GOVERNMENT INSURANCE COMMISSIONER. (ANNUAL REPORT OF THE).

Appendix to the Journals of the House of Representatives, 1878 Session I, H-24

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1878. NEW ZEALAND.

GOVERNMENT INSURANCE COMMISSIONER. (ANNUAL REPORT OF THE).

Presented to the General Assembly in accordance with Section 41 of " The Government Insurance and Annuities Act, 1874."

Sir, — Government Insurance Office, AVellington, 15th September, 1878. I have the honor to forward you the report of this department for the year that ended on the 30th of June, and have again to state that the progress of the department has been very satisfactory iv every respect. The amount of new business, notwithstanding the increased competition of foreign companies, has been greater than in any previous year, and exceeds the whole of the new business obtained by Life Insurance Companies in the colony during the same period. New Business. 2,797 proposals were received during the year for £971,000, of which 806 were declined or not completed, leaving 1,991 policies issued for £680,600, the particulars of which are shown iv the following summary: —

— , 1 1 , Claims. The claims during the year, under 42 life policies, amounted to £18,250, and arose from the death of 37 persons. It is gratifying to note that the rate of mortality experienced still continues very much below that on which the tables used by the department are based. Policies Discontinued. A summary of the policies discontinued during the year is given in the following table : —

The number of policies issued since the establishment of the department is 10,813, assuring £3,816,813; of which 1,969 have been discontinued, leaving 8,844 existing policies assuring £3,267,231.

Class. No. of Policies. Sum Assured. Single Premium. Annual Premium. Insurance Endowment Annuity 1,978 9 4 £ 679,500 1,100 £162 4s. per annum £ b. d. 422 0 7 £ s. d. 21,216 11 5 52 18 0 1,351." 3 11 Total 680,600 1,773 4 6 21,269 9 5 1,773 4 6 1,991 Total New Peehitjm! £23,042 13 11

Hi ,3 ■ _ Q O* assueance Beanch. o CM o d Exdo' Bej SVMENT s o d Ann Bea: riTT DO _■ Indus Bba: iTEIAL .NCH. ;ch. NCH. How Discontinued. Sum , , . Annual sured. *«""*«"»• Sum Assured. Annual Premiums Amount of Annuity annum. Annual Premiums! o 6 Sum Assured. Annual Premiums. By death ... „ expiry ... „ surrender „ cancelled „ lapse „ reductions ,, transfer to Ordinary Branch 42 £ 18,250 £ s. a. 556 17 0 1 1 £ 100 100 £ s. d. 4 4 0 5 £ 75 £ s. d. 2 £ s. d. 179 4 0 £ s. d. 6 18 8 48 3 304 16,146 900 98,600 5,350 532 10 5 36 8 10 3,110 12 7 153 8 10 T 15 12 18 9 7 1,250 49 17 10 ■2.2 2,156 9 0 81 18 0 V 64 4,939 15 0 172 13 8 Totals ... 397 4,389 17 8 64 1 10 90 12 18 9 78 7,275 8 0 261 10 4 139,246 1,450

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Accounts. I attach to this Report the accounts prescribed in the forty-first section of " The Government Insurance and Annuities Act, 1871." The income of the year from all sources amounted to £111,201 16s. 2d., and the accumulated Fund now stands at £292,523 2s. 4d., being an increase of £73,128 18s. 4d. during the year. Industrial Bbanch. The policy-holders are being transferred as rapidly as possible to the ordinary branch. Two claims, for £179 4s., have arisen during the year, caused by the death of two persons. I have, &c, C. Heapiiy, The Hon. the Colonial Treasurer. Commissioner.

REVENUE ACCOUNT of the Ordinary Branch, from 1ST JULY, 1877, to 30th June, 1878.

BALANCE-SHEET of the Ordinary Branch, 30th June, 1878.

£ s. d. Amount of funds on 1st July, 1877 ... 219,394 4 0 Renewal premiums, Assurance, Annuity, and Endowment ... ... 85,415 8 4 New premiums on 1,991 policies assuring £680,600, and yielding an annual revenue of £21,269 9s. 5d. ... 11,393 5 8 Single premiums, Assurance and Endowment ... ... ... ... 422 0 7 Consideration for Annuities granted ... 1,351 3 11 Interest ... ... ... ... 12,600 11 4 Fees ... ... ... ... 19 6 4 £ s. d. £ s. d. 219,394 4 0 Claims under policies, Assurance ... 18,250 0 0 , Endowment matured ... ... 100 0 0 85,415 8 4 ! Annuities ... ... ... 1,701 10 5 [ Surrenders, Assurance ...[£1,537 16 5 I „ Endowments ... 16 16 0 11,393 5 8 „ Annuities ... 38 16 3 1,593 8 8 422 0 7 , Commission, New ... 3,897 9 10 1,351 3 11 „ Renewal ... 922 3 10 12,600 11 4 4,819 13 8 19 6 4 Expenses of Management,—• Salaries, Head Office ... 2,92117 7 „ Branch Offices ... 476 5 0 Extra Clerks ... 810 14 11 „ Travelling Agents 2,019 13 9 Medical fees ... ... 2,697 13 1 Travelling expenses, Agents 1,528 8 1 ,, Others 99 18 9 Advertising ... ... 123 12 0 Printing and stationery ... 195 17 O Rent ... ... ... 34 3 4 Postage ... ... 475 O 4 Telegrams ... ... 127 19 11 Depreciation in office furniture ... ... 58 0 0 Miscellaneous ... ... 39 1 4 11,608 5 1 , Amount of Funds on 30th June, 1878 ... ... ... 292,523 2 4 £330,596 0 2 j £330,590 0 2

Liabilities. Assets. £ s. d. £ s. d. Loans upon Policies ... ... ... 3,278 9 2 Investments —Treasury Bills ... 239,400 0 0 Office furniture, Head Office and Agencies 533 8 9 Agents' balances ... ... ... 97 8 0 Overdue premiums on policies in force ... ...£5,802 2 11 Outstanding premiums due in June, 1878 ... ... 7,725 7 9 13,527 10 8 Interest outstanding ... 157 17 5 Interest accrued, but not due 2,544 0 11 2,701 18 4 Miscellaneous ... ... ... 140 19 3 Cash on deposit ... ... ... 38,000 0 0 Cash on Current Account ... ... 1,127 3 2 Total Assurance, Endowment, and Annuity Funds (as per Revenue Account) 292,523 2 4 Claims announced, but not paid ... 3,510 0 0 Annuities due, but not paid ... ... 17 10 6 Annuities unclaimed ... ... ... 500 0 0 Commission (new) ... ... ... 1,071 6 8 Travelling expenses ... ... ... 104 19 7 Medical fees ... ... ... 396 18 0 Advertising ... ... ... ... 18 0 0 New premium deposits ... ... 512 18 9 Printing, binding, &c. ... ... 93 7 2 Telegrams ... ... ... ... 24 15 1 Industrial Branch ... ... ... 30 19 5 Miscellaneous ... ... ... 2 19 10 £298,806 17 4 £298,806 17 4

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REVENUE ACCOUNT of the Industrial Brauch, from 1st July, 1877, to 30th June, 1878.

BALANCE-SHEET of the Industrial Branch, 30th June, 1878.

Funds on 1st July, 1877 Premiums Medical fee deposits forfeited Interest Miscellaneous £ s. d. 144 2 5 619 18 3 1 11 6 13 3 0 1 12 0 Claims under policies ... Commission Salaries Travelling expenses Amount of funds on 30th June, 1878 £ s. d. 179 4 0 16 13 5 35 0 0 10 8 0 539 1 9 £780 7 2 £780 7 2

Liabilities. Assets. Total funds (as per Revenue Account) Claim announced, and not paid ... Commission Medical fees ... Medical fee deposits Miscellaneous... £ s. d. 539 1 9 58 0 0 2 7 9 7 6 6 0 10 6 2 6 0 Agents' balances Cash Due by Ordinary Branch £ s. d. 3 0 9 575 12 4 30 19 5 £609 12 6 £609 12 6 By Authority: Geobge Didsbuey, Gi ivernment Printer, Wellington.—1878. •rice 3d.