GOVERNMENT LIFE INSURANCE.

Auckland Star, Volume XXXII, Issue 168, 29 July 1901, Page 6

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.