NEW ZEALAND Government Life Insurance DEPARTMENT.

Appendix to the Journals of the House of Representatives, 1892 Session I, H-09

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NEW ZEALAND Government Life Insurance DEPARTMENT.

ANNUAL REPORT BY COMMISSIONER, 1891. QUINQUENNIAL INVESTIGATIONS, 1890. THIRD DIVISION OF PROFITS.

WELLINGTON. By AtraiioKiTY: Geobse Didsbuhy, Govksnment Pkintee. 1892.

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NEW ZEALAND GOVERNMENT INSURANCE DEPARTMENT. Established 1870,

«. Commissioner: Assistant Commissioner: JOSEPHUS H. RICHARDSON. D. M. LUCKIE. ACTUARY: SECRETARY: MORRIS FOX. W. B. HUDSON. Chief Medical Officer: Accountant: JOSEPH HENRY, L.R.C.P. (Lond.). ROBERT J. S. TODD.

District Managers i Auckland . . W. J. SPEIGHT. Wellington- . . GEORGE ROBERTSON, Christchurch . J. C. PRUDHOE. Dunedin . . . R. S. McGOWAN.

Head Office i GOVERNMENT INSURANCE BUILDINGS, CUSTOM-HOUSE QUAY, WELLINGTON, N.Z.

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ANNUAL EEPOET OP THE GOVERNMENT INSURANCE COMMISSIONER FOR THE YEAR ENDED 31st DECEMBER, 1891.

Presented to both Houses of the General Assembly pursuant to the provisions of the Acts relating to Government Life Insurance,

Government Insurance Office, Wellington, 20th June, 1892. I have the honour to submit herewith the usual accounts and statements of business of the department for the calendar year 1891. New Business. —During the period above referred to 3,834 proposals, for a total amount of £927,934, were received. Of these, 3,284 were in the General and 550 in the Temperance Section. Of the whole of the proposals received, 365 were declined or deferred, 2,911 completed, and in the remaining cases the proponents did not close. Of every 100 proposals received, 76 were accepted at ordinary rates, 14 were "loaded"— i.e., accepted with an extra premium—and 10 were deferred or declined. Of every 100 policies completed, 88 were at ordinary rates, and 12 with an extra premium, or the equivalent contingent debt. In the General Section the policies issued were 2,695, assuring ; and in the Temperance Section 216, assuring £39,708 ; making, in all, 2,911 policies, for £"699,901, of which 856, for £248,450, were tontine. The amount assured of policies issued exceeded that of the previous year by £"15,659. The new premiums received amounted to £19,982 7s. gd., including £"1,697 ss. 7d., single payments. Twenty-three annuity policies were issued, the amount payable to the annuitants being £1,040 17s. Bd. per annum. The purchase-money amounted to £*i 1,661 15s. 4d. Interest. —The interest earned during the year amounted to £"96,378 165., being an increase of £"6,582 17s. iod. over the same item in the preceding period. It will be observed that the interest outstanding at the end of the year is somewhat in excess of that at the end of 1890. This is explained by the fact that advice of the payment of the interest on some of the Government securities was received on the 2nd January, 1892, instead of the 31st December, 1891. Total Revenue. —The total revenue was £330,895 6s. gd., being an increase of £17,469 16s. 6d. over that received in 1890. Death Claims. — Claims by death under assurance policies, including bonus additions, amounted to £84,507 95., or, after the deduction of contingent debts imposed in lieu of extra premiums on under-average lives, to £"84,074 7s. Bd. The mortality of the preceding year—lB9o—was abnormally light, and although this year's death claims appear heavy by comparison they still fall far short of what is provided for in the tables of the department. Claims under Policies matured.- —Endowment assurances matured, including bonus additions and simple endowments matured on the lives of children, amounted to £"16,554 J 3 S - IJ d. Expenses of Management. —The expenses of management, of which £"12,954 IS - is represented by commission and £7,112 15s. 7d. by property-tax, amounted to £"53,234 Bs. Bd., the ratio to premium income showing a further decline. During the two years 1890 and 1891 the total reduction has been nearly 3 per cent. Accumulated Funds.- —The funds have increased by £"132,603 4s. iod. The addition is in every respect a highly satisfactory one, and would have been still greater had it not been for the fact that the distribution of the bonus, which was commenced shortly before the end of the year, entaded the payment of over £10,000 to those policyholders who surrendered their bonuses for cash,

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Quinquennial Investigation. —The fourth quinquennial investigation has been completed in London, and the Consulting Actuaries—Messrs. Bailey, Hardy, and King —have reported the result of the valuation as showing a surplus of £"239,475, and, in accordance with their recommendation, the sum of £"200,000 has been divided amongst the participating policyholders. Full particulars regarding the investigation will be found in the Consulting Actuaries' report, but it may be mentioned that the surplus is large, notwithstanding that the rate of interest assumed in the valuation has been reduced from 4$ to 4 per cent., making, of course, the valuation much more stringent. The department's Actuary, Mr. Fox, has also made a valuation of the net liability under policy contracts, which was completed by him as early as April of last year. The surplus reported by Mr. Fox was £"6,823 ess than that of Messrs. Bailey, Hardy, and King, the relatively trifling difference being due to extreme caution on the part of Mr. Fox in estimating the liabilities under the department's policies, leading him to constitute some small additional reserves which the London Actuaries do not appear to have thought it essential to provide. No time was lost by the Actuary and his department in allocating the surplus ; indeed, the bonus certificates were in the hands of policyholders in less than two months after the receipt of the cable from the Agent-General intimating the divisible surplus. General Remarks. —The accounts and statements appended are given in such detail that there is little for me to add. I may, however, state that the Actuary has made a valuation as at 31st December last, and that the result shows that the rate of profit is being maintained, and that a satisfactory bonus is accruing for distribution amongst policyholders at the end of the present triennium. The London Actuaries, in their report, allude to the fact that the ratio of expenses, including commission, to the premium income is greater than in the last-preceding valuation period. Competition has admittedly been much more severe than formerly, but, as for several years the ratio of expenses had shown a practically continuous increase, I had already considered it advisable to make determined efforts to effect a reduction. Alterations in this respect, without material contraction of the volume of new business, have been effected, as will be seen from what I have said in regard to the expenses of management. My opinion is that there is a point in regard to expenditure beyond which it is against the interests of the general body of the policyholders to go. The question is a most material one for consideration in the management of a life office, and during the last year or two great attention has been given to it not only by eminent insurance officials but by the insurance Press throughout the world, especially in connection with expenses incurred in the procuration of new business; and there is at present an unmistakeable tendency on the part of the best offices to refrain from unduly competing for new business at a high cost. It is remarked by one leading journal that that office is wise which devotes its energies to the care of the business it has on its books, looking after the interests of the policyholders, aiming only for a healthy increase in business from year to year, and reducing expenses to lessen the cost of assurance to each one. During the year under review it is pleasant to be able to chronicle that, whilst there has been an increase in the accession of new business to the department, both the expense and lapse rates have been still further reduced. It is also satisfactory to be able to state that steps have been taken which I feel confident will result in the continuance of a favourable tendency in these directions. Josephus H. Richardson, Commissioner.

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Revenue Account of the Government Life Insurance Department for the Year ended 31st December, 1891. £ s. d. £ s. a. Amountof Fundsat 31st December, 1890 1,715,193 5 9 Death claims under policies, Renewal premiums — Assurance, An- Assurance, including bonus nuity, and Endowment .. .. 202,85116 10 additions .. .. .. 84,074 7 8 New premiums on 2,911 policies, assur- Endowment Assurances maing £699,901, and yielding an annual turcd, including bonus adrevenue o£ £20,566 4s. 2d. (including ditions .. .. .. 15,97117 0 instalments of first year's premium Endowments matured .. .. 582 16 11 falling due in the year) .. .. 18,285 2 2 Premiums returned on EnSingle premiums—Assurance and En- dowments .. .. .. 135 5 7 dowment.. .. .. .. 1,697 5 7 Bonuses surrendered for cash .. 10,157 3 0 Consideration for annuities .. .. 11,661 15 4 Annuities .. .. .. 5,410 16 10 Interest .. .. .. .. 96,878 16 0 Surrenders .. .. .. 11,947 4 7 Fees .. .. .. ~ 20 10 10 Loans released by surrender .. 16,294 2 10 Commission, new .. 11,471 610 renewal .. 1,482 14 7 . — 12,954 1 5 Property-tax .. .. .. 7,112 15 7 Losses on properties foreclosed .. .. .. .. 483 18 10 Expenses of management — Salaries—-Head Office .. 10,947 0 5 „ Branch Offices and Agents.. 4,697 8 10 Extra clerical assistance 689 4 0 Medical fees and expenses 4,575 10 2 Travelling-expenses .. 1,542 15 5 Advertising .. .. 939 17 1 Printing and stationery .. 1,494 6 2 • • • Rent .. .. .. 1,064 17 11 Postage .. .. 1,764 14 6 Telegrams .. .. 530 10 4 Exchange .. .. 242 15 5 Office-furniture depreciation .. .. .. 411 11 8 General expenses .. 1,590 4 1 Quinquennial expenses .. 1,523 11 0 Compensation for loss of office .. .. 1,147 4 8 ■ 33,167 11 8 Amount of funds at 31st December, 1891 .. .. 1,847,796 10 7 £2,046,088 12 6 £2,046,088 12 6 Balance-sheet of the Government Life Insurance Department on 31st December, 1891. Liabilities. £ s. d. | Assets. £ s. d. Total Assurance, Annuity, and Endow- Loans on policies .. .. .. 295,032 3 2 ment Funds (as per Revenue Account) 1,847,796 10 7 Government securities .. .. .. 791,993 0 0 Claims admitted, proofs not yet com- Railway debentures (guaranteed by Gopleted .. .. ..' .. 20,032 511 vernment) .. .. .. .. 79,850 0 0 Surrenders .. .. .. .. 14 11 3 Municipal Corporation debentures .. 87,572 0 0 Commission.. .. .. .. 2,254 17 7 ' County securities .. .. .. 1,000 0 0 Medical fees .. .. .. 900 18 0 j Otago University debentures .. .. 15,000 0 0 Premium deposits .. .. .. 1,532 18 1 Harbour Board debentures .. .. 10,000 0 0 Valuation-fee deposits .. .. 28 17 6 j River Board debentures .. .. 935 0 0 Fire-insurance and mortgage-moneys in | Landed and house property .. .. 96,479 14 11 suspense .. .. .. .. 158 0 0 ! Office furniture (Head Office and Agencies) 3,704 5 2 Tontine Savings Fund .. .. 2,172 13 8 j Mortgages on property .. ..381,524 0 10 Reserve for possible depreciation in free- Properties acquired by foreclosure .. 33,348 8 4 hold and mortgage securities .. 25,000 0 0 Overdue premiums on policies in force .. .. £4,416 811 Outstanding premiums due in December, 1891 ..23,109 16 1 27,526 5 0 Interest outstanding .. 5,354 14 2 Interest accrued but not due 21,661 7 0 27,016 1 2 Agents'balances .. .. .. 2,906 10 7 Sundry accounts owing .. .. 1,411 011 | Cash on current account .. .. 44,593 2 6 £1,899,891 12 7 £1,899,891 12 7 Government Insurance Office, 13th May, 1892. Josephus H. Richardson, Commissioner. W. B. Hudson, Audited and found correct. Secretary. James C. Gavin, Assistant Controller and Auditor.

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Statement of Business POLICIED ISSUED AND DISCONTINED

ASSURANCES. Whole-life and Term Assurances. I I Endoinnent Assurances. YEAR 1891. Q,, Tn Bever- Annual Pn cs,™ Rover- Annual Premium. No. iSSELa Blonary Assured. 11.. ... I Bonus, j orally, Extra . No. 3mium. Extra. £ £ & s. a. \ & a. a. 5,171,887193,7831133,862 16 3 4,092 4 g! £ £ £ s. a. £ s. a. Policies in force at 31st Dec, 1890 .. Bonus allotted as at 31st Dec, 1890 .. 17,172 i !|10, 67,979 84,844 18 5 89814 9 282,678J 113,761; •'■ New Business, 1891 1,588 444,607, .. ,10,764 15 0. 27218 2 ii 249,109 : i ! 9,122 19 10 14416 3 Total ' .. ' Policies discontinued during 1891 J18.760 1,114 5,616,144478,461J144,627 11 84,865 2 8 ; j ! 828,026 37,871 8,717 16 4 3111111 ■ i I 11,5802,594,940181,740 603! 134,941' 14,261 i ! 93,967 18 8 5,217 15 8 1,04311 0 61 0 7 Total Policies in) force at 31st jDec, 1891 J __ j 5,293,118 440,590J135, 909 14 114,05310 9 1 i i ' "I " ! '10,977:2,459,999107,479, I II 982 10 5 17,646 88,750 3 0 PARTICULARS OP POLICIES DISCONTI UED How Discontinued. I By Death Maturity Surrender Surren. of Bonus Lapse Expiry of Policy Expiry of Prem. Miscellaneous 177 163 R2,484i 7,224 48,209| 2,919 16,876 212,133 10,852 200: 1,842 8 2 1,268' 9 7 89 810 58 7 8 I 141 2 8 I . SO 49 108 390 13,070 1,279 13,573 2,375 23,1341 1,458 ! 5.273 1 85,164, 3,876i 520 18 4 793 6 10 810 12 3 6 12 4 5 7 8 3 0 8 mi 1 5,014 11 0 3 0 8 554 10 7 34 16 41 3,000 15 6 39 15 f> 10 8 4J 12 410 ! i ■ ■• 92 2 4 6 4 6 1,114 323,026 37,871 8,717 16 4 3111111 J 603 I I I 134,941! 14,261 5,217 15 3 61 0 7 ,OGRESS O BUSINE ■S OF THE GOVERNMENT INSURANCE Total issued Total void 31,049 13,403 I I 9,455,80l|612,605 4,162,683172,015 250,569 4 9 9,729 4 3 114,659 9 10 5,67513 6' 20,065 4,704,718 227,749170,420 18 11 9,0882,244,719 60,270 81,670 10 11 2,3521511 1,370 5 6 I Total in force 5,293,118 440,590135,909 14 114,05310 9:10,977 2,439,999167,4791 88,700 3 0 98210 0 i j I I i 17,646 Note.—The Ordinary Premium is the premium at the true age; the Wellington, 28th March, 1892.

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at end of Year 1891. DURING THE YEAR 1891.

SIMF ENDOWME VESTME^ ■LE NTS, INJTS, &c. ANNUITIES. TOTAL. x. Sum Assured. Annual Premium. Annual <*nm never- Annual Premium. No - Premium i, BTo. As S s^ed . sionary , _ Annuity. Bonus, ordinary, j Extra. £ £ s. a. 536j 26,662 1,139 1 6 35 0,185 200 14 11 , ] 571 32,'847| 1,399 10 5 ! £ s. a. 1,139 1 6 i_(J0 14 11 £ s. a. £ b. a. & & a %, a. £ s. a.l £ s. a, 102 j 10 10 0i5,008 14 4 28,102 7,544,030' 263,762219,857 12 24,990 19 3 5,668 14 4 396,439' 28 .. 1,0-10 17 8 2,934J &99>9 OI j •■ j 20,148 9 9 417 14 5 1,040 17 8 125: 10 16 0|G,709 12 0' 31,0361 8,243,931; 660,2011240,006 1 115,408 13 8 6,709 12 o 4 .. ' 302 11 4: 1,810 461,197; 52,132! 14,086 15 6 372 12 6: 362 11 4 S9; 3,230 151 3 11 ! 482. 29,017! 1.248 12 6 | : .1 - ; 121! 10 16 o;e,347 0 8 29,2261 7,782,7341 608,0691225,919 6 5 5,038 1 i 2: 6,347 0 8 DURING THE YEAR 1891. 22 583 1 02 2,302 ' 5\ "345! :: :: 33 11 0 105 0 7 12 12 4 .. ■ I : i il i\ .. 302 11 4 I 237 7i 335 1,166 1 i " I ! ' i 75.554 8.5O3 6 6; 96 1 2] 362 11 4 14,156 2,375' 826 17 io 1 5 7 8 j 73.645 4.377' 2,184 25: 61 8 4! 22,149: 297,642 14,728 S,O27 18 io| 1S0 17 8j 200 .. 3 o S; 554 10 7 10 8 4! 126 18 8 1894; I 461,197 52,182 14,086 15 6 372 12 6 362 11 4 _i_ i •• 1 89 ! 3,230' I / I I 151 3 11; I i\ .. 302 11 4j| 1,810 .HMENT TO DECEMBER 31st, 1891. ipart: :ent since date op establi; 1,741 1,259 84,783 55,166 j ! 4,165 17 51: 172 124 11 3 8,602 7 10 2,917 4 11 51118 15 32,315 7 2 ■ I! 1 1,248 12 6 121 10 10 00,347 0 8 II ' : il 53,027 23,801 j ,14,245,302! 840,3541425,280 7 4 6,462,568 232,285199,361 o 11 7,782,734 608,009; 225,919 6 5 I2)O8'2 O 2 7iO 4 5 19 o 8,662 7 30 2,315 7 2 482 29,617 ! 29,225 5,036 1 2 6,347 0 8 I Extra Premiums .. .. .. 5,036 1 2 Eeduotion of Premium by Bonus, &c. 230 19 6 extra, the additional premium imposed for any reason whatsoever. 'nnoi iop 7 1 JOSEPHUS H. RICHARDSON, Commissioner. MORRIS FOX, Actuary.

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REPORT BY THE ACTUARY ON THE VALUATION" OF THE &.$ at 31$ Dedembef, li>i)G. Sir,— Wellington, 30th April, 1891. I have the honour to report to you upon tho results of the now completed office valuation for the quinquennial period ending 31st December, 1890. In 1887 the Consulting Actuaries indicated their opinion that it would be desirable to lower the rate of interest assumed in future valuations : and, in conformity with that opinion, which accords with my own, I have valued the liabilities by the \-\ M Table of Mortality, with 4 per cent, interest, so far as concerns the participating assurances, which number 27,147 policies for €7,508,718, out of a total of 28,102 policies for .£7,544,030. The immediate annuities have been valued by the 1884 experience of the English Government annuitants, with 4 per cent, interest; and for simple endowments and investments the amount of premiums paid, accumulated at 4 per cent, interest, has been reserved as the net liability. The proper additional reserve for the immediate payment of: claims has been made by suitable modifications of the valuation formulae. The pure premiums only have been considered as an asset, leaving the total loading, amounting to £35,139 per annum —equal to 16 - 1 per cent, of the office premium income, and worth £468,394—as a provision for future expenses and contingencies. This is exclusive of the extra premiums, amounting to £4,990 per annum, which have not been reckoned on at all. The results are contained in the following Summaey of Valuation as at 31st Decembeb, 1890. £ Value of £7,508,718, sums assured (participating) .. .. .. .. 3,515,108 Value of £263,761, reversionary bonus additions, and reductions of premium .. 142,684 Reserve for extra premiums of £4,990 per annum .. .. .. .. 2,495 Reserve of loading on limited-premium and paid-up policies .. .. .. 15,388 3,675,075 Value of annuities of £5,668 per annum .. .. .. .. 43,341 Reserve for 553 miscellaneous policies (non-participating) .. .. .. 10,517 3,729,533 Deduct value of £183,562 per annum, future pure premiums .. .. 2,246,992 Net liability .. .. .. .. .. £1,482,541 2—H. 9.

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ACTUARY'S REPORT. The resulting Valuation Balance-sheet stands thus : — Dr. £ Cr. £ To Net value of liabilities .. .. 1,482,541 By Accumulated funds .. .. 1,715,193 Surplus .. .. .. 232,652 £1,715,193 £1,715,193 I attach a detailed statement of the valuation of the several classes of policies. In order to inaugurate the new system of allotting bonuses it was necessary to make a detailed valuation as at 31st December, 1885, on the basis of |— \ M 4 per cent., of all the participating policies issued before that date and remaining in force on the 31st December, 1890. This has been done; but the present valuation —which has also been made in detail, as well as in classes where possible—will obviate the necessity for a similar duplicate valuation at the end of the present triennium. The extensive preliminary calculations necessary to effect the change in the method of allotting bonuses are now in progress, and will be completed in time for a speedy distribution on. receipt of an intimation from the Consulting Actuaries as to the amount of the divisible surplus. During the course of the valuation I have made arrangements which will in future enable a satisfactory office valuation to be performed at the end of each year with the least possible expenditure of labour. I have the honour to be, Sir, '. Your most obedient servant, MORRIS FOX, The Government Insurance Commissioner. Actuary to the Department.

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FOURTH SCHEDULE. Statement respecting the Valuation of the Liabilities under Life Policies and Annuities of the Government Insurance Department. Question I.—The date up to which the valuation is made. Answer. —The 31st of December, 1890. Question 2. —The principles on which the valuation and distribution of profits among the policyholders are made. Answer. — (a.) The Principles adopted in the Valuation. —-The valuation has been strictly a " net premium valuation " at true age, with adequate extra reserves for limited-premium policies and prompt payment of claims. No extra premiums or loadings whatever have been treated as an asset in the valuation. Valuation of Ordinary Whole-life Assurances, comprising 63 per cent, of the total sum assured. It being found that the total premium income of the office fell due on the average about six months and one week from the date of valuation, the addition of k was made to the annuity in the valuation formula. The pure premium valued was the yearly premium, or equivalent annual premium where the policy was renewable more often than once a year, for an assurance payable at the moment of death. The reversion used for valuing the sums assured and bonuses was the reversion payable at the moment of death. The valuation formula was therefore— A — P (-5 +fl ). x+n x v re +ra 7 The valuation age, x+ n, was obtained by deducting the year of birth from the year of valuation, and adding half a year. The entry age, x, is the true age at entry. Negative values amounting to £86 only were discovered in the detailed valuation, and these were struck out. The ordinary class valuation by the method of year-of-birth groupings resulted in a net liability of £654,927, whilst the detailed valuation gave a net liability of £651,953; the difference being only £26. The following table shows the amount reserved on ordinary whole-life policies payable by whole-life premiums for every £100 of sum assured :—

TABLE I.—ORDINARY WHOLE-LIFE.—SPECIMEN RESERVES.

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tea Duration of Policy. CDC <!W J Year. 1£Tears. % Years. 3J Years. 4J Years. 5A Years. 6} Years. 7J Years. 8J Tears. 9J Tears. 104 Tears. 15} Years. 20| Years. 15 20 25 30 35 40 45 50 55 60 65 70 75 0-942 0-979 1-154 i'353 1-605 1-934 2-367 2-885 3-592 4-478 5-582 7-227 9-052 1-766 1-652 2-015 2-357 2-822 3-420 4-193 5-073 6-242 7-607 9-I9I 11-575 I3-495 2-574 2-331 2-903 3-392 4-063 4-960 6-046 7-310 8-918 10-716 12-803 15-783 17-829 3-341 3-042 3-808 4H56 5-336 6-549 7-924 9-585 II-6I2 13-806 16-445 19-798 22-064 4-050 3795 473° 5-555 6-640 8-179 9-834 11-892 14-327 16-877 2o-ogi 23*602 26-222 4-718 4-592 5-669 6-682 7-986 9-844 11-780 14-227 17-040 19-932 23-725 27-263 5-365 5-423 6-629 7-836 9-380 11-530 13-768 16-585 19-757 22-993 27-298 30-817 6-020 6-281 7-618 9-014 10-826 13-240 15-800 18-965 22-457 26-056 30-759 34-283 6-702 7'i54 8-637 I0'22I 12-316 14-975 17-867 21-363 25-141 29-144 34-060 37-671 7-428 8-044 9-687 11-459 13-846 16-739 19-963 23-779 27-808 32-237 .37-188 40-996 8-194 8-949 10-765 12-735 i5-4 0 7 iS-537 22-084 26-193 30-463 35-3I7 40-197 12-387 13-869 16-552 I9-773 23-565 28-053 32-954 3 8 -i35 43-825 49-287 17-121 I9-454 23-284 27-509 32-493 38-089 43-802 50-023 55-957 15 20 25 3° 35 40 45 50 55 60 65 70 75

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FOURTH SCHEDULE. Valuation of Endowment Assurances, comprising 31 per cent, of the total sum assured. Every policy was separately valued as at the next renewal date, assuming the next premium just due and unpaid. The premium valued was the net premium that would have been charged if the policy had been renewable yearly. The valuation formula used was A x+n : t-n 1~~ "x:7\ (* Tax + n : )• The valuation age, x+ n, was obtained by deducting the year of birth from 1891. The unexpired term, t-n, was obtained by subtracting 1891 from the year of maturity, and adding that fraction of a year corresponding to the premiums falling due between 31st December and the anniversary of the policy. The following table will show the amount reserved on endowment assurances for every £100 of sum assured :—

TABLE III.—ENDOWMENT ASSURANCES.-SPECIMEN RESERVES.

Limited-premium Policies, comprising 5 per cent, of the total sum assured, were valued in the same manner as ordinary wholelife policies for the sum assured, and like endowment assurances for the pure premiums, except that the premium is for an assurance payable at the moment of death. {b.) The Principles adopted in allotting the Surplus. —The divisible surplus was allotted amongst the policyholders thus :— (1.) The profit arising from the excess of interest realised over the valuation rate of 4 per cent, was divided amongst those participating policies in force at the last valuation date which remained in force at the present valuation, in proportion to their TI M 4 per cent, reserves at 31st December, 1885. (2.) The remaining surplus was divided amongst all the participating policies in proportion to the loading on the premiums paid on each policy during the quinquennium, policies secured by a limited number of premiums being treated as though the premiums had been spread over the whole term of the policy. The approximate profit from favourable mortality in the General Section and Temperance Section respectively was ascertained, and

III10. III20. III35. Age at Entry. Duration. Duration. Duration. Age at Entry. 1 Year. 9 Years. 1 Year. 5 Years. 10 Years. 19 Years. 1 Tear. 5 Tears. 101'ears. 20 Years. 15 20 25 3° 35 40 45 5° 55 60 8-296 8-094 8-091 8-050 8-023 7-967 7-950 7-834 7-741 7-566 87-924 87-812 87-789 87-731 87-664 87-581 87-43I 87-207 86-844 86-241 3-4I3 3-I79 3-197 3-172 3'I75 3-178 3-249 3-277 18-052 17-290 17-410 17-285 17-211 I7-349 I7-358 I7-553 39-439 38-934 38-899 38-678 38-612 38-545 38-398 38-359 92-605 92-508 92-462 92-385 92-284 92-138 91-896 9I-5I9 1-535 1-306 1-364 1-393 1-485 I 7-762 6-999 7-323 7-477 7-859 16-136 15-666 15-992 16-313 17-205 39-243 38-809 39-I75 39-652 40-651 15 20 25 30 35 40 45 50 55 60 ••

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FOURTH SCHEDULE. specially divided amongst the members of the respective sections. The result was that general and temperance policies which were alike in all respects received equal reversionary bonuses on this occasion. The divisible surplus was converted into reversionary bonuses by means of the H M table of mortality with 4 per cent, interest. In all cases of rated-up lives, such lives were treated as though they had been of the higher age for bonus purposes. Question 3. —The table or tables of mortality used in the valuation. Answer. —For assurances, the Institute of Actuaries' Healthy Males (H M ) Table was used; and for annuities the Government Annuitants' Experience, 1884. Question 4. —The rate or rates of interest assumed in the calculations. Ansiver.- —The rate of interest assumed throughout was 4 per cent. Question 5. —The proportion of the annual-premium income (if any) reserved as a provision for future expenses and profits. Ansiver. —The whole of the loading, amounting to £35,139 per annum, has been reserved for future expenses and profits, in addition to a special reserve of £15,388 for limited-premium policies. Question 6. —The Consolidated Revenue Account since the last valuation. Answer. —The Consolidated Revenue Account since the last valuation is given in Appendix No. 2. Question 7. —The liabilities of the Department under life policies and annuities at the date of the valuation, showing the number of policies, the amount assured, and the amount of premiums payable annually under each class of policies, both with and without participation in profits; and also the net liabilities and assets of the Department, with the amount of surplus or deficiency. Ansiver. —The liabilities under life policies and annuities are shown in Appendix No. 1. The net liabilities and assets of the Department, with the surplus, are shown in Appendix No. 3. Question 8. —The time during which a policy must be in force in order to entitle it to share in the profits. Answer. —Every participating policy which was in force on the 31st December, 1890, shared in the profits. The bonuses follow the sum assured, vesting immediately, but not acquiring a surrender value until the policy has been two years in force. Question 9.—The results of the valuation, showing— (1.) The total amount of profit made by the Department : (2.) The amount of profit divided among the policyholders, and the number and amount of the policies which participated : (3.) Specimens of bonuses allotted to policies for £100 effected at the respective ages of 20, 30, 40, and 50, and having been respectively in force for five years, ten years, and upwards, at intervals of five years respectively, together with the amounts apportioned under the various modes in which the bonus might be received. Answer. — (1.) The total amount of profit undivided on the 31st December, 1890, as shown by the valuation, was £232,652 ss. 9d. Interim bonuses amounting to £8,077 Bs. Id. were paid during the quinquennium.

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FOURTH SCHEDULE. (2.) The amount of profit divided amongst policyholders on this occasion was £20(1,000, the balance of surplus being reserved, in accordance with the recommendation of the Consulting Actuaries. The number and amount of policies which participated were ■ — 27/137 policies, for the sum of £7,506,568 10s. 2d.; or, including reversionary bonus additionSj .€7,772,480 ss. 2d. Ten policies assuring £2,150 were transferred to a non-profit section, in accordance with " The Government Life Insurance Acts Amendment Act, 1890." ANSWER TO QUESTION 9(3). Specimen Bonuses in respect of the Period 1885 to 1890, allotted to Policies of /"ioo each.

POLICIES IN FORCE FOR

5 YEARS. 10 YEARS. 15 YEARS. 20 YKARS. Age at Entry Bonuses. Bonuses. Bonuses. Bonuses. Age at Entry. Reversionary. Cash. Reversionary. Cash. * Reversionary. Cash. * Reversionary. Cash. * TABLE I.—OR: INARY WHOL -LIFE. £ »■ 8 6 £ s. d. i 15 o £ t. 8 8 £ s. d. 204 £ s. d. 8 14 O ; £ s. 6 8 £ s.d. 1 14 11 £ s. d. 10 o o £ s. [ £ s. d. 74 2 4 10 80 357 80:456 80 5 6 11 £ s. d. 10 o o 20 20 30 7 4 I 19 3 0 4 1 18 7 8 6 O 6 18 294 9OO 10 o o 30 40 6 4 5 14 269 7 12 O 6 18 3 4 10 8 16 O 10 o o 40 50 5 14 244 2 13 7 5 14 3 ° :I 7 8 O 6 10 3 18 1 8 18 O 10 o o 50 tabl: II».hole-: .IFE, -IMITED PRE IUMS. I io o 280 I 2 10 8 12 O O 20 8 6 1 15 o 1 19 3 244 2 13 7 1OOO 9 6 12 o 3 14 9 14 O O 20 J, At w V i.\J \~r *- *-* *~f 3 7 3 ; 11 o o 4 4 7 I 11 o o 30 7 4 74 2 4 10 9 6 O 9 8 12 o 4 18 s 14 O O 30 40 6 4 6 16 2 15 9 8 12 O 9 o II O 5 17 6 13 O O 40 5° 5 14 6 8 I 3 8 5 8 O O 8 o 4 16 1 J 10 o o IO O 6 13 8 13 O O 50 BLE I :»-en OWM NT AS URANC 20 5 8 2 14 5 6 6 3 19 o 7 14 O 8 0 6 5 11 10 o o IO O IIO O O 12 O O 12 O O 20 30 30 5 6 2 14 3 6 8 409 7 14 O 8 10 6 14 2 10 o o IO O ! IO O O IOO 10 O O 40 5 8 2 16 11 6 6 4 o 11 7 14 O 8 4 6 10 1 10 o o 12 O O 40 So 5 8 3°7 6 10 467 7 18 O 7 4 5 15 6 10 o o 96 960 12 O O 50 * T J. to polii 'he present scale of p: cies 10,15, and 20 yea; smiuins was adopted i in force if they had Lnl885. Th. been paying 3 columns the prese: narked (*) show the be it rates of premium in; muses which would ha stead of the old and lo~ *ve been allotted wer rates. MORRIS FOX, Actuary to the Department.

H.—9.

EEPOET BY THE In terms of Section 43 of " The Government Insurance and Annuities Act, 1874." (See sth Schedule.) STATEMENT OE THE LIEE ASSURANCE AND ANNUITY BUSINESS OF THE GOVERNMENT INSURANCE DEPARTMENT ON THE 81m DECEMBER, 1890.

Question I.—The published table or tables of premiums which are in use at the date above mentioned. Answer. —The tables of premiums in use are contained in Appendix No. 4. Question 2. —The total amount assured on lives for the whole term of life which are in existence at the date above mentioned, distinguishing the portions assured with and without profits, stating separately the total reversionary bonuses, and specifying the sums assured for each year of life, from the youngest to the oldest ages. Question 3.—The amount of premiums receivable annually for each year of life, after deducting the abatements made by the application of bonuses in respect of the respective assurances mentioned under heading No. 2, distinguishing ordiuary from extra premiums. Answer to Questions 2 and 3. —This information is contained in Appendix No. 5, and similar information in respect of limited premium and endowment assurance policies is given in Appendices Nos. 6 and 7.

15

H.—9

FIFTFI SCHEDULE. Question 4. —The total amount assured under classes of assurance business other than for the whole term of life, distinguishing the sums assured under each class, and stating separately the amount assured, with and without profits, and the total amount of reversionary bonuses. Question s.—The amount of premiums receivable annually in respect of each such special class of assurances mentioned under heading No. 4, distinguishing ordinary from extra premiums. Question 6.—The total amount of premiums which has been received from the commencement upon all policies under each special class under heading No. 4, which are in force at the date above mentioned.

Answers to Questions 4, 5, and 6 are contained in the following table: —

16

'able. Class of Assurance. o . 5.2 ■° S Sum assured. Reversionary Bonus. Ordinary. Annual Premiums. Extra. Total Ordinary Premiums Beceived. With Profits. £ s. d. £ S. d. £ s. d. £ s. d. £ s. d. II. Whole Life: Limited Premiums 404.305 " 2 35,216 17 o 8,005 2 5 178 10 5 179,341 6 I 918 and Paid up Policies III. Endowment Assurances 2,345,830 15 o 67,978 12 O 84,936 1 1 898 14 9 628,649 9 10 10,292 IV. Joint Assurances 10 3,600 o o 47 4 o 166 3 8 891 2,051 11 1 IYa. Survivorship Assurances I 500 o o 16 10 o 2 IO o 41 5 o Without Profits. 800 o o 458 18 1 V. Endowments: Without return 33 1 ° 4 VI. Endowments : With return .. 157 16,799 0 o 692 9 6 5,167 13 11 XL Temporary Assurances 17 8,650 o o 237 M P 450 12 1 Totals 11,399 £2,780,485 6 2 £103,242 13 0 £94,087 1 8 £1,088 4 3 £816,160 16 1 Question 7. —The total a: lOUIlt if immediate Limuities on lives,, distinguishing the imounts for each ear of life.

17

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FIFTH SCHEDULE. ANSWER TO QUESTION 7. Total Amount of Immediate Annuities on Lives, distinguishing the Sex and the Amounts for each Year of Life.

Question B.—The amount of all annuities other than those specified under heading No. 7, distinguishing the amount of annuities payable under each class, the amount of premiums annually receivable, and the amount of consideration-money received in respect of each such class, and the total amount of premiums received from the commencement upon all deferred annuities.

3—II. 9

Amount of Annuities. Age attained. Female. Male. £ s- d. 27 11 8 £ ■• d, 34 36 42 45 47 49 5° 53 55 56 57 58 59 60 61 62 63 64 66 67 68 69 70 71 72 73 74 75 76 78 79 80 81 83 84 86 91 62 18 4 52 o o 33 18 4 10 16 5 175 o o 380 122 12 IO I3OO 27 1 9 17 17 10 65 18 4 52 o o 50 o o IOOO 52 O o 55 11 ° 138 19 2 50 O o 38 1 8 100 19 9 40 19 o 171 19 8 17 18 4 238 8 4 52 o o 639 3 4 207 9 o 128 18 10 205 3 8 121 6 o 228 7 8 52 o o 64 2 8 52 5 ° 127 17 8 472 11 o 16 17 2 157 17 1 72 I o 60 o 0 226 o o 169 o 10 41 9 4 140 16 4 125 o o 10 o o 149 7 4 80 o o 1,479 8 1 3,749 6 3 Joint and Survivorship. 51-52 go o o Totals .. £1,479 8 1 £3,839 6 3

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18

FIFTH SCHEDULE.

Question 9. —The average rate of interest at which the funds of the Department were invested at the close of each year during the period since the last investigation. Answer. —At the close of each financial year the average rate of interest at which the funds of the Department were invested for that year was as follows :—- -£ s. d. 1886 ... ... ... 419 9 1887 ... ... ... 5 3 8 1888 ... ... ... 5 5 7 1889 ... ... ... 5 7 3 1890 ... ... ... 5 8 11 Question 10. —A table of minimum values, if any, allowed for the surrender of policies for the whole term of life, and for endowments and endowment assurances; or a statement of the method pursued in calculating such surrender values, with instances of its application to policies of different standing, and taken out at various interval ages, from the youngest to the oldest. Answer. —The minimum surrender values for whole-life and endowment assurance policies issued at the present rates of premium are given in Appendix No. 8. In the case of children's endowments (premiums returnable) half the premiums paid, are returned as surrender value after one year, and 90 per cent, after two years. Endowments without return of premium are treated specially. Question 11.—A statement to be furnished of the manner in which policies on unhealthy lives are dealt with. Answer- —When proposals are made on lives which, although not of such inferior quality as to merit total rejection, are considered not to reach the requisite standard for insurance at the ordinary rates of premium, such proposals are accepted at increased rates. Great refinement is not attempted in the assessment of lives, proposals being as a rule either accepted at par, with an extra premium of 10s. per cent, of the sum assured, an extra of 20s. per cent., or declined. The alternative of a fixed contingent debt in lieu of extra premium, if not remissible, is always offered. The true age is taken as the basis of valuation and surrender calculations, excepting in the cases of bonuses and paid-up policies, the surrender values of which are calculated at the rated-up ages. The Appendices alluded to above have been compiled under the immediate supervision of Mr. Morris Fox, the Actuary to the Department. JOSEPHUS H. RICHARDSON, Government Insurance Commissioner.

ANSWER TO c I H-IIN O. The Amounts of all Annuities other tha: THOSE SPECIFIED UNDER HEADING No. 7■ Table. Class of Annuity. Amount of Annuities. Annual Premiums. Single Premiums. Total Premiums received to 31st December, 1890. VIII. Survivorship £ »- d. /J s. d. £ >■ d. £ •• d. 300 o o 1,137 o o 1,137 o o X. Deferred .. 50 o o 10 16 o 187 4 o Totals £350 0 0 £10 16 0 £1,137 0 0 £1,324 4 0

19

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INDEX TO APPENDICES.

0-0 Page. No. 1, Abstbact op the Valuation .. .. .. .. .. .. 20, 21 No. 2. The Consolidated Revenue Account .. .. .. , .. .. .. 22 No. S. The Valuation Balance-sheet .. .. .. .. .. .. .. 23 No. 4. The Tables of Premiums .. .. •. .. • ■ .. 24, 25 No. 5. Statement of Ordinary Whole-Life Policies .. .. .. .. .. 26 No 6 Statement of Limited Premium and Paid-up Whole-Life Policies .. .. 27 No 7. Statement of Endowment Assurances .. .. •. • • ■ ■ • • 28 9Q No. 8. Table of Surrender Values No. 9. Schedule showing the Movement of Business during the, Quinquennium .. 30, 31

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FOURTH Appendix SUMMARY AND VALUATION OF THE POLICIES OF THE NEW As at 31st

20

PARTICULARS OF THE i Office Yearly DESCRIPTION OP TRANSACTIONS. 1 Number of Policies. i Sums assured. i Bonuses. Yearly Permanent Reduction of Premiums. Ordinary. WITH PROFIT POLICIES. £ £ £ £ s. d. I, Whole Life Assurances Uniform Premiums .. 16,226 4,754,482-200 160,519-10 136-693 ; 125,577 4 " II. Whole Life Assurances: Limited and Single Premiums 918 404,305-558 35,216-85 3-246 j 8,005 2 5 III. Endowment Assurances, payable at Death or Maturity 10,292 2,345,^30-750 67,978-60 91-136 I 84,936 1 1 IV. Joint Life Assurances IO 3,600 47-20 166 3 8 [Va. Survivorship Assurances I 500 16 10 o Reserve for Extra Premiums Total with Profits 27,447 7,508,718-508 ' 263,76175 231'075 j 218,701 2 1 WITHOUT PROFIT POLICIES. V. Endowments without Return of Premiums 4 800 33 1 0 VI. Endowments with Return of Premiums 157 16,799 692 9 6 I XI. Temporary Assurances 17 8,650 I 237 14 o VII., VIII., X., and Special: Annuities 102 5,668-720* 10 16 o V. Investments.. .. 320 8,107-142 386 18 o I.B. Industrial 55 955-750 26 13 o Total without Profits 655 f 1 35,311-892 I 5,668-720* J 1,387 11 6 Total of the Results .. j 7.544,030'400 ) ( 5,668720*1 i 28,102 j 268,76175 231/074 220,088 13 7 I * Per an: mini. Note.—Tl ie ordinary premi) um is the prem l um at the real age;

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21

SCHEDULE. No. 1. ZEALAND GOVERNMENT LIFE INSURANCE DEPARTMENT, December, 1890.

POLICIES FOR VA i.LUATION. VALUATION : Hm. 4°/. for With-profit Policies. Peemiums. VALUE OF VAU E OF Pure Yearly . Premiums. i Yearly Permanent ises. Seduction of Premiums. Additional Beserve for Limited Premiums and Paid-up Policies. TOTAL LIABILITY. Office OrdinaryPremiums. NET LIABILITY. Extra (not valued). Sums Bonuses. Assured. Pure I Premiums. £ s - d - £ £ £ i £ £ £ £ £ £ 3,902 15 o 105,177-773 2,021,302 79,007 ,007 1,726 2,102,035 1,750,805 1,447,082 654,953 178 10 5 6,868-158 194,319 17,222 ,222 20 15,003 226,564 39,182 32,657 193,907 898 14 9 71,360-022 1,297,093 44,033 ,033 648 385 1,342,159 923,864 765,939 576,220 8 9 1 142-970 2,299 28 1 28 2,327 1,454 1,246 1,081 2 10 o 13-598 95 1 95 83 68 27 1 2,495 1 2,495 2,495 1 1 1 4,990 19 3 183.562-521 3,517,603 140,290 i 1,290 I 2,394. 15,388 3,675,075 2.715.388 2.246,992 1,428,683 619 619 619 6,596 6,596 6,596 119 ! 119 119 ! 43,341 43.34 1 • ■ 43,341 3,045 3,045 3,045 138 138 138 53,858 53,858 53,858! j 4,990 19 3 183,562-521 3,571,461 140,290 2.394 15,388 3,729,533 2,715,388 2,246,992 1,482,541 the extra, the adi Litional premium imposed for any reason whatsoever. MORRIS FOX.

22

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FOURTH SCHEDULE. Appendix No. 2. CONSOLIDATED REVENUE ACCOUNT OF THE GOVERNMENT INSURANCE DEPARTMENT, For the Period commencing ist January, 1886, and ending 31ST December, 1890,

£ s. d. £ s. d. £ s, d.. Amount of Funds on ist January, 1886 .. 1,102,034 IJ Ix Death Claims under Policies, Transferred from Industrial Branch .. 23 18 1 J Assurance, including Bonus Renewal Premiums ■ 910,451 3 8 Additions .. .. 313,112 v ,5 New Premiums 101,097 18 11 I Endowment Assurances ma- _,._'. , tured, including Bonus Single Premiums .. .. .. .. 12,956 10 . ~.,. 0 Additions .. .. 34,947 12 0 Consideration for Annuities granted .. 24,381 48 Endowments matured .. 4,654 0 4 Interest 369,188 Si. Premiums returned on EnFees 236 5 o dowmen t s .. .. 212 14 6 Bonuses surrendered for Cash 35,037 3 6 Annuities .. .. .. 20,376 13 11 Surrenders .. .. 124,593 611 ■ 532,934 I 0 7 Commission, New .. .. 46,558 19 4 „ Renewal .. 6,252 1 6 52,811 o 10 Property-tax .. .. .. .. 26,11138 Losses on Property foreclossd .. .. 1,227 7 5 Expenses of Management— Salaries, Head Office .. 50.997 10 8 „ Branch Offices and Agents .. 26,002 13 4 Extra Clerical Assistance f>,364 7 2 Medical Fees .. .. 19,828 18 n Travelling Expenses .. 14,782 o 1 Advertising .. .. 4,447 2 9 Printing and Stationery .. 9,170 15 10 Rent .. .. .. 5,632 14 9 Postage .. .. 7,757 18 10 Telegrams .. .. 3,87013 7 Exchange .. .. 956 16 6 Office Furniture Depreciation .. .. .. 2,099 6 4 General Expenses .. 8,805 7 6 Quinquennial Expenses .. 4,801 (i 7 Compensation for loss of Office .. .. 074 10 9 Directors' Fees .. .. 600 o o 167,092 3 7 Investment Reserve Fund .. .. .. 25,000 o o Amount of Funds on 31st December, 1890 .. 1,715,193 5 9 11 10 11 10 i

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23

FOURTH SCHEDULE. Appendix No. 3. "'"■*'" VALUATION BALANCE-SHEET OF THE GOVERNMENT INSURANCE DEPARTMENT, As at 31st December, 1890.

I Dr. £ s - d- Cr. . £ s. d. To Net value of Liabilities (as per By Accumulated Funds (as per ConSummary on pages 20, 21) .. 1,482,541 o o solidated Revenue Account on page 22) ..• .. .. 1,715,193 5 9 To Surplus .. .. .. 232,652 59 £1,715,193 5 9 £1,715,193 5 9

24

H.-0

FIFTH Appendix THE PUBLISHED Which were in Use on

With Participation in 'ROFITS. I Endow: 1IENT ASSUB BE PAID A! iance.—Annual PkeieI' 3 INDICATED, OK AT Dl? QMS TO BEGUBH3 X100, TO -ATH, IF PlilOIi. Pit) MIUMS TO SEOHEE £100, PAYABLE AT DEATH. J! Annual Premium during whole of Life. Am ruAij Peemium limited to Single Payments. In i 10 Years. In 15 Years. I In In 20 Years. 85 Years. In 30 Years. In 35 Years. l>, Twenty Payments. Fifteen Ten l''ivo Payments.' Payments.] Payments. 15 16 17 18 19 £ S. d. I II I I II II I 12 9 I 13 8 I 14 5 £ s. d. 2 6 11 2 7 11 2 9 0 2 10 1 £ s. d. £ s. d. 2 16 8 3 16 8 2 17 10 3 18 3 2 19 1 i 3 ig 10 304417 3 1 4 4 2 11 £ s. d. 6 17 II 708 7 3 5 765 7 8 10 £ '■ d - 29 8 o 29 19 o 30 10 o 31 3 o 31 12 o I £ s. d. 948 953 i 9 5 11 965 ! 9 6 10 £ 1, d. 5 17 3 5 17 9 5 18 3 5 18 9 5 19 2 446 4 5° 4 5<i 460: 464 £ s. d. 3 5 8 3 6 2 368 3 7 2 3 7 6 £ *■ d - 2 13 10 2 14 4 2 14 10 2 15 4 2 15 9 / *■ <*■ 260 266 270 276 2 7 11 15 16 17 18 19 2 10 11 20 21 22 23 24 I 15 2 I 15 II I 16 8 1 17 5 1 18 3 2 11 9 2 12 7 2 13 4 2 14 2 2 15 o 3241442 3 3 4 14 5 6 3 4 3 ! 4 6 8 3 5 24 7 10 362:493 7 11 1 7 13 4 7 15 6 7 17 7 7 19 11 32 2 o 32 12 0 33 2 o 33 11 ° 34 2 o 9 7 J 972 9 7 3 9 7 3 9 7 5 5 19 4 5 19 6 5 19 7 5 19 9 5 19 11 467 4 6 9 4 6 11 ; 4 7 i : 4 7 4; 3 7 10 380 3 « 3 3 8 5 3 8 S 2 16 o 2 16 4 2 16 7 2 16 10 2 17 1 284 287 2 8 11 2 9 3 297 20 21 22 23 24 25 26 27 28 29 1 19 1 201 211 221 232 - 15 1° 2 ID II 2 17 II 2 l8 II 3 7 1 ! 4 10 6 3 8 4 ! 4 12 1 3 9 7 4 !3 8 3 10 9 . 4 15 2 3 12 o : 4 16 10 822 8 4 11 878 8 10 4 8 13 2 34 " ° 35 4 ° 35 16 o 36 7 o 37 ° ° ; 9 7 6 9 7 9 980 9 « 3 987 601 604 608 6 o II 6 1 3 4 7 7! 4 7 10 482 486 4 8 10 3 9 0 3 9 4 3 9 9 3 10 1 3 10 6 2 17 6 2 17 11 2 18 4 2 18 10 2 19 4 2 10 1 2 10 7 2 II I 2 II 8 2 12 3 25 26 27 28 29 3OO 30 31 32 33 34 2 4 3 2 5 5 2 6 S 2 7 11 2 9 3 3 1 I 3 2 3 3 3 5 3 4 y 3 5 11 3 13 3 ' 4 l8 6 3 14 7 5 ° 2 315 11 5 in 3 I" 4 5 3 9 3 18 9 5 5 7 8 16 o 8 18 11 920 9 5O 983 37 " ° 38 5 ° 38 18 o 39 12 o 40 6 o g 8 10 9 9 1 9 9 4 9 9 7 9 9 11 617 6 1 10 626 6 2 10 4 9 3 4 9 7 4 10 o 4 10 5 4 10 10 3 11 o 3 11 5 3 n 11 3 12. 5 3 13 ° 2 19 10 3°5 310 3 1 8 324 2 12 II 2 13 7 2 14 4 2 15 I 2 16 O 30 31 32 33 34 35 36 37 38 39 2 10 8 2 12 2 2 13 9 2 15 4 2 17 1 3 7 3 3 8 7 3 i° 1 311 6 3 13 1 402576 419596 4 3 5:5" 7 4 5 ° I 5 13 7 4 6 9 [ 5 15 9 9 11 6 9 14 11 9 18 7 10 2 o 10 5 8 41 0 o 41 15 o 42 11 o 43 6 o 44 2 o 9 10 3 9 10 7 9 10 11 9 11 3 9 II 7 6 3 3 6 3 8 642 648 6 5 2 4 11 5 4 11 11 4 12 6 4 13 I 4 13 9 3 13 8 3 14 4 3 15 o 3 15 10 3 16 8 3 3 2 3 4O 3 4 10 3 5 10 3 6 11 2 16 II 2 17 II 2 ig O 302 3 I 5 35 36 37 38 39 40 41 42 43 44 2 18 11 3 o 10 3 2 10 3 5 1 3 7 5 3 14 9 3 16 5 3 18 2 .; o 2 4 2 3 I 4 8 7 j 5 18 1 4 10 6 j 6 o 5 4 12 416 2 9 4 14 6 655 4 16 9 6 8 1 10 9 6 10 13 4 10 17 2 11 1 7 11 C 1 44 19 ° 45 16 o 46 13 o 47 12 o 48 11 0 9 12 o : 9 12 6 I 9 13 I ! 9 13 s i 9 14 5 6 5 9 664 6 7 1 6 7 11 689 4 14 6 ; 4 IS 4 J 4 I 6 3 4 17 3 4 18 5 3 17 7 3 18 7 3 *9 9 4 1 I 4 2 6 380 3 9 4 3 i° 9 3 12 3 3 14 ° 3 2 10 40 41 42 43 44 45 46 47 48 49 3 9 10 3 12 6 3 15 3 3 l8 ! 4 1 2 4 4 4 468 491 4 11 6 4 14 1 4 19 o ; 6 10 10 5 1 6 J 6 13 9 5 4 0I61610 5 6 5 ! 6 19 8 592 7 2 11 11 10 5 11 15 3 12 o 1 17 4 8 12 9 9 49 9 o 50 10 o 51 10 o 52 9 ° 53 11 ° i 9 15 3 I 9 16 1 9 17 o 9 17 11 9 18 11 6 9 10 6 10 11 6 12 o 6 13 3 6 14 8 4 19 S 1 5 1 1 ] 526 5 4 2 5 5 10 4 4 1 4 5 9 4 7 6 4 9 6 4 11 7 3 15 10 45 46 47 48 49 50 51 52 53 54 4 4 4 i 4 7 9 4 " 5 4 15 4 4 19 6 4 16 10 4 19 9 5 2 10 5 6 3 5 9 10 5 11 11 i 7 6 1 5 14 " 7 9 5 5 18 1 7 12 11 615 7 16 8 650 807 12 14 S 12 19 9 13 5 1 13 10 8 13 16 5 54 11 ° 55 12 o 56 14 o 57 17 ° 59 ° 0 j 10 o o 10 i 3 I! i° 2 7 !j 10 4 2 '! 10 5 11 6 16 1 6 17 9 6 19 7 7 1 S 7 3 11 5 7 9 5 9 10 5 12 2 5 14 s 5 17 6 4 13 11 50 51 52 53 54 55 56 57 58 59 60 5 4° 588 5 13 8 5 I'J 2 6 5 5 S 12 o 5 13 9 5 17 9 6 2 1 670 6 12 8 6 18 7 I 6 S 10 j S 4 9 6 is 9 8 8 11 (j 16 11 8 13 5 7178 18 4 770941 7 12 7 9 9 11 14 2 6 14 8 4 14 14 5 15 1 3 15 9 2 15 17 2 60 4 o 61 6 o 62 10 o 63 15 ° 65 5 ° 66 14 o U 10 7 10 ii 10 9 11 10 12 3 10 15 o 10 18 I ■I II I II 764 7 9 1 7 12 1 7 X 5 6 7 19 5 8 4 1 607 55 56 57 5S 59 60 II

H.-9-

SCHEDULE. No. 4. TABLES OF PREMIUMS the 31st December, 1890.

25

With Profits. Without Participatio in Profits. JOINT LIVES. Temporary Assurances. Children's Immediate EN] DOWMENTS. ANNUITIES. Premium to be paid for assuring /100 on a Single Life. Annual Premiums required to secure payable on the failure of either Life. Rates 0 down miuri out j previ if Premium to secure En'nents of £100. The Pre>ns to be returned withInterest if Death occurs ious to the specified Age. Table showing the Sum to be paid for an Immediate Life Annuity of £1, payable by Half-yearly Instalments. 431*. $ $,9 Annual S'S-3 Premium SB fori Year. a « I «£. Annual Annual j 00* Premium Premium : iPSJJ tor 5 Years, for 7 Years. | 8t3 1 a a Ages 1 Birti nearest lday. Annual. 20 20 25 30 35 40 45 50 55 60 £ s.'d. 2 13 o 2 16 o 305 3 6 1 1 3 13 8 4 4 4 4 18 7 j 5 18 3 7 5 6: Hi Q4J -la Single Annual Premium. Premium. 4J >, J* Males. Females. act. _lm 15 16 17 18 19 £ s. d. o 16 5 o 16 IO o 17 3 o 17 7 o 17 10 £ s. d. o 17 5 o 17 10 0 18 3 o 18 7 o 18 10 £ s. d. o 17 6 o 17 11 o 18 4 o 18 8 o 18 11 15 16 17 18 19 To bi paid at the Age of 14. £ s. d. 15 10 5 40 £ s. d.\ 16 9 11 20 21 22 23 24 o 18 o O 18 2 0 18 4 o 18 6 o 18 9 o 19 o O 19 2 o 19 4 o 19 6 o 19 9 o 19 I o 19 3 o 19 5 o 19 8 TOO 20 21 22 23 24 25 30 35 40 45 50 55 60 2 18 9 j 3 2 11 ! 3 S 4 3 15 8 460 5 o 1 5 19 6 767 1 2 3 4 5 6 7 8 9 £ s - d. 56 6 11 58 ig 4 61 13 1 64 9 5 67 8 8 70 10 6 73 15 o 77 2 3 80 12 5 £ s. d. 5 12 2 645 6 19 2 7 16 8 S 18 3 10 5 3 12 o 1 14 6 8 17 11 11 41 42 43 44 45 15 6 6 15 2 4 14 18 o 14 13 5 14 8 7 16 5 11 16 1 11 15 17 8 15 1.3 4 15 8 10 25 26 27 28 29 o 19 I o 19 6 o 19 II 104 109 100 1 o 5 I o 10 I 1 4 1 1 10 1 o 5 I O II 1 1 5 1 1 11 1 2 5 25 26 27 28 29 25 46 47 48 49 50 14 3 7 13 18 5 13 13 1 13 7 8 13 2 3 15 4 3 14 19 6 14 14 7 14 9 7 14 4 5 30 35 40 45 50 55 60 3 6 8 3 11 9 3 18 9 4 8 10 5 2 7 6 1 10 789 To be paid at tlie Age of 18. 51 52 53 54 55 12 16 9 12 11 4 12 5 10 12 o 3 11 14 8 13 19 2 13 1.3 8 13 8 1 13 2 4 12 16 5 30 31 32 33 34 1 1 3 1 1 9 123 1 2 9 1 3 3 1 2 4 1 2 10 1 3 5 140 1 4 7 1 3 o 1 3 7 142 I 4 9 1 5 5 30 31 32 33 34 30 1 2 3 4 5 6 7 8 9 IO 11 12 13 46 17 o 49 0 11 51 5 10 53 13 1 56 2 11 58 15 o 61 9 5 64 (> 3 67 5 7 7° 7 7 73 12 4 76 19 11 80 10 6 3 17 9 4 4 8 4 12 6 5 1 6 5 12 o 643 6 18 11 7 16 5 8 18 o 56 57 58 59 60 11 9 o 11 3 2 10 17 3 10 11 1 12 10 4 12 4 1 11 17 7 I 11 11 1 I 35 36 37 38 39 i 3 9 1 4 4 1 4 11 1 5 6 1 6 1 1 5 2 1 5 10 1 6 6 172 1 7 10 1 6 1 169 1 7 5 1 8 1 1 8 10 35 36 37 38 39 35 35 40 45 50 55 60 3 16 5 4 3° 4 12 7 I 5 5 11 6 4 10 7 11 5 10 5 o 11 19 10 14 6 5 17 11 9 61 62 63 64 65 10 4 10 9 18 5 9 11 11 9 5 4 8 18 9 8 12 3 11 4 4 j 40 41 42 43 44 169 1 7 5 1 8 2 1 8 7 1 9 4 1 10 2 III 2 1 12 4 1 9 8 1 10 7 1 11 7 1 12 8 1 13 11 40 41 42 43 44 10 17 5 10 10 6 10 3 6 j 9 16 6 9 9 7! 190 1 9 11 j 40 40 45 50 55 60 4 g o : 4 18 o j 5 10 IO j 691 7 15 2 i To be paid at the Age of 21. 66 67 68 69 70 8 5 9 7 19 5 7 13 3 7 7 3 7 1 4 1 9 2 8 j 8 15 10 8 9 1 i 8 2 4 | 7 15 9 1 45 46 47 48 49 1 10 11 1 12 1 1 13 5 1 14 11 1 16 7 1 13 8 1 15 2 1 16 10 1 18 8 208 1 15 4 1 16 11 1 17 8 207 228 45 46 47 48 49 45 45 50 55 60 50 55 60 564 5 18 5 6 16 o 8 1 5 697 763, 8 10 9 I 3 4 5 6 7 8 9 IO 11 12 13 14 15 16 40 10 2 42 8 6 44 7 7 46 8 11 48 12 7 50 18 3 53 6 o 55 16 o 58 8 3 61 2 11 64 o 1 66 19 11 70 2 6 73 7 10 76 16 2 80 7 6 3 1 o 3 5 11 3 11 4 3 17 5 4 4 3 4 12 2 5 1 2 5 11 7 6 3 10 6 18 7 7 16 o 8 17 8 10 4 9 11 ig 7 14 6 1 17 11 5 71 72 73 74 75 6 15 7 6 g 11 6 4 3 5 18 7 5 13 o 7 9 1 727 6 16 1 698 6 3 3 50 51 52 53 54 1 18 5 205 227 2 4 11 276 2 2 10 2 5 2 2 7 8 2 10 4 2 13 3 2 4 11 274 2 9 11 2 13 9 2 15 11 50 51 52 53 54 50 55 56 57 58 59 2 10 4 2 13 6 2 17 1 3 1 2 3 5 10 2 16 6 302 3 4 4 3 9 1 3 14 6 2 19 6 3 3 7 3 8 3 3 13 7 3 19 8 55 56 57 58 59 55 55 60 819 9 5i! 76 77 78 79 80 5 7 4 5 1 10 4 16 6 4 11 5 468 5 17 o 5 10 11 5 5o 4 19 4 4 13 11 60 60 10 7 o ! 60 3 11 2 408 466 60 4—H. 9

H — -*)

26

FIFTH SCHEDULE. Appendix No. 5. ASSURANCES FOR THE WHOLE TERM OF LIFE WITH WHOLE-LIFE PREMIUMS. TABLE I. In force at 31st December, 1890.

Office Annual Pbemiums.* Yearly 21111 alien t Age attained Number of Policies. assured. Additions. Premiums. Reduction of Premium. Age attained. Ordinary. Extra. , 1 £ £ *• £ s. d. o S o 140 3 12 9 2 10 o 34 6 6 93 13 9 194 19 0 377 15 6 59i 3 3 716 14 2 819 16 9 go2 8 6 1,082 11 8 i,i74 5 4 1.212 ig 10 1,344 5 4 1,340 19 6 i,477 8 8 1,723 1 o 1,632 7 1 1,864 11 6 2,063 1 i 1 2,395 1 2 2,418 2 7 2,651 6 8 2,657 4 4 3,104 15 1 3,°4 6 3 6 3.213 7 7 3,5" 17 o 3>5i4 IO o 2,893 18 6 3,375 11 g 3,255 4 5 2,880 14 g 3,483 2 4 4 ,2g5 8 o 3.748 17 6 4,°94 13 10 4,168 15 o 4.749 17 5 3,394 2 10 4,157 12 7 4,273 15 4 3,642 1 0 3,6i9 15 2 2,823 i° 8 3,340 4 3 3,069 13 7 1,904 3 10 2,323 1 11 1,695 13 5 1,712 19 2 i,455 10 4 985 18 11 1,140 13 7 756 ig 9 734 o 2 483 on 474 11 o 573 4 o 27g 6 4 299 10 9 246 o o 12 IO 6 38 o o 27 18 4 £ s. d. •232 •705 2-198 i-47i 22-748 63^13 i34'649 262-854 416-510 507-969 586-453 64g-28g 783-379 855-889 887-651 991-974 993-9II 1,105'ogi i,298-574 1,236-257 i,434-787 1,599-786 1,871-837 1,900-451 2,108-060 2,120-681 2,494-384 2,474-358 2,623-636 2,87g-04o 2,8g2'426 2,3g6-i84 2,800-443 2,728-977 2,424-316 2,936-53i 3,642-492 3,198-833 3,504-779 3,579-402 4,099-027 2,946-731 3,612-571 3,733-406 3,i95-ii5 3,l86-8 5 6 2,494'236 2^64-024 2,740-892 1,706-587 2,086-315 i, 535-688 i,554'355 1.329059 906-391 1,054-130 686-360 676-402 444-616 439-3I7 529-241 258-875 279-127 231-066 n - 473 36-468 26-325 £ s. d. 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 1 3 7 7 18 32 65 "5 162 208 206 213 • 234226 234 254 2 5 g 2 37 297 274 314 327 401 427 414 413 479 470 488 466 483 43i 473 404 425 44° 523 449 484 492 5io 409 426 392 373 328 290 297 262 180 25 75 230 155 2,180 5,945 12,205 23,275 35,385 4.2,240 47,365 51,165 60,299 63,945 64,990 70,240 69,245 75,ooo 85,865 79,820 91,055 99,184 112,724 111,197 122,273 120,558 137,555 137,382 139,576 148, 2gg 147,056 118,061 132,121 130,112 111,472 135,124 159,490 137,883 144,501 146,858 161,655 112,603 135,162 131,545 112,963 106,039 84,811 g3,76g 86,287 54,301 56,510 44,8oof 43,335 33,956 23,731 27,151 13,807 14,237 9,308 8,g53 10,240 5,553 5,489 4,727 220 700 500 O 12 o 5 0 5 1 16 g 1 76 8 60 5 135 II 99 11 153 7 33i 3 256 2 324 6 879 1 879 7 1,203 19 i,i73 15 2,125 n 2,232 7 2,887 1 3,577 14 3,655 8 4,032 11 4,445 19 3,229 14 4,063 10 5,362 1 4,366 10 6,718 5 6,784 2 6,488 IO 7,106 II 8,333 4 8,987 2 5,698 3 7,8i5 13 6,903 0 6,g23 12 5,298 17 5,497 o 5,626 9 5,342 17 3,526 o 2,611 2 3,016 g 2,797 13 i,754 10 1,521 10 1,407 o 748 13 go6 2 500 13 589 4 740 12 498 11 349 1 361 o 10 12 4° 5 54 o 018 1 10 o o 15 o 578 5 10 o 6 13 6 10 12 11 14 9 o 19 2 6 14 2 8 27 15 2 16 10 6 27 9 7 23 O IO 37 10 4 36 18 11 28 18 4 76 n 8 67 18 2 75 12 10 67 15 3 75 g 5 69 2 o 99 8 o 101 19 8 101 5 8 85 o 6 i°7 o 3 98 18 8 1.18 9 o 125 2 IO 155 5 ' 2 "5 7 7 137 2 6 157 IO 8 180 13 5 126 19 3 122 1 g 202 3 2 166 6 8 161 4 5 103 10 4 115 2 3 92 1 6 71 15 10 54 10 6 76 8 3 40 19 10 54 18 1 37 16 9 37 8 7 18 16 7 29 9 5 28 1 6 ig o 8 16 4 8 8 18 4 14 10 10 8 14 o o 14 8 2 15 4 o 13 o o 3 11 056 O 12 9 0 2 6 2 14 O 4 7 6 048 o 3 2 6 11 1 2 19 9 o 13 4 5 2 0 4 13 10 2 7 8 5 8 , 3 1 8 024 1 5 11 ci 14 5 264 3 15 4 o 16 o 225 482 7 9 11 17 19 2 2 19 4 130 o 16 o 098 550 214 174 126 133 108 85 66 36 42 32 32 23 17 13 10 3 "S 8 1 19 6 1 13 10 238 17 g 10 064 220 1 5 n 1 5 4 3 3 I Total 16,226 .£4,754,482! .£160,519 2 .£125,577 4 11 .£3,902 15 0 105,177773 .£136 13 10 * Note. + And 4 .—The Ordinary Premium is the premium at the real age; the extra, the additional premium imposed for any reason whatsoever. te. / /

H.— 9.

FIFTH SCHEDULE. ASSURANCES FOR THE WHOLE TERM OF LIFE BY LIMITED AND SINGLE PREMIUMS. TABLE II. In force at 31st December, 1890.

27

Age attained. o • Amount assured. Bonus Additions. Sal c . 8.2 ■°.S O Office Annual Pkkmiums.* Ordinary. Extra. Pure — Premiums. Yearly Permanent deduction of Premiums. £ s. d. £ s. a. £ s. d. £ 5. d. £ 5. d. 15 16 17 18 19 2O 21 22 23 24 25 26 27 23 29 3O 31 32 33 34 35 36 37 38 39 4O 41 42 43 44 45 46 47 40 49 5O 51 52 53 54 55 56 57 58 59 GO 61 62 63 64 65 66 67 68 69 7O 71 72 73 74 75 I 2 I 2 6 3 ,2 3 8 4 14 10 10 12 H 24 8 15 25 21 3 2 40 51 33 53 55 38 54 48 3° 28 25 o o 732 o o 500 o o 597 ° ° 3.37 1 ° ° 1,042 o o 620 o o 106 o o 4,200 o o 3,400 o o 8,507 o o 2,330 O O 6,072 o o 5,769 o o 4,888 o o 12,034 ° ° 4,847 o o 6,581 o o 14,670 o o 9,742 o o 12,225 o o 18,137 ° ° 21,895 14 2 13,656 o o 20,993 ° ° 25,5°8 o o 15,039 17 o 23,003 o o 21,076 o o 15,789 o o 10,678 o o 16,936 o o 18,336 o o 12,782 o o 7,610 o o 6,363 o o 5,903 o o 3,012 o o 6,664 o o 6,546 o o 2,716 o o 5,150 o o 200 O O 9 7° 249 o o 48 o o 68 o o 1200 293 4 o 304 o o 681 4 o 186 15 o 514 2 o 318 17 o 363 9 ° 1,117 M ° 454 J 7 ° 527 17 o 1,185 10 o 1,141 9 o 1,485 5 ° 1,630 15 o 1,728 2 o 1,197 6 ° 2,259 2 O 2,671 12 O 1,915 6 o 2,045 7 o 2,319 2 o 1,240 15 o 1,221 17 O i,765 9 o 1,786 7 o 979 12 o 742 1 o 478 9 o 348 18 o 141 2 o 311 7 o 365 o o 210 S o 1891 1892 1893 1894 1895 1S96 1897 1898 1899 igoo 1901 1902 1903 1904 1905 190G 42 45 82 63 37 32 27 42 18 22 12 r 4 19 13 12 4 51-0 497 48-2 46-9 4 S-5 47'5 43'4 43'4 437 40-0 40-4 4 I- 3 40'2 43'2 35-o 35-8 556 o 10 7*4 18 3 1,169 3 JI 847 4 S 675 19 5 720 o 2 491 2 4 494 13 ° 281 11 11 371 10 8 164 2 10 188 9 o 320 13 7 300 6 8 199 3 3 76 6 3 10 8 4 6 14 6 39 18 7 13 8 6 33 ° u 10 7 7 8 15 6 6 10 o 1 3 14 7 5 3 ° 8 4 5 3 1 8 4 11 8 3 Io 5 1 15 o • o j o o 500-402 627-126 1,037-560 74 6 '9°7 606-871 642-256 4°3'5?4 407-521 233-696 306-757 134-870 154-687 264-354 251-644 161-638 58-340 i jo 3 34 44 3° 14 17 11 1907 1908 11 6 33'2 34'3 153 3 7 55 8 8 1 6 8 1 7 1 119-381 42-498 i 14 8 1909 10 31-2 86 6 o 120 63-879 10 1910 11 26-5 138 17 5 500 104-247 20 16 9 12 331 o o 230 IO o 0 71 o o 50 o o 92 o o 49 7 o 86 o o 22 o o 3 4 6 750 o o 2,750 o o 2,400 0 O 3,100 0 o 4 4 8 954 o o 3>35° ° ° I,OOO O O 1,700 o o 850 o o 3,300 o o 250 o o 1,450 o o 1,100 o o 1 3 3 6 97 o o 2500 63 o o I 3 3 2 1 800 o o 300 o o Totals 44-8 8,005 2 5 178 10 5 6,868-158 3 4 11 918 404,305 11 35,216 17 o 522 is the premium at the real ag< ; the ixtra, the addii ional premii im imposed fi jr any reaso: * Note, rhatsoevei .—The irdinary Premiu: r.

H—9

28

FIFTH SCHEDULE. Appendix No. 7. ENDOWMENT ASSURANCES. TABLE III. In force at 31st December, 1890.

Office Annual Peemiums.* Yearly Permanent Reduction of Premium. Year of Maturity. Number of Policies. Average Age attained. Amount Bonus Year of Maturity. assured. .dditions. Premium, Ordinary. Extra. 1891 £ 13,752 £ ■• 1,082 19 £ s. d. 811 6 2 £ *■ d. 5 7 8 £ s. d. 4 16 o 50 52-5 725-197 i8gi 1892 74 47-8 19,523 1,432 11 1,207 9 11 13 11 5 1,083-859 1892 1893 100 5i-3 27, 000 1,659 13 1,563 3 0 25 3 1 1,387-440 7 3 5 1893 i8g 4 86 47-8 22,503 1,493 4 1,248 17 2 6 11 1 1,103-709 15 18 2 1894 1895 9i 48-9 25,050 1,813 18 1,229 l A 8 16 16 6 1,088-779 1 iS 8 1895 1896 89 48-1 23,600 1,422 1 1,178 15 10 17 o 8 1,043-033 1896 1897 l8g8 210 45-S 53,233 3,475 12 2,418 18 8 5i 9 9 2,119-160 1 1 8 1897 219 45'5 62,393 3,489 6 2,887 i° i° 28 2 5 2,531-686 18 12 11 1898 l8gg 237' 44-6 64,804 3,788 14 3,051 2 6 3° 6 9 2,674-062 014 1899 igoo 233 44'4 63,894 3,323 7 2,979 8 8 37 3 1 2,604-967 1900 1901 189 41-2 44,880 2,074 5 2,070 7 3 20 5 3 1,787-088 1901 1902 386 40-1 91,060 4,361 3 3,851 16 5 40 9 6 3,326-666 14 o 0 1902 1903 418 40-0 88,514 3,695 o 3,629 o 2 44 5 10 3,i35-5i8 o 10 8 1903 1904 379 38-0 89,377 3,903 3 3,597 5 9 34 13 11 3,092-308 037 1904 1905 426 37'2 92,590 3,221 16 3,694 ig 2 34 15 7 3,164-483 7 II IO 1905 igo6 279 36-2 61,273 1,642 15 2,439 3 6 25 19 5 2,047-318 1906 1907 447 36-0 103,976 3,865 o 3,761 o 7 40 5 3 3,170-613 O IO II 1907 igo8 5i3 35-o 113,339 3,47 s 3 3,992 3 10 30 13 9 3,366-510 234 1908 1909 508 32-7 114,086 2,621 5 4,229 9 11 40 9 11 3,548-502 464 igog 1910 621 3i-9 133,974 2,4 46 8 4,849 15 3 5i 14 3 4,056-931 4 15 7 1910 ign 377 32-3 80,739 1,805 8 2,644 2 10 19 14 0 2,160,371 072 ign 1912 544 32-4 126,215 3,139 14 3,861 13 2 36 3 5 3,i63-ig7 1 9 5 igi2 1913 469 31-6 103,425 2,405 6 3,o8g o 3 23 15 1 2,543-6i5 228 1913 1914 597 28-5 129,600 i,373 17 4,133 4 o 36 3 3 3,364-233 1 3 o 1914 1915 668 27-9 144,219 1,100 11 4,566 7 9 43 ii 9 3,716-430 070 1915 1916 242 29-3 56,513 1,020 11 1,565 1 10 13 o o 1,234-382 1916 1917 275 28-5 62,075 945 6 1,697 15 11 12 18 o 1,341-990 066 1917 1918 277 27-4 59,800 472 16 1,649 14 9 12 10 7 1,304-160 o 17 8 1918 igig 374 24-5 79,300 375 8 2,166 9 IO 14 16 3 1,707-427 034 1919 1920 398 23-2 89,250 174 2 2,463 g 6 26 2 8 1,932-961 052 1920 1921 129 26-7 30,100 35 19 756 O I 13 7 6 578-182 1921 1922 85 26-3 17,550 77 4 435 14 8 5 17 2 333-03I 064 1922 1923 63 26-0 ",950 6 11 302 7 4 10 17 4 232-215 1923 1924 53 23-3 12,800 15 o 317 11 3 5 12 6 242-070 1924 1925 56 22-4 13,650 338 3 o 9 10 6 256-980 1925 1926 12 25'3 2,650 64 o o 3 7 8 47-901 ig26 1927 11 23-6 3,075 71 2 g 3 4 2 53-370 1927 1928 9 23-1 2,100 46 ig 10 2 19 8 35-234 ig28 1929 9 21-8 1,675 37 19 5 5 9 2 27-678 1929 1930 6 21-0 1,300 28 17 o 3 18 11 20-653 1930 1931 2 20-0 250 5 13 o 3-894 i93i 1932 I ig-o 100 220 0 9 4 1-499 1932 1933 I 18-0 50 1 1 8 ■720 1933 Single ) Premium j 79 43-8 8,62 3 t 740 16 I Single { Premium. Totals • • 10,292 341 L£2,345,830t £67,978 12 .£84,936 1 1 .£898 14 9 71,360'022 £91 2 8 * Note.—The ordinary premium is the premium at the real age t And 15s. ; the extra, the additional premium imposed for any reason whatsoever, j

29

H.—9

Appendix No. 8. Table showing the Minimum Surrender Value of Policies for £100.

TABLE I. TABLE IIIis. TABLE III25. TABLE III35. By Equal Annual Premiums for the Whole Term of Life. Endowment Assurances payable in Fifteen Years, or at previous Death. Endowment Assurances payable in Twenty-five Years, or at previous Death. Endowment Assurances payable in Thirty-five Years or at previous Death. True Age at Entry. MINIMUM SURRENDER VALUES AT THE END OF 5 Years. 10 Years. 15 Y'ears. 20 Years. 5 Years. 10 Years. 5 Years. 10 Years. 15 Years. 20 Y'ears. | 5 Years. 10 Years. 15 Years. 20 Y'ears. 25 Years. 30 Years. fa. H I 20 £ b. a. 2 8 1 £ s.. d. I £ s. d. 6 1 10 j10 5 11 I £ s. a. 15 2 11 s s. a. 24 13 7 £ s. a. 57 2 9 £ s. a. 10 17 0 £ s. a. 25 8 11 £■ s. d. : £ s. d. 43 18 0 67 11 7 £ s. d.: £ 3. d. 5 14 4 i13 13 7 £ s. d. 23 9 5 - £ s. a. 35 14 0 £ s. a.; 51 5 7 £ s. a. 71 5 9 Co hi ft 25 3 1 11 7 8 9 j 12 9 0 18 7 G 24 11 5 56 17 5 10 16 11 25 5 8 43 11 8 67 3 11 5 17 4 113 16 4 23 11 7 35 16 6 51 3 1 70 17 7 30 3 13 8 8 18 2 15 1 9 22 0 4 24 5 4 56 9 8 10 12 10 24 19 10 43 5 5 66 14 9 5 17 5 13 19 4 23 19 1 36 1 8 51 2 9 70 9 2 35 4 9 1 10 19 0 18 4 9 26 0 7 23 17 9 50 0 11 10 9 3 24 18 0 42 19 2 66 3 11 6 0 8 14 12 5 24 14 11 36 16 6 51 9 4 70 1 11 40 5 12 7; 13 7 6 21 19 7 31 4 7 23 12 1 55 10 8 10 10 11 24 18 3 42 14 8 65 11 11 45 6 15 1 16 1 2 26 1 2 36 4 2 23 0 11 54 15 2 10 10 4 24 19 11 I I 42 10 9 64 15 6 .. .. I 50 8 5 4 19 5 1 30 8 1 41 12 2 22 10 3 53 17 5 I •• I I I 55 9 18 6 22 9 0 35 0 8 46 16 2 21 10 11 52 11 3 I I i NOTE.— In addition to the above Values the full H M - B per cent. Cash Value of all existing ordinary Bonuses is granted.

H.--9

30

FIFTH Appendix Movement of Business during

POLICIES ISSUED AND DISCONTINUED Years 1886, 1887, 1888, 1889, 1890. ASSU 1ANCES. Tl 7 hole Life mid Term Assurances. Endowment Assurances. Policies in force] at 31st Deo., MlS,519 1885 ■ • J Bonus allotted) as at 31st Dec,-I .. 1885 j New Business of) ; „ .™ the Qumquen. j No. «_„, Rever- Annual Premium. AsiSSd. ™» y : Boon.. Ordinary. Extra. ! ! I I - j £ £ £ s. d.| £ s.d. 4,334,6S0i 70,2221114,784 17 114,340 611 i i I .. 1228,847 2,585,669J .. 06,182 10 71,18918 9 8,592; No. .2,093,763 n,, m Rever- £ 15,743 Annual Premium. Ordinary. Extra. £ s. d. 75,402 15 5 £ s.d. 860 411 90,547 5,614 1,135,812 41,629 11 10 361 18 3 Total .. 23,198 Policies discon-') tinned during f j 6,026 the Quinguen.) 6,920,349299,009180,907 8 6 : 5,480 0 8 J I I 1,748,812103,286 47,104 12 81,88716 2; 14,206] 3,914 ;3,229,575 ; 883,744 106,290! 38,311 117,082 7 3 32,187 8 10, 1,222 3 2 I ! 323 8 5 Total Policies) I in force at 31st -'17,172 Dec, 1890 J ! ! 5,171,537 195,783 133,862 16 3 ! 4,092 4 6 I i 10,292 '2,345,831 67,979 84,844 18 5 898 14 9 DETAILS OF POLICIES DISCONTINUED How Discontinued. By Death Maturity .. Surrender .. Suit. Bonus Lapse Expy. Policy Expy. Prem. Miscellaneous .. 6S5 994 218,320 337,406 13,396 6,490 16 0 273 9 2 9," 508 8,715 15 0' 267* 1 4 59,379 20,972 28,942 14 3 712 5 2 130 2 3| 5 0 0 2,546 19 2 25 4 11 31 278 5 7 10415 7 262 123 8S0 72,260 3,460 31,655 2,758 230,652 4,510 19,406 549,177 8,177 2,792 9 7 2,111 14 9 8,152 13 0 34 14 4 20 10 4 99 7 3 4^335 12 1,188,986 7,100 2^643 18,926 4 8 142 4 4 204 6 10 2612 2 6,026 1,748,812 103,286 47,104 12 31,38716 2 3,914 883,744 38,311 32,187 8 10 323 8 5 PROGRESS OP BUSINESS SINCE Total issued Total void .. 129,4619,011,194 .. 112,289 3,839,657 329,959 239,804 9 9*9,456 6 1 134,176105,941 13 6 5,364 1 7 18,777 4,455,609 8,4852,109,778 113,988 40,009 161,297 14 12,20719 8 76,452 15 8,1,309 411 Total in force , ) j at 81st Deo., I 17,172 1890 J 5,171,537 195,783 133,862 16 34,092 4 6 10,292 2,345,831 67,979 84,844 18 5J 89814 9 Note.—The Ordinal-; Premium is the premium at the real age; the

H.—9

SCHEDULE. No.9. the Quinquennium 1885-1890.

31

DURING THE QUINQUENNIUM. SIM! ENDOWME VESTME 'LE NTS, IN\ITS, &c. ANNUI IES. TOTAL. No. Sum Assured. Annual Premium. No. Annual Premium Annuity. No. a,, m Rever-1 Annual Premium. . Sum . sionary; assure a., p>^,.,: Bonus, ordinary. | Extra. Annuity. £ 1,044 3.7,834 £ s. a. 1,892 17 10 £ s.d. 19 19 2 & s. a. 3,911 10 1 £ 6,466,277 £ s s. a. £ s. a. s s. a. 85,965192,100 10 45,200 11 10 3,911 10 1 G3 23,218 .. 319,394 j 230 13,525] I 588 13 0 66' 2,812 13 1 3,735,005 1 1 .. !io8,4OO 15 5ji,5Oi 12 o 2,812 13 1 15.589 1,274] 51,359,2,481 10 10 129| 19 19 2:6,724 8 2 38,807 10,201,283 405.359 300.501 5 96.7 O 2 3 10 6,724 3 2 j 733| 24,697il,342 9 4 27 9 3 21,055 8 10 10,705 2.657,253 141,597: 80,643 13 71,711 4 7: i.°55 8 10 536 26,6621,189 1 6 i 102] 10 16 015,668 14 4 I i 28,102 7,544,030 ■ 263,762 : 219,857 12 214,990 19 3] 5,668 14 4 i I j DURING THE QUINQUENNIUM. 1 I 104 4,654 345 19 6 246 10,890 526 8 5 3881 9,153 469' 3 5 '.'. o'is 0 738J 24,69711,342 9 4 26 .. |l,019 6 6 973I 290,580 227j 36,309 2,126 578,948 16,8561 14,018 78,785 29,149 9,2S3 5 7 2,457 J 4 3J 17.394 16 5 30S 3 6 20 10 4 366 8 7 1,019 6 6 1 :: i :: 9 3 2 35 0 0 7,367] 1,744,316 12] 7,IOO 854 9 6 500 25 4 lr 131 7 9 35 ° o 48,347 5 6 130 2 3 2,546 19 2 483 10 5 '.'. i'a 4 31 1 2 4 27! 9 8 21,055 8 10 10,705] 2,657,253 141,597 80,643 13 7 1,711 4 7 1,055 8 10 ESTABLISHMENT TO END OF 1890. ~T~ I "~~ """ I I I - ~T" 1,706! 78,598 3,905 2 6 149124 113 7,62110 2'so,093 13,545,401443,947*405,131 17 711,664 5 9 7,621 10 2 1,170 51,9362,760 1 0 47113 15 31,9521510 21,9911 6,001,371180,185185,274 5 5 6,673 6 6; 1,952 15 10 I 536 26,6621,139 1 6 102J 10 16 05,66814 4 28,102 7,544,030 263,762 219,857 12 2 4,990 19 8 5,668 14 4 I . I I [ I I 102 10 16 0 j 5,66814 4 28,102 7,544,030 263,762 219,857 12 2 4,990 19 8 5,668 14 4 I I I Extra Premiums .. .. .. 4,990 19 3 Reduction of Premium by Bonus, &c. 231 1 5 extra, the addition! il premium imposed for any reason whatsoever. £225,079 12 10

H.-9

REPORT BY THE CONSULTING ACTUARIES ON THE FINANCIAL CONDITION OF THE AFFAIRS OF THE NEW ZEALAND (tointment JtLwatta 1 gtf artant, As on the 31st day of December, 1890, Made under " The Government Life Insurance Act, 1886." - Report by the Consulting Actuaries, Messrs. Arthur Hutcheson Bailey, Ralph Price Hardy, and George King, on the Financial Condition of the Affairs of the New Zealand Government Insurance Department, as on the 31st December, 1890, made under " The Government Life Insurance Act, 1886." Sir, — London, 4th January, 1892. 1. Pursuant to the instructions we had the honour to receive, and in accordance with the Acts constituting and regulating the New Zealand Government Insurance Department, we have made an investigation into the financial condition of the affairs of the Department as on the 31st December, 1890, and we now submit our report. 2. In our last valuation report a short statement of the history of the Department from its commencement was given. At the date of the valuation made as on the 3lst December, 1885, there were two branches, the Ordinary and the Industrial, each of these branches being divided into two sections, the General and the Temperance, the accounts of all four sections being kept distinct. Shortly afterwards the Industrial business was discontinued, and it appears, from the annual accounts for the year 1887, that the small remaining fund of the Industrial had been merged in that of the Ordinary Branch, and that thereupon the Industrial Branch ceased to exist. There are still in force fifty-five Industrial policies, which have now been included in the valuation of the Ordinary Branch. Having been consulted by the Colonial Government upon the question of whether the Temperance should be kept separate from the General Section, we reported on the 27th December, 1887, that in our opinion an amalgamation of the two would be practicable, and not unjust ; and, accordingly, an Act was passed on the 10th September, 1890, carrying out this arrangement. 3. It appears from the particulars, which were supplied to us from the Department in 130 books, that on the 31st December, 1890, there were in force exactly 28,000 policies, assuring £7,544,030 Bs., with reversionary bonuses of £263,7(31 1.55., and 102 annuities of £5,668 14s. sd. in all. The following statement shows, in a few principal groups, particulars of the outstanding risks :— 5—H. 9.

33

H.—9

34

CONSULTING ACTUARIES' REPORT. u.i.../jn.»i«,.t Number Amounts assured, and Annual Premiums jNatuieot contract, of .Contracts. Bonuses. now payable. £ s. d. £ s. d. Assurances: Sums payable at death; premiums pay- 16,226 4,915,001 6 0 129,343 C 1 able for life Assurances: Sums payable at death; premiums pay- 918 439,522 8 2 8,180 7 11 able for fixed terms Endowment Assurances : Premiums payable during 10,211 2,404,244 16 0 85,733 10 11 term of contract Endowment Assurances: Special cases .. .. 81 9,564 11 0 I 10 2 3 Special and Industrial Assurances .. .. .. 244 31,351 19 0 1,183 10 3 Investment Policies .. .. .. .. .. 320 8,107 210 ; 386 18 0 28,000 7,807,792 3 0 j 224,837 15 5 Annuities, including those deferred .. .. .. 102 5,668 14 5* 10 16 0 * Per annum. 4. It will be observed from the above statement, that the great majority (941 percent.) of the risks are of two classes —namely, (1) assurances of sums payable at death, subject to premiums- during life ; and (2) endowment assurances, subject to premiums during the terms of the contracts : these two groups comprising no less than 26,437 policies. The data supplied are in such detail, and have been so carefully compiled, that we have been able to make a minute analysis of the business of these classes, and to ascertain the number and amounts of the contracts effected in each year since the origin of the Department, and which remain in force ; distinguishing those which belong respectively to the General and to the Temperance Sections, those under the Tontine scheme, and those taking the ordinary bonus; those on female lives; and, lastly, those subject to annual, half-yearly, quarterly, and monthly premiums respectively. It may be useful from the point of view of the social condition of the colony to have the means of making an investigation of these matters, and we have therefore, at considerable pains, prepared the eight tables, lettered from B to I, which are given in the Appendix, and which we hope may be of interest and value. 5. The following Consolidated Revenue Account gives the income and the outgo for the quinquennium : — CONSOLIDATED REVENUE ACCOUNT For the Five Years ending 31st December, 1890. Income. £ s. d. Fund, Ist January, 1886 .. .. .. 1,102,034 1111 Transferred from Industrial Branch .. .. 23 18 1 Premiums .. .. .. .. .. 1,024,505 4 1 Annuity purchase-money .. .. .. 24,381 4 8 ; Interest .. .. .. .. .. 369,188 8 1 Fees .. .. .. .. .. 236 5 0 £2,520,369 11 10 j Outgo. | £ s. d. Claims .. .. .. .. .. 352,714 11 9 Surrenders .. .. .. .. .. 124,806 1 5 Bonuses surrendered .. .. .. .. 35,037 3 6 Annuities .. .. .. .. .. 20,376 13 11 Property-tax .. .. .. .. .. 26,111 3 8 Commission .. .. .. .. .. 52,811 0 10 Expenses .. .. .. .. .. 167,092 3 7 Losses on investments .. .. .. 1,227 7 5 Investment Reserve Fund .. .. .. 25,000 0 0 Fund, 31st December, 1890 .. .. .. 1,715,193 5 9 £2,520,369 11 10

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CONSULTING ACTUARIES' REPORT. 6. The ratio of expenses, including commission, to the premium income is greater than in the last-preceding valuation period. We learn that competition has recently been much more severe in the colony than formerly, and that a great portion of the increase arises from this cause. 7. The property-tax, the burden of which was unimportant five years ago, has now become a serious item, being 2 - 55 per cent, of the premium income during the quinquennium, with a certainty of material increase. The accumulation of the funds of a comparatively young life assurance institution increases more rapidly than the premium income, so that the, property-tax, being levied upon the capital, becomes every year a heavier charge. 8. The result of the valuation is as follows :— £ Fund on the 31st December, 1890, as above .. .. 1,715,193 Estimated liability .. .. .. .. .. 1,475,718 Surplus .. .. .. .. .. £239,475 9. Of the above surplus of £239,475, we recommend that £200,000 be divided, and that £39,475 be retained. 10. Five years ago the valuation of the assurances was made by the Institute of Actuaries' Healthy Males Table, and of the annuities by the British Government Annuitants 1884 Tables, interest at 4| per cent, having been assumed throughout. A further reserve of £92,556 was then made, one of the reasons for which was that the assumed rate of interest might, if thought desirable, be reduced at future valuations. Accordingly, on the present occasion the rate of interest adopted has been 4 per cent., the mortality tables assumed for assurances having been the Institute of Actuaries' Healthy Males Table, as before. For the annuities, the table adopted has been that now in use in the Department for the granting of annuities. Thus, both as regards assurances and annuities, the present valuation has been carried out on a more stringent basis than formerly, and it is the more satisfactory that nevertheless the surplus is large. 11. The whole of the loading has been reserved for future expenses and profits, and provision has been made for the payment of claims immediately on proof of title. For underaverage lives, in some cases, an extra premium is payable, and in others the policies are subject to a debt. In the former the amount of such extra premiums, and in the latter the debts falling to be deducted, will form a fund out of which the probable additional claims will be met. 12. The sum of £92,556 which was reserved at the last valuation would have accumulated at the 31st December, 1890, to about £120,000. Of this, about £80,000 has, according to our estimate, been absorbed by the strengthening of the valuation basis; so that, of the present surplus, about £200,000 —the amount now recommended for division —-has been actually earned during the quinquennium, exclusive of the intermediate bonuses paid, the amount of which is not stated in the particulars supplied to us. The balance, £39,475, which we now recommend to be reserved, was surplus existing at the beginning of the valuation period. 13. The divisible surplus of £200,000 will be distributed in accordance with the method explained in our report of the 27th December, 1887, namely,—■ First. The amount of surplus arising from interest on the reserve made five years ago for participating assurances which are still in existence should be set aside and distributed in proportion to their respective reserves at the beginning of the quinquennium.

35

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36

CONSULTING ACTUARIES' REPORT. Second. In accordance with the scheme and by means of the tables given in our report above mentioned, the surplus attributable to favourable mortality should be ascertained for the General and Temperance Sections respectively, and should be allocated to them accordingly, and divided among the policyholders of each section in proportion to the loading on their premiums paid during the quinquennium. Third. The balance of the £200,000 should be distributed among all the policyholders of the Department in proportion to the loading on their premiums paid during the quinquennium. 14. By " loading " is meant, in whole-term cases where premiums are payable annually throughout life, the difference between the premiums set out in the policies and the corresponding |-j M 4-per-cent. premiums. If an extra has been charged on account of the life being under average, it is intended that the loading at the increased age be taken; but, if the policy has been charged with a fixed or sliding debt, then the loading at the true age. 15. To policies secured by a limited number of premiums the sum apportioned in cash under the second and third headings above should be the same as if the policies had been effected by premiums payable throughout life; and in the case of policies subject to halfyearly, quarterly, or monthly premiums the equivalent annual premium should be employed. 16. The same principles should be applied to policies of all classes. 17. Where the bonus is to be applied to increase the sum assured, or to reduce the future premiums, we recommend that the conversion of the cash appropriation should be calculated by the Institute of Actuaries' Healthy Males Table, at 4 per cent, interest. 18. The deferred-bonus policies must have their proper cash allotments on the above principles, and these will have to be converted into reversionary amounts vesting at the end of the stipulated periods. 19. In view of the method of distributing surplus which has now been adopted by the Department, we have thought it desirable (although the labour has been much greater) to value each contract separately, instead of in groups as formerly. We return the 130 books containing the particulars for valuation. Against each policy has been placed its value on the 21st December, 1890. This information will be useful on the occasion of the next distribution of surplus. 20. In Table A of the Appendix will be found a statement summarising the contracts as valued, and the results of the valuation. We are, Sir, Your obedient servants, A. H. BAILEY. RALPH P. HARDY. GEORGE KING. The Hon. the Colonial Secretary.

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37

TABLES. 0 •

A. SUMMARY AND VALUATION OF THE POLICIES. B. Whole-life Policies.—Percentages, Obdinaby and Tontine, Male and Female. C. Endowment Assurances. —Pebcentages, Obdinaby and Tontine, Male and Female, D. Analysis of Whole-life Business. E. Analysis of Whole-life Business, General Section. p. Analysis of Whole-life Business, Temperance Section. G, Analysis of Endowment-assubance Business. H. Analysis op Endowment Assurances, General Section. I. Analysis of Endowment Assurances, Temperance Section.

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38

CONSULTING SUMMARY AND VALUATION OF THE POLICIES OF THE NEW As at 31st

PARTICULARS DESCRIPTION OP TRANSACTION. Number of Policies. Sum assured. Reversionary Bonuses. Office Yearly Premiums. Extra Premiums. WITH PARTICIPATION IN PROFITS. £ s. d. £ s. d. £ s. d. £ s. d. Whole Term, Uniform Premiums 16,226 4,754,482 4 o 160,519 2 o 125,577 4 11 3,902 15 o Whole Term, Limited Premiums 918 404,305 11 2 35,216 17 o 8,005 2 5 178 10 5 Endowment Assurances 10,292 2,345,830 15 o 67,978 12 O 84,936 I 1 898 14 9 Joint Lives .. .. .. 10 3,600 o o 47 4 o 166 3 8 8 9 1 Joint and Survivor .. 1 500 o o 16 10 o 2 IO o Total with Profits 27,447 7,508,718 10 2 263,761 15 0 218,701 2 1 4,990 19 3 WITHOUT PARTICIPATION IN PROFITS. Endowments, Premiums not Returnable 4 800 o o 33 I o Endowments, Premiums Returnable .. 157 16,799 o o 692 9 6 Term Policies 17 8,650 o o 237 14 o Investment Policies 320 8,107 2 I0 386 18 o Industrial Policies 55 955 15 o 26 13 o i Total -without Profits .. 553 35,311 17 10 1,376 15 6 Total Assurances 28,000 7,544,030 8 0 263,761 13 0 220,077 17 7 4,990 19 3 Annuities 102 5,608 14 5* 10 16 0 *Per inum

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ACTUARIES' REPORT. A. ZEALAND GOVERNMENT LIFE INSURANCE DEPARTMENT, December, 1890.

VALUATIl IN. FOR VALUATION. Value by the Institute of Actuaries' Health} Annuities by the Tables in tl Males Table. Interest, 4 per cent. ie Office Prospectus. Net Yearly Premiums. Reduction Reduction of Premium by of Premium by Bonus. Old Policy. I I Sl,m a 'r,T 1 '' ea Office Tearly Bonuses. Premiums. Net Yearly Premiums. Reduction of Premium. Special Reserve of Loading. Net Liabilitj-. I £ £ *• <*• £ s. d. £ £ £ £ £ £ 105,203-4 81 10 4 55 3 6 2,100,668 1,751,118 1,449,449 1,726 652,945 6,869-5 1 10 3 1 14 8 2i3,9 2 4 37,356 3i,755 19 I3,3S7 195,575 71,374-5 33 9 6 57 13 2 1,338,884 935,723 767,880 651 382 572,037 145-8 2,373 1,420 1,271 1,102 13-7 97 81 69 28 183.6069 110 10 1 114 11 4 3,655,946 2,725,698 2,250,424 2,396 13,769 1,421,687 7" 56 56 655 6,469 6,469 92 I 92 2,986 2,g86 185 309 151 34 10,443 365 207 10,236 I83,606'9 116 10 1 114 11 4 3,666,389 2,726,063 2,250,631 2,396 13,769 1,431,923 43,795 43,795 Total Net Liability .. £1,475,718 A. H. Bailey. Ealph P. Hardy. George King.

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40

CONSULTING Table Whole-life Policies.—Percentages of Business (Table I. of

MBER OF POLICI ;s. TO AL. GEN RAL. TEMPE •.ANCE. Year of Entry. * t>1 I c c> c <0 a a> o . s C J I*. s 1 3 1870 100-0 96-9 66-7 3-1 21-5 48-4 24-7 5-4 33-3 1871 98-4 1-6 95-3 4-7 17-8 52-6 26-8 2-8 100-0 1872 99-4 0-6 96-4 3-6 14-1 43-5 38-1 4-3 33-3 66-7 1873 99-4 0-6 98-0 2-0 29-2 40-4 25-8 4-6 j-100-0 1874 98-8 1-2 I I 98-6 I 1-4 I 29-9 500 17-1 3-0 33-3 33-3 33-4 1875 98-0 2-0 98-0 2-0 27-3 48-8 21-9 2-0 1876 98-9 1-1 97-3 2-7 23-2 45-3 28-5 3-0 100-0 1877 98-4 I-β 96-2 3-8 17-4 49-2 31-8 1-6 33-3 66-7 1878 97-5 2-5 96-6 3-4 29-6 39-1 25-5 5-8 75-0 250 1879 98-7 1-8 96-7 3-3 18'6 47-2 24-1 I 10-1 333 33-4 33-3 1880 97-6 2-4 96-2 3-8 17-5 51-9 20-5 101 25-0 25-0 50-0 1881 96-7 8-8 96-5 3.5 : 21-G 44-8 22-10-8 : 20-0 40-0 40-0 1882 96-C I 3-4 ■ ■ 95-8 4-2 : 18'5 37-1 35-2 9-2 12-8 33-3 42-8 11-1 1883 96-9 8-1 92-7 7-3 13-4 33-0 41-7 11-9 \ 9-8 31-0 49-0 10-2 1884 96-0 4-0 95-1 4-9 13-1 37-9 37-8 11-2 i 12-8 43-6 35-0 8-6 1885 95-1 4-9 ! 88-0 12-0 10-7 37-7 42-0 9-6 13-7 32-0 43-6 10-7 1886 95-5 4-5 80-0 20-0 10-7 ' 31-4 48-8 9-1 7-6 25'4 59-7 7-3 1887 77-3 22-7 91-9 8-1 I 13-2 40-5 35-1 11-2 14-1 33-0 46-6 6-3 1888 35-3 64-7 94-6 5-4 17-0 48-7 23-8 10-5 20-1 43-8 24-9 11-2 1889 238 76-2 91-8 8-2 14-5 64-3 8-7 12-5 15-7 64-4 134 6-5 i8go 32-4 67-C. 94-2 5-8 16-1 64-3 9-8 9-8 17-8 61-5 10-1 10-0 76-1 23-9 981 6-9 17-0 4G-5 27-4 91 13-5 393 38-3 8-9

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ACTUARIES' REPORT. B. in Various Departments to Total Business. Prospectus.)

SUM ASSURED. TOT. X. GEN RAL. TEMPE ■.ANCE. Year of Entry. I 5 O CO CD 3 I t>) o £*> w 1 3 o . 3 o t>) 1 t>. n h>1 c? 1 1870 100-0 97-9 2'1 18-9 49-0 26-2 5-9 93-3 6-7 1871 97-9 2-1 98-0 2-0 18-8 56'0 21-9 3-3 100-0 1872 99-G 0-4 98-2 1-8 17'9 43-5 31-8 G-8 33-3 C6-7 I8 7 3 99-5 0-5 97-7 2-3 32-5 43'1 193 5-1 100-0 1874 98-5 1-5 99-1 0'9 81-8 47-5 15-7 5-0 6G-7 22-2 11-1 I875 97-6 2-4 98-2 1-8 27-8 51-8 18-7 1-7 1876 98-9 1-1 97-0 2-4 27-3 45-9 24-4 2-4 100-0 1877 97-3 2-7 98-9 1-1 21-0 46'4 31-9 0-7 30-0 70-0 1878 97-1 2-9 97-2 2'8 30-1 37-6 21-0 5-3 95-2 4-8 1879 98-9 1-1 96-7 8-8 22-4 47'0 23-3 7-3 10-0 70-0 20-0 1880 97-0 30 96'0 4-0 21-1 50-3 20-1 8-5 18-2 45-4 36-4 1881 96-7 3-3 95-6 4-4 236 460 21-1 9-3 23-1 30-8 461 1882 96-0 4-0 96-3 3-7 23-0 38-3 30-2 8-5 13-8 37-3 41-3 7-6 1883 95-3 4-7 93-9 61 18-6 40'8 30-5 10-1 8-6 30-6 460 8-8 1884 95-7 4-3 96-2 3-8 18-8 40-6 30-8 98 10'l 49-8 31-4 8-7 1885 94-5 5-5 92-5 7-5 18-1 44-6 33-4 8-9 1C9 34-5 39-1 9-5 1886 92-9 7-1 93-3 C-7 15-7 42-8 30-1 11-4 13-7 40-8 35-9 9-6 1887 70-8 29-2 95-4 4-6 15-7 45-5 29-0 9-8 18'2 38-8 36-2 6-8 1888 34-G G5-4 94'5 5'5 21-0 48'6 21-5 8-9 21-4 49-4 21-0 8-2 1889 22-1 77-9 93-0 7-0 18-7 64-0 7-6 9-7 18'4 Cl-6 13-3 6-7 1890 31-1 68-9 95-2 4-8 21-0 61-9 9-5 7-6 21-2 GO-8 96 8-4 75-8 24-2 95-5 4-5 21-4 48-5 22-4 7'7 1G-4 45-3 30-2 8-1

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CONSULTING Endowment Assurances.—Percentages of Business (Table III. of

MBER OF POLICI S. TO 'AL. GEN RAL. TEMPERANCE. Year of Entry. u <a o 6 a o Eh Q p≥1 i> O CD hi K i>1 o C 3 P o o a I i 3 o 1870 100-0 100-0 50-0 50-0 1871 98-2 1-8 92-9 71 14-6 49-1 32-7 3-G 100-0 1872 98-9 l'l 96-7 3-3 20-7 41-3 33-7 4-3 1873 100-0 98-9 M 24-2 39-0 28-4 8-4 1874 99-4 0-6 100-0 29-1 49-7 16-8 4-4 1875 99-4 Oβ 99-4 0-6 22-1 50-9 23-3 3-7 1876 99-6 0-4 98-9 1-1 33-2 38-5 25-3 3-0 100-0 1877 99-3 0-7 97-8 2-2 22-5 46-9 25-1 5-5 1000 1878 98-6 1-4 97-9 2-1 33-0 32-C 25-1 9-3 100-0 1879 98-6 1-4 97-7 2-8 21-5 42-7 20-3 15-5 75-0 25-0 1880 98-3 1-7 95-8 4-2 19-8 48-0 23-2 9-0 100-0 1881 96-6 3-4 95-9 4-1 22-9 42-2 21-9 130 25-0 25-0 50-0 1882 97-4 2-6 97-0 3-0 18-0 40-4 32-5 91 15-2 34-8 37-7 ia-8 1883 97-5 2-5 94-2 5-8 13-6 30-0 421 14-3 10-3 27-0 54-0 8-7 1884 97-3 2-7 94-5 6-8 14-4 40-1 32-2 18-8 13-7 40-2 32-9 13-2 1885 96-8 3-2 91-4 8-6 12-2 37-0 38-3 12-5 16-7 34-6 38-1 10-G 1886 9G-G 3-4 86-7 18-8 14-0 32-2 40-6 13-2 100 37-3 41-7 110 1887 90-1 9-0 92-0 8-0 13-1 43-9 31-6 11-4 15-8 40-2 34-6 9-4 1888 71-0 29-0 93-9 61 10-9 57-5 18-0 12-7 17-1 57-4 20-2 5-3 1889 43-5 56-5 91-0 9'0 12-3 G9-9 7'8 10-5 17-4 56-0 13-G 130 1890 56-6 43-4 93-9 G'l 11-8 60-4 8-0 19-8 18-5 Cl-9 7-9 U'7 85-4 14-6 93-9 6-1 16-7 46-2 25-3 11-8 14-6 41-3 33-4 10-7

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ACTUARIES' REPORT. C. in Various Departments to Total Business. Prospectus.)

SUM ASSURED. Year of Entry. TOTAL. GENERAL. TEMPE -.ANCE. te u co g o 6" .9 ■ a o EH ■ I o o to te CO CD (X te CD te "ca n O 3 o* I o % te CO CD te CO CD te 71 M te CD a C te 3 a o 1870 100-0 100-0 37-5 62-5 1871 98-7 1-3 95-3 4-7 18-4 49-3 26-9 5-4 1000 1872 98-9 1-1 98-3 1-7 27-0 37-9 32-0 3-1 1873 100-0 99-7 0-3 27-7 37-9 23-4 11-0 1874 98-3 1-7 100-0 31-3 47-5 17-0 4-2 1875 98-1 1-9 99-8 0-2 22-5 49-1 24-8 3-6 1876 99-4 0-6 98-8 1-2 34-2 37-6 24-2 4-0 100-0 1877 99-0 1-0 j 98-5 1-5 25-1 45-2 22-6 7-1 100-0 1878 98-6 1-4 97-6 2-4 32-7 35-8 21-4 10-1 100-0 1879 98-1 1-9 98-2 1-8 24-1 41-4 19-5 15-0 50-0 50-0 1880 98-4 1-6 96-8 3-2 21-4 45-8 22-9 9-9 100-0 1881 96-6 3-4 94-3 5-7 24-4 42-4 21-1 12-1 47-6 19-1 33-3 1882 96-9 3-1 97-8 2-2 18-8 43-2 28-9 9-1 15-7 36-6 37-3 io--1883 96-6 3-4 96-1 3-9 10-0 33-9 35-7 14-4 12-6 28-4 49-4 9i 1884 96-7 3-3 95-3 4-7 10-5 40-3 29-7 13-5 14-1 41-2 29-2 15-. 1885 96-6 3-4 94-5 5-5 13-1 40-3 33-6 13-0 19-6 34-3 34-4 11-' 1886 95-8 4-2 92-2 7-8 17-1 32-7 36-9 13-3 13-7 39-8 34-6 11-' 1887 88-4 11-6 95-3 4-7 16-8 43-6 28-3 11-3 17-4 43-7 26-3 12-i 1888 69-5 30-5 94-9 5-1 12-5 57-0 17-1 13-4 16-7 59-4 18-8 51889 40-7 59-3 92-0 8-0 13-3 71-4 6-4 8-9 20-6 55-7 10-7 13-i 1890 54-6 45-4 95-1 4-9 14-5 62-0 7-3 16-2 19-9 61-0 7-5 ll-i 85-7 14-3 95-8 4-2 19-6 46-6 22-8 11-0 16-7 42-5 29-3 11-.

44

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ANALYSIS OF WHOLE-LIFE BUSINESS. (Table I. of Prospectus.)

TOTAL BUSINESS. ORDINARY. TONTINE. MALES. FEMALES. Year of Entry. VERAGE. No. of Policies. Sum assured. No. of Policies. Sum No. of Sum assured. Average Sum assured. No. of Policies. Sum assured. Average Sum assured. Average Sum assured. No. of Policies. Sum assured. Average Sum assured. 'olicies. Sum assured. Age at Entry. Present Age. 1870 96 £ 46,175 £ 481 34-34 54-84 96 £ 46,175 £ 481 £ £ 93 £ 45,225 £ 486 3 £ 950 £ 317 "2! in hi 1871 1872 1873 1874 1875 322 357 351 431 352 130,300 135,400 132,700 154,850 124,900 405 379 378 359 355 35-80 36-66 37-02 36-91 36-35 55-30 55-16 54-52 53-41 51-85 317 355 349 426 345 127,600 134,900 132,000 152,450 121,900 403 380 378 358 353 5 2 2 5 7 2,700 500 700 2,400 3,000 540 250 350 480 428 307 344 344 425 345 127,650 132,900 129,700 153,450 122,000 416 386 377 361 355 15 13 7 6 7 2,650 2,500 3,000 1,400 2,300 177 192 429 233 329 to t*i Co 1876 1877 1878 1879 1880 264 365 474 609 501 99,830 142,705 177,986 214,428 173,956 378 391 375 352 347 36-80 36-66 36-85 36-81 37-07 51-30 5016 49-35 48-31 47-57 261 359 462 601 489 98,780 138,965 172,836 211,967 168,706 378 387 374 353 345 3 6 12 8 12 1,050 3,800 5,150 2,461 5,250 350 633 429 308 438 257 351 458 589 482 97,480 141,126 172,957 207,278 166,994 379 402 378 352 346 7 14 16 20 19 2,350 1,639 5,029 7,150 6,962 336 117 314 358 366 1881 1882 1883 1884 1885 514 1,131 1,194 982 1,138 172,397 307,817 302,175 266,225 262,669 335 272 253 271 231 38-53 36-54 3603 36-14 36-73 48-03 45-04 43-53 42-64 42-23 497 1,092 1,157 943 1,082 166,792 295,658 288,075 254,825 248,319 336 271 249 270 230 17 39 37 39 56 5,605 12,159 14,100 11,400 14,350 330 312 381 292 256 496 1,083 1,107 934 1,001 164,897 296,567 283,755 256,125 243,050 332 274 256 274 243 18 48 87 48 137 7,500 11,250' 18,420 10,100 19,613 417 234 212 210 143 O 1886 1887 1888 1889 1890 1,202 1,238 1,383 1,827 1,495 244,072 329,170 413,980 492,925 429,702 203 266 299 270 287 34-74 32-08 32-22 31-61 3005 I 39-24 35-58 34-72 33-11 30-55 1,148 957 488 434 485 226,722 233,070 143,230 109,025 133,712 197 244 294 251 276 54 281 895 1,393 1,010 17,350 96,100 270,750 383,900 290,050 321 342 303 276 293 962 1,138 1,309 1,678 1,409 227,668 313,970 391,255 458,300 409,325 237 276 299 273 291 240 100 74 149 86 16,404 15,200 22,725 84,625 20,437 68 152 307 234 238 293 12,343 3,605,707 292 301 16,226 4,754,482 3,883 1,148,775 296 15,112 4,542,278 1,114 212,204 190

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ANALYSIS OF WHOLE-LIFE BUSINESS OF GENERAL SECTION. (Table I. of Prospectus.)

TOTAL BUSINESS. YEARLY. HALF-YEARLY. QUARTERLY. MONTHLY. I Year of Entry. No. of Policies. Sum assured. Average Sum assured. No. of Policies. Sum assured. Average Bum assured. No. of Policies. Sum assured. Average Sum assured. No. of Policies. Sum assured. Average Sum assured. No. of i Policies.: Sum assured. Average Sum assured. £ £ £ £ £ £ £ £ £ £ Co : 1870 93 44,675 480 20 8,450 .„„ 423 ! 45 21,900 487 23 11,700 509 2,625 525 1871 1872 1873 1874 1875 321 354 349 428 352 130,200 134,800 132,450 153,950 124,900 406 381 380 360 355 57 50 102 128 96 24,500 24,200 43,100 49,000 34,700 430 i 484 423 383 361 169 154 141 214 172 72,900 58,650 57,050 73,100 64,750 431 381 405 342 376 86 135 90 73 77 28,500 42,850 25,500 24,150 23,350 331 317 283 331 303 9 15 16 13 7 4,300 9,100 6,800 7,700 2,100 478 607 425 592 300 1876 1877 1878 1879 1880 263 362 470 606 497 99,680 141,765 175,676 213,428 172,856 379 392 374 352 348 61 63 139 113 87 27,254 29,800 63,450 47,757 36,424 447 i 473 ! 456 ! 423 419 119 178 184 286 258 45,722 65,786 66,134 100,228 87,013 384 370 359 350 337 75 115 120 146 102 24,354 45,129 36,842 49,900 34,743 325 392 307 342 341 8 6 27 61 50 2,350 1,050 9,250 15,543 14,676 294 175 343 255 294 1881 1882 1883 1884 1885 509 1,014 949 739 847 171,097 279,617 247,705 205,625 200,364 336 276 261 278 237 110 188 127 97 91 40,452 64,425 46,100 38,600 26,170 368 343 \ 363 398 288 228 376 313 280 319 78,785 107,101 101,150 83,525 89,425 346 285 323 298 280 116 357 396 279 356 36,000 84,519 75,505 63,350 66,994 310 237 191 227 188 55 93 113 83 81 15,860 23,572 24,950 20,150 17,775 288 253 221 243 219 1886 1887 1888 1889 1890 832 1,047 1,214 1,611 1,287 186,574 287,185 369,730 440,475 378,062 224 274 305 273 294 89 138 206 233 207 29,290 45,150 77,710 82,400 79,550 329 327 377 354 384 261 424 592 1,036 827 79,808 130,500 179,500 282,050 234,062 306 308 303 272 283 406 368 289 140 126 56,176 83,250 79,620 33,575 35,850 138 226 276 240 285 76 117 127 202 127 21,300 28,285 32,900 42,450 28,600 280 242 259 210 225 I 14,144 3,875 961,857 1,291 4,290,814 303 2,402 918,482 382 6,576 2,079,139 316 248 331,336 257

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ANALYSIS OF WHOLE-LIFE BUSINESS OF TEMPERANCE SECTION. (Table I. of Prospectus.)

46

II QUARTERLY. TOTAL BUSINESS. YEARLY. HALF-YEARLY. MONTHLY. Year of Entry. No. of Policies. Sum assured. ! I Average Sum assured. No. of Policies. Sum assured. Average Sum assured. No. of Policies. Sum assured. Average Sum assured. No. of Policies. Sum assured. Average Sum assured. No. Of Policies. Sum assured. Average Sum assured. 1870 3 £ 1,500 £ 500 2 £ 1,400 £ 700 £ £ j 1 £ 100 £ 100 £ £ o Co Si. 1871 1872 1873 1874 1875 1 3 2 3 100 600 250 900 100 200 125 300 2 1 °250 600 " 125 600 1 "l **200 "200 200 200 1 2 "l 100 400 "lOO 100 200 100 1876 1877 1878 1879 1880 1 3 4 3 4 150 1,000 2,310 1,000 1,100 150 333 578 333 275 "l **300 300 1 2 1 1 2 150 700 110 200 400 150 ■350 110 200 200 Co 3 1 1 2,200 100 200 733 100 200 1 1 "700 500 700 500 1881 1882 1883 1884 1885 5 117 245 243 291 1,300 28,200 54,470 60,600 62,305 260 241 222 249 214 1 15 24 31 40 300 3,900 4,670 6,150 10,550 300 260 195 198 264 2 39 76 106 93 400 10,500 19,950 30,200 21,525 200 269 263 285 231 2 50 120 85 127 600 11,650 25,050 19,000 24,330 300 233 209 224 192 13 25 21 31 2,150 4,800 5,250 5,900 165 192 250 190 tq o 1886 1887 1888 1889 1890 370 191 169 216 208 57,498 41,985 44,250 52,450 51,700 155 220 262 243 249 28 27 34 34 37 7,900 7,650 9,450 9,650 10,950 282 283 278 284 296 94 63 74 139 128 23,470 16,300 21,850 32,300 31,450 250 259 295 232 246 221 89 42 29 21 20,628 15,185 9,300 7,000 4,950 93 171 221 241 236 27 12 19 14 22 5,500 2,850 3,650 3,500 4,350 204 238 192 250 198 2,082 463,668 223 281 75,920 270 819 209,845 256 798 139,953 175 184 37,950 206

H.—9

Analysis of Endowment- Assurance Business. (Table III. of Prospectus.)

47

FEMALES. ORDINARY. TONTINE. MALES. TOTAL BUSINESS. | Year of Entry. Average Sum assured. No. of Policies. Sum assured. Average .... Sum : N °-? f assured. I olicies. Sum assured. Average Sum assured. Average Sum assured. No. of Policies. Sum assured. Average Sum assured. No. of Policies. Sum assured. No. of Policies. Sum assured. o £ 400 2 £ £ 400 267 284 317 316 326 1 1 "l 1 £ £ I I £ £ £ £ Co to to Ci 1870 2 800 800 2 800 400 1871 1872 1873 1874 1875 56 92 95 179 163 14,900 26,100 30,100 57,200 53,750 | 266 284 317 320 330 55 91 95 178 162 14,700 25,800 30,100 56,200 52,750 200 300 I • I 200 52 300 ' 89 94 1,000 j 179 1,000 162 14,200 25,650 30,000 57,200 53,650 273 288 319 320 331 4 3 1 700 450 100 175 150 100 Ck to to Co 1*000 1,000 "l "100 ioo 1876 1877 1878 1879 1880 266 272 292 353 359 90,784 82,594 96,900 98,517 98,952 341 304 332 279 276 265 270 288 348 353 90,284 81,794 95,550 96,617 97,352 341 303 332 278 276 1 4 5 6 500 800 1,350 1,900 1,600 i 590 263 400 266 338 286 380 ! 345 267 , 344 89,684 81,394 94,600 96,717 95,752 341 306 331 280 278 3 6 6 8 15 1,100 1,200 2,300 1,800 3,200 367 200 383 225 213 1881 1882 1883 1884 1885 319 896 967 670 910 85,659 206,615 187,833 146,023 178,650 82,709 200,115 181,383 141,223 172,520 269 229 192 217 196 11 23 24 18 29 2,950 6,500 6,450 4,800 6,130 268 ' 306 283 869 269 911 267 ! 633 211 832 235 707 241 643 213 570 217 li 974 219 I 1 1,060 80,809 202,115 180,583 139,223 168,810 264 233 198 220 203 13 27 56 37 78 4,850 4,500 7,250 6,800 9,840 373 167 129 184 126 to to to ft) to 269 231 194 218 196 308 873 943 652 881 1886 1887 1888 1889 1890 815 699 607 1,070 1,129 157,174 143,430 122,595 221,675 236,756 i 193 205 202 207 210 787 630 431 465 639 150,604 126,830 85,195 90,200 129,356 191 201 198 194 202 28 69 176 605 490 6,570 16,600 37,400 131,475 107,400 144,960 136,715 116,320 204,000 225,256 205 213 204 209 213 108 56 37 96 69 12,214 6,715 6,275 17,675 11,500 113 120 170 184 167 || 224 ! 9,587 10,211 2,337,007 229 8,716 2,002,082 230 : 1,495 334,925 2,238,43S 233 624 98,569 158 I II

48

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Table H. Analysis of Endowment -Assurance Business of General Section. (Table III. of Prospectus.)

TOTAL BUSINESS. YEARLY. HALF-YEARLY. QUARTERLY. MONTHLY. Year of Entry. No. of Policies. Sum assured. Average Sum assured. No. of Policies. Sum assured. Average Sum assured. ! No. of Policies. Sum assured. Average Sum assured. No. of Policies. Sum assured. Average Sum assured. No. Of Policies. Sum assured. Average Sum assured. £ £ £ £ £ £ £ £ £ £ 1870 1871 1872 1873 1874 1875 1876 1877 1878 1879 1880 2 55 92 95 179 163 265 271 291 349 358 800 14,700 26,100 30,100 57,200 53,750 90,584 82,094 96,800 97,517 9S.652 ,„„ i 400 267 284 317 320 330 342 303 333 279 276 269 231 198 227 201 1 8 19 23 52 36 88 61 96 75 71 72 137 97 67 73 300 2,700 7,050 8,350 17,900 12,100 30,950 20,574 31,650 23,500 21,069 300 1 338 27 371 38 363 37 344 89 336 83 352 102 337 127 330 95 313 149 297 172 2S7 133 241 306 234 215 259 187 216 221 243 166 270 251 235 295 227 619 261 568 500 7,250 9,900 11,400 27,150 26,400 34,100 37,090 34,650 40,412 45,169 500 269 261 308 305 318 334 292 365 271 263 18 31 27 30 38 67 68 73 71 83 3,950 8,350 7,050 9,750 13,300 21,906 18,580 20,700 18,969 22,599 219 269 261 325 350 327 273 284 267 272 2 4 8 8 6 8 15 27 54 32 800 800 3,300 2,400 1,950 3,628 5,850 9,800 14,636 9,815 400 200 413 300 325 454 390 363 271 307 1881 1882 1883 1884 1885 315 758 715 466 598 84,609 175,440 141,323 105,573 120,175 20,633 33,000 22,650 17,375 15,800 35,S57 75,850 47,900 42,523 48,450 270 248 223 227 219 69 246 301 150 229 17,861 50,600 50,508 31,375 40,375 259 206 168 209 176 41 69 102 62 75 10,258 15,990 20,265 14,300 15,550 250 232 199 231 207 ; I 1886 1887 1888 1889 1890 515 572 513 886 940 102,580 120,760 104,920 185,425 199,556 li .. .- i 199 211 205 209 212 72 75 56 109 111 17,500 20,250 13,150 24,700 28,950 33,565 52,700 59,800 132,425 123,631 202 210 203 214 218 209 181 97 65 75 37,865 34,160 17,920 11,800 14,600 181 189 185 182 195 68 65 65 93 186 13,650 13,650 14,050 10,500 32,375 201 210 216 177 174 I 1,988,658 237 ! 1,399 390,151 279 3,881 926,722 8,398 239 2,128 452,218 213 990 219,567 222

49

H.—9

Approximate Cost of Payer.— Preparation, nil; printing (1,400 copies),

By Authority: Geobge Didsbuky, Government Printer, Wellington.—lB92.

7—H. 9.

[Price Is

Table I. Analysis of Endowment -Assurance Business of Temperance Section. (Table III. of Prospectus.)

TOTAL BUSINESS. YEARLY. HALF-YEARLY. QUARTERLY. MONTHLY. Year of Entry. No. of Policies. Rum assured. Average Sum assured. No. of Policies. Sum assured. Average Sum assured. No. of Policies. Sum assured. Average Sum assured. No. of Policies. Sum assured. Average Sum assured. No. of Policies. Sum assured. Average Sum assured. o £ £ £ £ £ £ £ £ £ £ Co to to 1870 1871 1872 1873 1874 1875 1 200 200 I 1 200 2C0 •• I •• to to to 1876 1877 1878 1879 1880 1 1 1 4 1 200 500 100 1,000 300 200 500 100 250 300 1 1 200 500 200 500 1 1 1 100 100 *3 *500 167 500 300 500 300 to to to to to 1881 1882 1883 1884 1885 4 138 252 204 312 1,050 31,175 46,510 40,450 58,475 263 226 185 198 187 1 21 20 28 52 500 4,900 5,850 5,700 11,450 j 500 233 225 204 220 1 48 68 82 108 200 11,400 13,225 16,650 20,035 200 238 194 203 186 2 52 136 67 119 350 11,625 22,985 11,800 20,140 175 224 169 176 169 17 22 27 33 ' 3,250 4,450 6,300 6,850 191 202 233 208 1886 1887 1888 1889 1890 300 127 94 184 189 51,594 22,670 17,675 36,250 37,200 182 179 188 197 197 30 20 16 32 35 7,450 3,950 2,950 7,450 7,400 248 198 184 233 211 112 51 54 103 117 21,735 9,900 10,500 20,200 22,700 194 194 194 196 194 125 44 19 25 15 18,909 5,970 3,325 3,900 2,800 151 136 175 156 187 33 12 5 24 22 6,500 2,850 900 4,700 4,300 197 238 180 196 195 1,813 348,349 192 264 58,100 220 748 148,045 198 606 102,104 168 195 40,100 206