The Government Insurance Department.

South Canterbury Times, Issue 5030, 11 June 1889, Page 3

The Government Insurance Department.

(Wellington Post.) The accounts of the Government Insurance Department, for the yearlßSß, have now been made up, and in accordance with statutory requirements have been lodged with the Treasury. The result of the year’s operations has been moat satisfactory. The new business shows an issue of 2957 policies during the year, insuring an amount of £783,693. The total number of policies in force at the end of the year numbered 26,168, insuring a sum of £7,760,252. The premium income of the year amounted to £208,710, while in the previous year it was only £201,904. The interest income amounted to £73,421, as against £66,300 in the previous year. Tho claims paid represented £63,435 in addition to endowment insurances of £6,612, and matured endowments of £1,193. The gross funds of the institution have increased from £1,328,493, as at the end of 1887, to £1,552,478, as at the end of 1888. Tho total liabilities at the end of tho year amounted to £1,485,337, including the funds to credit. The balance-sheet of course shows ing assets. The amount invested on mortgage has increased largely during the year, from £266,493 to £304,299, and this fact accounts tor the average rate of interest on tho accrued funds being several shillings per cent, better than in the previous year. Tho total increase of funds is £123,985. The expenses of management have decreased in proportion to premium income. These figures disclose a condition of affairs gratifying to the colony at large, as well as to those insured in the institution, and highly creditable to all the officers concerned in tho management. In every lest by which an insurance company can be judged the Government Department shows substantial progress. The pew business has increased ; the lapse and surrenders have diminished (the former very largely) ; the rate of expenses of management has decreased ; the rate of interest shows a substantial increase, and the average amount of policies issued is greater than has been tho rule for a considerable time past. Tho discontinuances are less than in any year since the office was established.