GOVERNMENT LIFE INSURANCE

Press, Volume LXXIV, Issue 22464, 27 July 1938, Page 16

GOVERNMENT LIFE INSURANCE

COMMISSIONER’S ANNUAL REPORT

Summarising the results for the year ending December 31, 1937, the annual report of the Government insurance commissioner states that new business was again the highest ever transacted by the department in any one year. The total income increased by £34,005, claims increased by £18.750, total funds increased by £396,937. and profits divided amounted to £243.182. The report states that new business for the year amounted to 9727 policies, assuring the sum of £3,431,940, the premiums thereon amounting to £77.770 a year. Fifty-three annuities %vcrc also granted, the purchase money being £44.772. The total business in force at the end of the year (including immediate, deferred, and contingent annuities for £90.401 a year) comprised 80.959 policies, bearing an annual premium of £716.807. The total sum assured was £26.099.449, to which reversionary bonuses amounting to £3.309,607 had been added. The total income during the year was £1.219,305. of which £765.146 was from premiums. During the year 1622 policies became claims, payments amounting to £553.308. The total amount paid in claims since the inception of the department amounted to £15,346,645. Assurance, annuity, and endowment funds, apart from special reserves of £416,954, now stood at £10.349,248. The usual bonus investigation disclosed a net surplus of £251,978 (excluding interim bonuses paid during the year). Of this sum £243.182 was allotted in the form of compound reversionary bonuses upon the sum assured and existing bonuses, the total reversionary bonuses thus allotted amounting to £398,355. The ratio of expenses to total and premium income was stated to be very satisfactory, in view of the new business being the highest in the history of the department.