie new business for the year consists (net) of 8,201 proposals completed, assuring £650,129, with annual premiums of .-621,418. This brought the policies in force at the end of the year up to 40,308, securing, with bonus addition.-., the sum of £.1U,iii!!),978 ill death or maturity, and annuities, immediate or deferred, of £27,222 per iinnuin. The year's income was £423,700, being premiums £28G,7j1, and interest £130,955. The claims by death were .0 92,075, representing1 307 policies, and 190 policies matured amounting1 to £58,543.
The iu.-urance fund increased during the year by £142,270, standing1 at the end at ""£3,139,957, and the total assets amounted to £3,210,129. The details and comparison with 1899 are as follows: Mortgages on freehold, 1900, £1,488,759, percentage 40.3; 1899 £1.333,378, percentage 43.4. Government securities in 1900, £727,899, percentage 22.0; in 1899 £787,887, percentage 25.7. Loans on policies in 1900 £579,494, percentage 18; in LS'J'J £559,502, percentage 18.2. Local bodies debentures* 1900 £135,203, percentage 4.2; in 181)9 £135,911, percentage 4.5. Landed and house property', 1001) £122,087, percentage 3.8; in 1899 £122,050, percentage 4. Miscellaneous assets, 1900 £91,522, percentage 2.9; in 1599 £89,433, percentage 2.9. Cash on current account, 1900, £154,910, percentage 2; in 1599 £33,535, percentage 1.1. Properties acquired by foreclosure 1000, £5,580, percentage 2.G; in 1899 £2,250, percentage 2.3. About the Tontine Fund it is stated that the period of the Tontine Fund Xo. 1 expired on the 31st December, 1900, and the amount, £10,753, has been distributed among those policyholders whose policies were in force at that date, the addition to the sums assured being £33,350, in addition to their special bonus. The bonuses granted during the 'time the policies were in the Tontiue class, £130,512, were released from the Tontine conditions, and may now be dealt with in the same manner as non-Tontine
bonuses. The -progress of the Government Life Insurance Department since the beginning is given thus:—Total policies issued 81,373, void 41,005, balance 40,368. Sum assured £20,348,825, void £10,051,789, balance £9,097,036. Reversionary bonuses £1,596,394, void £653,452, balance £942,942. Ordinary premiums £618,148, void £332,891, balance £285.250. Extra premiums £13,609, void £9,912, balance £3,696. Annuities £35,240, void £8,018, balance £27,221.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/AS19010729.2.68
Bibliographic details
Auckland Star, Volume XXXII, Issue 168, 29 July 1901, Page 6
Word Count
386GOVERNMENT LIFE INSURANCE. Auckland Star, Volume XXXII, Issue 168, 29 July 1901, Page 6
Using This Item
No known copyright (New Zealand)
To the best of the National Library of New Zealand’s knowledge, under New Zealand law, there is no copyright in this item in New Zealand.
You can copy this item, share it, and post it on a blog or website. It can be modified, remixed and built upon. It can be used commercially. If reproducing this item, it is helpful to include the source.
For further information please refer to the Copyright guide.
Acknowledgements
This newspaper was digitised in partnership with Auckland Libraries.