STATE INSURANCE

Press, Volume L, Issue 15022, 17 July 1914, Page 3

STATE INSURANCE

LIFE AND ACCIDENT.

LAST YEAR'S OPERATIONS

(SPECIAL TO "THE 'PRESS.'-') WELLINGTON, July 16. Tho annual report of the Government Life Insurance Commissioner, which was presented to Parliament to-day, 'shows that during tho year 1013 451/ proposals wero dealt with for a total as.uraiico of £1,25!),0.50, or slightly more Shun in 1912, when tho total was .1,258,032. The number of policies completed was 3749 assuring £1,039, ww /, frith annual premiums amounting to !k2.,0_7. The annual sum assured by each new policy has shown a decided .endeucy to increase, being a.2-18 in 1911, £263 in 1912, and _-2/5 in xvi.6. Tne total business now in force ia 51 ,_•_-_ to_jcios, bearing an annual premium moomoof £.__.,721. ine sum assured is £i2,211,_x>, or, incluuing reversionary bonuses, £13,539,40/. The .total i.ioome of tho Department this.year was being an increase of £9754 upon li) 12. Ine average interest earned by the Department was £4 15s Id per cent., as compared with £4 l-_s Sd in 1912. The total sum paid on policies at death, or maturity last year was £288,388. There was a reduction in management expenses irom £.4,280 (in 1912) to £-12,547. The total assets of tho Department are valued at' £5,135,8_9, tho liabilities on policies (including claims admitted, but not filially dealt with) total £5,015,396. The annual report of the accident branch, of the State Fire Insurance Department was also presented to i_.o House to-day. This shows that the gross premium income for the year le*amounted to £23,(57'/. and, deducting reinsurances, to £23.277. The claims, including those in process of settlement at- the end of the year, totalled £11,49. as against £12,016 in 1912. The income from interest was _.-3588, and the total expenses £7409. The ratio of expenses to income was 32.2 per cent., and tho ratio to total income 27.9 per cont. The funds at the end of tho year totalled £15.322, an increase of £7874, whilst the reserve fund amounted to £39,036. The total assets at, tho end of tho year amounted.to .__8,002.