GOV’T LIFE INSURANCE.

Greymouth Evening Star, 12 July 1905, Page 1

GOV’T LIFE INSURANCE.

[BY EU'CTEIO TELEQEAPH. j (Our Parliamentary Reporter). WELLINGTON. This Day. The annual report of the Government Insurance Commission stales during Hie year 4010 nrnposals wore received for a sum of £891,298, and 3227 policies assuring £694,556. were completed, carrying new annual premiums of £23,437. Twenty-three annuities were also purchased at a cost of £13,272, The not result for the voa rwas an increase of 1067 policies for' £199,300, figures which indicate an increasing stability in the business obtained by the Department. The total business now in force is 43,873 policies covering £10,259,562 (and £1,01,518 bonuses) at death or maturity, together with immediate and deferred annuities for £44,664. The whole bring in an annual premium income of £312,396 The income for the year was £480.716 The claims by death amounted to £140,959, and by maturity to £BO 241. The Department ha.s now paid away since 1870 £1,792,219. Surrenders show a decided improvement, and the ratio of expense to premium income has been brought down from 20.8 per cent to 18.9 per cent. The progress of the Department during the. year, concludes the report, has been of a thoroughly satisfactory character. The. chief points to he observed are a well maintained now business, large increases in income and accumulated funds, a striking diminution in lapses and surrender, and a marked decrease in the expenses of management. The premium income in the Government Accident Insurance Department for the year amounted to £23,768 against £24 381 in the previous year. The claims amounted to £12,105. The expenses were £6,665. The reserve fun dnow stands at £95.086. The report states it is too soon at present to judge of the effect of the changes made in the Workers’ Compensation for Accident Act by the successful amendment of the law. The experience of the Department as n whole during the year just lapsed has not, however been unfavourable.