STATE INSURANCE.

New Zealand Herald, Volume LI, Issue 15663, 17 July 1914, Page 8

STATE INSURANCE.

LIFE AND ACCIDENT.

LAST YEAR'S OPERATIONS.

[BY TELEGnArn.— special coiuresfontjent.]

Wellington, Thursday, Tub annual report of the Government Life Insurance Commissioner which was presented to Parliament to-day shows that during 1913, 4517 proposals were dealt with for a total assurance of £1,259,050. In 1912 the "total was £1,258,032. The number of policies completed was 3749, assuring £1,039,077, with annual premiums amounting to £29,047. The annual sum assured by each now policy has shown a decided increasing tendency, being £248 in 1911, £263 in 1912, and £275 in 1913. The total business now in force is 51,343 policies, bearing an annual premium income of £363,721. The 6um assured is £12,211,655, or, including reversionary bonuses, £13,539,467. Tho total income of the Department for the year was £600,068, being an increase of £9754 upon 1912.

The average interest earned by the Department was £4 15s Id per cent., as compared with £4 14s 3d hi 1912. The total sum paid on policies at death or maturity last year was £288 3s Bd. Thero was a reduction in management expenses from £44,280 in 1912, to £42,547. The total assets of the Department are valued at £5,135,829. The liabilities on policies, including claims admitted but not finally dealt with total £5,015,396. The annual reporturf the accident branch of the State Fire Insurance Department was also presented to the House to-day. This shows that the gross premium income for the year 1913 amounted to £23,677 and, deducting reinsurances, to £23,277. The claims, - including those in process of settlement at the end of the year, totalled £11,493, as against £12,016 in 1912. The income from interest was £3588 and, total expenses £7499. The rate of expenses to income was 32.2 per cent., and the rate to total income 27.9 per cent. The funds at tho end of the year totalled £15,322, an increase of £7874. The interest on the reserve fund amounted to £390 3s 7d. The total esisets at the' end of the year ; amounted to £78,002. "