GOVERNMENT INSURANCE.
* i LAST YEAR'S BUSINESS.** The annual accounts of the Government Insurance Department were deposited with the Treasury on Friday last, m accordance mth statutory provisions. During the year there were issued new policies to the number of 2761, assuring £684,242, and yielding an annual revenue of £20,489. The following are the particulars of the receipts daring the year, viz. :— Renewal premiums, £195,213; new premiums, £19,931 ; single premiums, £1393 ; consideration for annuities, £7071; interest, £89,795; and fees £19. The expenditure is made up as follows -.—Death claims, including bonus additions, £59,776; endowment assurances matured, including bonuses, £9256 ; matared endowments, £1577 ; premiums returned on do, £70 ; bonuses surrendered for cash, £627 ; annuities, £4775 ; surrenders, £10,006 ; loans released by surrender, £17,654; commission, new and renewal, £11,103; property tax, £6,484; losses on properties foreclosed, £327; expenses of management, £34,020; and reserve for possible depreciation m freenold and mortage securities, £25,000. Thetotalfundsat the end of the year amounted to £1,710,193 excluding tha reserve just mentioned. The points calling for special comment are as follows:— The interest and fees amount to £89.814, being £8,413 ia excess of the amount received m 1889. The average rate ha 3 been £5 8s lid, as against £5 7s 3d for the previous year. The total revenue amounts to £313,425, being an increase of £14,716 on the previous year. The mortality continues favourable, the death claims amounted to £59,776, being more than-£12,000 less than the same item m laßt year's revenue account. The assurance fund, after providing the reserve of £25,000, has been increased by £132,745. The total is exclusive of the special reserve or fluctuation fund, of £25,000, which has been constituted m view of the approaching distribution to specially provide against any possible depreciation m the department's freehold and mortgage securities. The ratio of expenses to premium income show^ a decrease of 3 per cent, as compared with the previoua year. Notwithstanding the disturbance of business resulting from the strikes, which have naturally produced a olighly averse affect on the new business, the position of the Department as a whole ia very favourable, and the accounts now presented show one of the most satisfactory years m the history of the institution.
GOVERNMENT INSURANCE.
Marlborough Express, Volume XXVII, Issue 79, 6 April 1891, Page 3
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