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GOVERNMENT INSURANCE DEPARTMENT.

The accounts of the Government Insurance Department for the year 1888 have now been made up, and, in accordance with statutory requirements, havo been lodged with tho Treasury. The result of the year's operations has been most satisfactory. The new business shows an issue of 2,957 policies during the year, insuring an amount of L755,G92. The total number of policies in force at the end of the year numbered 20,168, insuring a sum of L 7,760,252. The premium incomo of the year amounted to L 208,740, while in the previous year it was only L 201.904. The interest income amounted to L 73.421, as against L6G,380 in the previous year. Tho claims paid represented L 64.435, in addition to endowment insurances of L 6.612, and matured endowments of LI, 193. The gross funds of the institution have increased from L 1,328,493, as at the end of 1887, to L 1,452,478, as at the end of 1888. The total liabilities at the end of the year amounted to L 1,482,337, including tho funds to credit. The balancesheet of course shows conespondiug assots. Tho amount invested on mortgage has increased largely during tho year—from L 266.498 to L 304.299 and this fact accounts for the average rate of interest on the accrued funds beingseveral shillings per cent, better than in the previous year. The total increase of funds is L123,9S. r ». The expenses of management have decreased in proportion to premium income. These figures disclosea condition of affairs gratifying to the colonyat large, as well as to those inaureo l in the institution, and highly creditablo to all the officers concerned in the management. In every test by which an insurance company can be judged, the Government Department shows substantial progress. The new business has increased ; the lapses and surrenders have diminished (the former very largely); the ratio of expenses of management has decreased ; the rate of interest shows a substantial increase ; and the average amount of policies issued is greater than lias been the rule for a considerable time past. The discontinuances are less than in any year since the office was established.—' Evening Post.'

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https://paperspast.natlib.govt.nz/newspapers/ESD18890606.2.9

Bibliographic details

GOVERNMENT INSURANCE DEPARTMENT., Issue 7926, 6 June 1889

Word Count
357

GOVERNMENT INSURANCE DEPARTMENT. Issue 7926, 6 June 1889

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