Papers Past | Parliamentary Papers | Appendix to the Journals of the House of Representatives | 1894 Session I | NEW ZEALAND Government Life Insurance DEPARTMENT.

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NEW ZEALAND Government Life Insurance DEPARTMENT.

ANNUAL REPORT BY COMMISSIONER, 1893.

TRIENNIAL INVESTIGATION, 1893. FOURTH DIVISION OF PROFITS.

WELLINGTON. By Authobity : Samuel Costall, Goveenment Peinteb.

18 94.

1-5-H. 8,

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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: THOMAS CAHILL, M.D. ROBERT J. S. TODD.

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

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

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1894. NEW ZEALAND.

ANNUAL REPORT OF THE GOVERNMENT INSURANCE COMMISSIONER FOE THE YEAR ENDED 31st DECEMBER, 1893.

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, 1894. In compliance with statutory provisions, I have the honour to submit the accounts of the Department for the year 1893. Appended hereto is a detailed statement describing the policies issued and discontinued during the year, and showing the progress of the business of the Department since its establishment in 1870. New Business. —During the year 4,399 proposals, for a total amount of £1,016,738, were received. Of the whole of the proposals submitted, 486 were deferred or declined. Of every 100 proposals received, 82 were accepted at ordinary rates, 7 were loaded— i.e., accepted with an extra premium—and 11 were deferred or declined. Of every 100 policies completed, 93 were at ordinary rates, and 7 with an extra premium or the equivalent contingent debt. The number of policies issued was 3,237, for £740,428, being an increase on the previous year of 622 in number and £98,324 in amount. There were also granted 26 annuities, securing to their holders £1,239 per annum. The following is a condensed summary of the new policies issued by the Department during the year:—

There was an increase in the new business of both the General and the Temperance Sections. In the General Section the policies issued were 2,691, assuring £628,867, and in the Temperance Section 546, assuring £111,561. The outcome of the transactions of the year is that the net increase in the sum assured is greater than in the previous year, which was itself in advance of 1891. Premiums received,. —The total new premiums received amounted to £23,089, being £2,401 in excess of the previous year. The renewal premiums received amounted to £"214,383, being a slight increase over 1892. The gross premiums received, £"253,574, exceeded those of 1892 by £11,609. Interest. —The interest earned during the year amounted to £108,098, being £7,459 in excess of the previous year. Total Revenue. —The total revenue front all spurces showed an increase of £19,067, and amounted to £361,684.

No. Sum assured. vVhole-life and term assurances Endowment assurances Children's endowments *>447 *,757 33 347,994 3,783 Annuities 3>237 26 £1, 239 per annum 3-263

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Claims under Policies. —Death claims arose under 209 policies through the deaths of 191 policy-holders, representing (after deduction of contingent debts) a total sum assured, including bonus additions, of £"64,030. This amount is exceedingly favourable, being a decrease of more than £"20,000 as compared with the death claims of 1891 or 1892. Matured endowment assurances and children's endowments and investments amounted to £"31,843. Expenses of Management. —The expenses of management (including commission £"14,827, and land- and income-tax £"5,783) amounted to £"54,071. Although a much larger volume of new business was secured during the year, the ratio of expenses to premium income has declined, and now stands lower than for many years. Accumulated Funds. —A sum of £"18,000 was set aside to increase the investment reserve already in existence ; but, notwithstanding this step, the funds have increased by £"148,292, and at the end of the year amounted to £"2,128,590. Triennial Investigation. —The year 1893 being the last of the triennium, a valuation of the liabilities was made upon principles approved by the London Actuaries—Messrs. Bailey, Hardy, and King. The valuation showed a surplus of £"190,000, of which £'50,000 was reserved, and £"140,000 was converted into reversionary additions to participating policies. The valuation report shows that the Department has never been in a stronger financial position than at the present time. It might be mentioned that the Actuary and his staff have been most assiduous in pushing on the completion of the valuation, the result having been reported as early as the 21st March. The work of allotting the individual bonuses was completed and the bonus certificates despatched from the Head 'Office by the end of April, being several months earlier than has been the case on any previous occasion. General Remarks. —The year 1893 has been one of solid progress for the Department, notwithstanding the depression in trade which has been felt more or less throughout all the colonies. The accounts which accompany this report will show that in essential particulars the office has more than held its own. Whilst the rate of interest earned has remained practically constant, the mortality has been exceptionally light, and the rate of expenses shows a still further decline ; in addition to which the new business shows an increase of nearly £"100,000, and the net increase of the office is greater than at any time during the past eight years. JOSEPHUS H. RICHARDSQN, Commissioner.

Ebvenub Account of the Government Life Insurance Department for the Year ended 31st December, 1893. & a. d. | £ s. d. Amount of Funds at 31st December, 1892 1,980,297 IS 2 Death claims under policies, Assurance, Renewal premiums — Assurance, An- including bonus additions .. .. 64,029 11 0 nuity, and Endowment .. .. 214,383 3 0 Endowment Assurances matured, includNew premiums on 3,237 policies, assur- ing bonus additions .. .. 30,372 13 0 ing £740,428, and yielding an annual Endowments matured .. .. 1,470 15 11 revenue of £22,601 4s. 2d. (including Premiums returned on endowments .. 75 11 5 instalments of first year's premiums Bonuses surrendered for cash .. .. 2,041 17 7 falling due in the year) .. .. 20,352 18 5 Annuities .. .. .. .. 6,580 510 Single premiums—Assurance and En- Surrenders .. .. .. .. 18,965 3 6 dowment.. .. .. .. 2,736 1 3 Loans released by surrender .. .. 17,785 1 7 Consideration for annuities .. .. 16,102 511 Commission, new .. £13,286 1 6 Interest .. .. .. .. 108,097 11 8 „ renewal.. 1,540 9 5 Fees .. .. .. .. 11 16 3 14,826 10 11 Land-and income-tax .. .. 5,782 12 11 Expenses of management— Salaries—Head Office £9,821 1 3 „ Branch Offices and Agents 5,146 12 7 Extra clerical assistance 1,642 6 0 Medical fees and expenses 4,891 4 0 Travelling-expenses 1,460 15 8 Advertising .. 988 11 9 Printing and stationery 1,403 910 Rent .. .. 1,661 8 3 Postage .. .. 1,488 19 1 Telegrams .. .. 498 18 2 Exchange .. .. 129 9 2 Office furniture depreciation .. .. 463 0 11 General expenses .. 2,222 3 9 Triennial expenses .. 1,436 10 0 Compensation for loss of office .. .. 206 17 7 33,461 8 0 Reserve for possible depreciation in freehold and mortgage securities .. 18,000 0 0 Amount of funds at 31st December, 1893 .. .. .. 2,128,589 18 0 £2,341,981 9 8 £2,341,981 9 8

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Balance-sheet of the Government Life Insurance Department on 31st December, 1893. Liabilities. £ s. d. I Assets. £ s. d. Total Assurance, Annuity, and Endow- Loans on policies .. .. 365,075 11 9 ment Funds (as per Revenue Account) 2,128,589 IS 0 Government securities— Claims admitted, proofs not yet com- Consolidated stock ..£680,079 0 0 pleted .. .. .. .. 10,311 7 2 Treasury bills .. 140,000 0 0 Commission .. .. .. 1,394 0 4 Debentures issued under Medical fees .. .. .. 721 7 0 "The Government Premium and other deposits .. .. 2,645 9 5 Loans to Local Bodies Tontine Savings Funds .. .. 4,279 12 5 Act, 1886" .. 10,000 0 0 Reserve for possible depreciation in free- Railway debentures hold and mortgage securities .. 43,000 0 0 (guaranteed by Government) .. .. 79,887 10 0 Debentures issued under " The Native Land Purchases Act, 1892 " 15,000 0 0 Debentures issued under "The Immigration and Public Works Act, 1870" .. 1,929 14 3 926,896 4 3 Municipal Corporation debentures .. 106,220 1 2 County securities .. .. .. 1,000 0 0 ' Otago University debentures .. .. 15,000 0 0 Harbour Board debentures .. .. 34,000 0 0 River Board debentures .. .. 935 0 0 Landed and house property .. .. 115,312 14 9 Office furniture (Head Office and Agencies) 3,699 16 0 Mortgages on property .. .. 498,145 16 6 Properties acquired by foreclosure .. 33,986 611 Overdue premiums on policies in force .. £7,436 4 9 Outstanding premiums duo in December, 1893 28,045 12 2 ■ 35,481 16 11 Interest outstanding .. 2,311 7 1 Interest accrued, but not due .. .. 24,815 16 2 27,127 3 3 Agents'balances .. .. 3,053 12 4 Sundry accounts owing .. .. 1,613 2 11 Cash on current account .. .. 22,794 7 7 £2,190,941 14 4 £2,190,941 14 4 Government Life Insurance Department, 16th March, 1894. Josephus H. Eichardson, Commissioner. W. B. Hudson, Secretary. Audited and found correct. James C. Gavin, Assistant Controller and Auditor.

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Statement of Business

POLICIES ISSUED AND DISCONTINUED

PARTICULARS OF POLICIES DISCONTINUED

PROGRESS OF BUSINESS OF THE GOVERNMENT INSURANCE

Note.—The Ordinary Premium is the premium charged at the true age; the Wellington, gth February, 1894.

ASSUR NCES. liole-lifi and Term Assun '/noes. Endowment Assurances YEAR 1893. No. Sum Assured. Bevorsionary Annual P: ■emium. No. C j,,._, Eever- Annual Pi A 8 Ss™d. g°™7 Bonus,. ordinary. •emium. I Extra. Bonus. Ordinary. Extra. Policies in force] at 31st .Dec, I 1892 J 18,0811 £ |5,418,059 £ 395,168 £ a. cl. 138,134 15 8 £ s. a. 3,960 16 10! 11,660 2,588,889 £ 149,429 £ s. d. 93,132 13 5 £ s. d. 843 17 9 New Business, { 1893 J . 388,651 9,837 16 11 142 11 11 1,757 347,994 12,402 3 9 68 5 4 1,447, Total '.. 19,528! 15,806,710 395,168 147,972 12 7 4,103 8 9 |13,417 2,936,883 149,429 105,534 17 2 912 3 1 Policies discon-] tirmed during I 1893 J 1,107 317,290 16,192 9,259 1 1 297 16 1 694 153,450 9,407 6,102 6 8 71 0 5 Total Policies] in force at 31st L Dec, 1893 J 18,421 5,489,420 378,976 138,713 11 6 3,805 12 8 12,723 2,783,433 140,022 99,432 10 6 841 2 8

How Discontinued. By Death .. j 143 Maturity .. : Surrender .. ' 181 Surr. Bonus ; .. Lapse .. | 776 Expy. Policy j 7 Expy. Prem. Miscellaneous .. j 42,857 4,277 62,506 3,686 2,961 208,927 5,268 3,000 1,358 10 5 1,61418 1 43 5 9 63 5 11 66 14,500 96 26,108 135 31,427 *397| 811415 1,182 3,343 1,281 1,352 2,249 533 8 8 1,461 10 2 1,232 4 5 5 6 9 24 8 1 14 1 6 5,038 9 6 127 10 7 1,070 0 10 49 11 8 125 11 2 2 9 0 30 12 4 32 11 11 •• 2,85<i'll 6 23"l3 3 , I 20'll 11 3*io io 317,290j 16,192 297 16 1 694 153,450 6,102 6 8 71 0 5 I 1,107 9,259 1 1 9,407

Total issued ..33,80010,218,986 612,587 269,769 2 6 10,051 3 8 1 Total void .. 15,379 4,729,566 233,611131,055 11 0 6,245 11 0, Total in force 18,421 5,489,420 378,976!l38,713 11 6 3,805 12 8l 23,096 5,316,408 10,373 2,532,975 227,767192,521 6 9 2,466 7 3 87,745 93,088 16 31,625 4 7 140,022J 99,432 10 6 841 2 8 12,723 2,783,433 140,022 99,432 10 6

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at end of Year 1893.

DURING THE YEAR 1893.

DEPARTMENT SINCE DATE OF ESTABLISHMENT TO 31st DECEMBER, 1893.

JOSEPHUS H. RICHARDSON, Commissioner. MORRIS FOX, Actuary.

SIMF ENDOWME VESTMEI 1 'l_E NTS, INITS, &C. ANNUI IES. TOTAL. No SuIU wo- Assured. Annual Premium. No. Annual Premium Annuities. «„_, Rever- Annual P: No. A SjS|d slonary Assured. Bonus . Ordlnary | •emium. Extra. Annuities. 29,272 £ s. a. 1,207 1 1 S s. d. 23 12 2 £ s.a. 7,049 4 3 8,036,220 £ £ o *• d. 544,597232.498 2 4 / s. d. 4,804 14 7 £ s-d-7,°49 4 3 439 136 30,316 3,783 150 6 3 1,239 4 5 3,263 740,428 22,390 6n 210 17 3 1,239 4 5 33 'JO 472 33,055 1",357 ' 7 4 162 23 12 2 8,288 8 8 33,579 8,776,648 544,597.254,888 9 3 5,015 11 10 8,288 8 8 61 3,651 169 3 9 433 1 6 1,870 474,391 25,599 15,530 " 6 368 16 6 433 1 6 411 518,998 239,357 17 9 4,646 15 4] 7,855 7 2 29,404' 1,188 3 7 154 23 12 2 7,855 7 2 31,709 8,302,257

'24 1,471 31 1,480 75~'4 0J .. 65 2 4 .. 28'l7 5 .. 8 433 1 8 217 1201 347 1.179 7 57,357 27,579 95,4!3 291,042 3,000 5,459! 1*891 19 I 3,343! 1,536 14 2 4,967! 2,912 4 10 4,313 7,517 7,921 18 5 I 127 10 7 1,070 o 10 7° 3 7 48 12 6j 24 8 I 77 7 5 433 1 6 •• "e voo 149 4 5 290 30 12 4 36 2 9 .. ! 433 1 6 • • 25,599, 15,530 11 6 433 1 6 61 3,651 169 8 9;f 8 1.870 1 474,391 368 16 6: ||

1,811 92,4404,462 0 3 1,400 63,0303,273 16 8 411 29,4041,188 3 7 217137 7 5 63113 15 3 10,80719 6 2,952 12 4 58,92415,627,834 840,354466,889 i6 11 27,215 7,325,577 321,356227,531 19 2 12,517 101110,807 19 6 7,870 15 7 2,952 12 4 1,188 3 7 1541 23 12 2 7,855 7 2 31,709 8 302,257 518,998! 239,357 17 9 4 646 15 I 7,855 7 Extra Premiums .. .. .. 4,646 15 4 Reduction of Premium by Bonus, &c. 294 *2 81 7,855 7 2 31,709 8 302,257 518,998! J ixtra, the additional premium imposed for any reason whatsoever. ■£244,299 _jj_ 9

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2—H. 8.

REPORT BY THE ACTUARY ON THE NET SUEPLUS OF PROFITS OF THE NEW ZEALAND dtentnmtf Jnanrmtte diriment, As on the 31st day of December, 1893, Made under Section 45 of " The Government Insurance and Annuities Act, 1874." Wellington, 7th June, 1894. In accordance with instructions received, I have- made a careful investigation of the Department's liabilities as on the 31st December, 1893, with the object of ascertaining the surplus available for distribution amongst the policyholders. There were 31,555 policies for valuation, assuring £8,302,257, in respect of which tabular premiums amounting to £239,334 ss. 7d. are receivable annually. The following summary will show the various classes to which these policies belong :—■

There were also 154 annuities providing for total yearly payments of £7,855 7s. 2d. to the holders. PROGRESS OF BUSINESS DURING THE TRIENNIUM. Since the last valuation in 1890 there has been a net increase of 3,555 in the number of policies, £758,227 in the sum assured, and £19,487 9s. sd. in the tabular annual premiums. The annuities have increased from 102 for £5,668 14s. 4d. per annum to 154 for £7,855 7s. 2d. A detailed statement of the progress of the office will be found in Table A, which comprises the whole of the policies, and shows clearly the movement during the triennium amongst the different classes of contracts of assurance, endowment, and annuity.

Percentage of Total Sum Assured. 17,480 Whole-life Assurances : Uniform premiums, insuring 12,723 Endowment Assurances „ 920 Whole-life Assurances : Limited premiums 376 Children's Endowments and Investments „ 56 Miscellaneous policies „ £5,076,503 2,783,433 401,668 28,680 11,973 61-2% 33-6% 4-8% - 0-3% o-i% 31,555 £8,302,257 100-0%

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ACTUARY'S

Table

Movement of Business

POLICIES ISSUED AND DISCONTINUED

DETAILS OF POLICIES DISCONTINUED

PROGRESS OF BUSINESS SINCE

Note.—The Ordinary Premium is the premium charged at the true age; the I

ASSURANCES. ieaes 1891, lioie-lifi and Assun 'MCeS. Endowment Assurances 1893. I No. Sum Assured. Reversionary Bonus. Annual Pi ■emimn. „„ Sum - iN0- Assured. Reversionary Annual Pi ■emiuni. I Bonus. Ordinary. Extra. Ordinary. Extra. Policies in force 1 at 31st Dec, I 1890 J Bonus, allotted | as at 31st Dec, I 1890 J New Business of) Triennium j 17,172 5,171,537 & 195,783 & s. a. 133,802 16 3 £ b. a. 4,092 4 C 10,292 2,345,831 £ 67,979 S. s. d. 84,844 18 5 & s. d. 898 14 9 282,660 " 113,779 4,339 1,207,792 29,934 12 9 594 17 7 4,319 860,709] 31,223 12 8 258 7 7 Total .. 21,511 6,379,329 178,443 163,827 9 0 4,687 2 1 14,611 3,206,6301 |18L,758 116,068 11 1! 1,157 2 4 Policies discon-} tirraea during I theTrienniumJ 3,090 889,909 99,467 25,113 17 6 881 9 5 1,888 423,1971 I 41,736 16,636 0 7 315 19 8 | Total Policies) in force at 31st I Dec, 1893 J 18,421 5,489,420 378,976 138,713 11 6 3,805 12 8 112,723 2,783,433 140,022 99,432 10 6 I 841 2 8

How Discontinued, i By Death .. 508 Maturity Surrender .. 584 Surr. Bonus Lapse .. 1,987 Expy. Policy 11 Expy. Prem. Miscellaneous .. I I 165,976 17,044 173^773 10^240j 53,702 544,560 18,481 5,000 5,119 17 2 I 4,580 18 8 229 9 8 183 13 4 j 181 220 420 43,470 58,582 99,566 3,836 8,589 5,409 17,342 6,560 1,611 1 6 3,415 11 0 3,697 17 0 19 1 1 42 17 0 37 4 9 12,808 0 1 164 6 6 2,323 C 1] 117 8 2 330 "9 11 2 9 0 47 12 6 87 15 0 1^067 221^579 7,756 13 9 106'" 1 2 154"l7 4 ni'is s I 3,090 ( 8S9.909 99,467J J 25,113 17 6 881 9 5 1,888 423,197 41,736 16,636 0 7 315 19 8 j

Total issued .. 88,800,10.213,986612,587 269,769 2 610,051 3 8 23,096 5,316,408 227,767 Total void .. 15.379J 4,729,566;23S,01lil31,055 11 0 6,245 11 Oj 10,373 2,532,975 87,745 Total in force) at 31st Dec, \ 18,421 5,489,420378,976138,713 11 6! 3,805 12 8 12,723 2,783,433140,022 1893 ) I 192,521 6 9 93,088 16 3 2,460 7 3 1,625 4 7 12,723 2,783,433 140,022 99,432 10 6 841 2 8

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REPORT.

during the Triennium 1890-93.

DURING THE TRIENNIUM.

ESTABLISHMENT TO END OF 1893.

BEPORT. A. during the Triennium 1890-93. DURING THE TRIENNIUM. SIMI ENDOWMI VESTME 'LE NTS, INITS, &c. ANNUITIES. TOTAL. No. Sum Assured. Annual Premium. No. Annual Premium Annuity. ■kj. Sum ■""■ Assured. sionaryBonus. Annual P: •emium. Annuity. Ordinary. Extra. 530 £ 26,662 £ s. d. 1,139 1 6 102 £ s. d. 10 16 0 £ s. d. 5,668 14 4 28,102 £ 7,544,030 £ 263,762 £ s. d. 219,857 12 2 £ s- d4,990 19 3 £ B. d. 5,668 14 4 396,439 105 13,842 556 17 9 12 1G 2 3,186 9 4 8,831 2,082,433 6i,757 19 4 853 5 2 3,186 9 4 68 641 40,504 1,695 19 3 170 23 12 2 8,855 3 8 36,933 9,626,463 660,201 281,615 11 6 5,844 4 5 8,855 3 8 230 11,100 507 15 8 999 16 6 5,224 1,324,206 141,203 42,257 13 9 1,197 9 1 999 16 6 16 411 23 12 2 [7,855 -7 2 31,709! 8,302,257 518,998 239,357 17 9 4,648 15 4 7,855 7 2 29,404 1,188 3 7 154: DURING THE TRIENNIUM. „8 134 3^395 5,265 17o'_ 0 228 0 3 16 999 16 0 7°5 288 1,138 209,446 61,977 278,604 20,880 8,589 15,649 71,044 25,041 6,730 iS 8 3,585 13 o 8,506 15 11 248 10 9 42 17 o 220 18 I 435 11 ii 290' 47 12 61 199 10 8! 999 16 6 _8 2,440 109 13 5 3,082 11 768,579 5,600 20,674 7 3 164 6 6 2,323 6 11 272 5 6 •• ■ • i 230 11,100 507 15 8 16 I 999 16 6 5,224| 1,324,206 141,203| 42,257 13 9 1,197 9 1 I 999 16 6 ESTABLISHMENT TO END OF 1893. 1,811 92,440 4,462 0 3 1,40C)| 63,030 3,273 16 8 217137 7 5 63113 15 3 10,807 19 6 2,95212 4 58,924 27,215 15,627,834 840,354 7,325,577 321,356 466,889 16 11 227,531 19 2 12,517 1011 7,870 15 7 10,807 19 6 2,952 12 4 29,404 1,188 3 7 154| 23 12 2 7,855 7 2 31,709 8,302,257 518,9981239,357 17 9 4,646 15 4 7,855 7 2 411 Extra Premiums Reduction of Prem: :um by Bonus, &c. 4,646 15 4 294 12 8 extra, the additional premium imposed lor any reason whatsoevei2244,299_ 5_ 9

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ACTUARY'S REPORT.

THE BASIS OF VALUATION. On the occasion of the last valuation the rate of interest assumed in the calculations was reduced from 4J to 4 per cent. After a careful consideration of all the surrounding circumstances, it was decided to make no further change at present in the nominal basis of valuation, but to make such special reserves as would enable the rate of interest to be still further reduced without inconvenience at a future valuation. The standard of valuation adopted is, therefore, the |-| M mortality experience, with 4 per cent, interest. Before finally deciding this important matter the Department sought the advice of the eminent English Actuaries, Messrs. A. H. Bailey, Ralph P. Hardy, and George King, who acquiesced in the adoption of the above mentioned basis, on condition that a suitable reserve should be made from the gross surplus, "both as a general measure of precaution, and as a means of eventually strengthening the valuation reserves against a fall in the rate of interest." I have endeavoured to fully meet this condition by recommending that such a sum should be reserved as would make the valuation virtually equal to one by |—J M 3f per cent. The English Government Annuitants' Mortality Experience (1884), with 4 per cent, interest, has been used for valuing the immediate annuities; and for simple endowments and investments the amount of premiums paid, accumulated at 4 per cent, interest, has been reserved as the net liability. Technical details respecting the formulae adopted, and the assumptions made in applying them, will be found in the Fourth Schedule which accompanies this Eeport. It will merely be necessary to say here that the valuation has been made on a strictly pure premium basis, i.e., the pure premiums only have been considered as an asset, leaving the total loading, amounting to £40,596 per annum, —equal to 17 per cent, of the office premium income, and worth £536,014, —as a provision for further expenses and contingencies. This is exclusive of the extra premiums, amounting to £4,647 per annum, which have not been reckoned on at all. An adequate extra reserve has been made for the future expenses of limited premium policies, and the immediate payment of death claims has been provided for by suitable modifications of the valuation formulae. KESULTS OF THE VALUATION. The full valuation schedule appears in Table 8., cf which the following is a condensed summary :— £ Value of £8,270,303, sums assured (participating) .. .. .. .. 3,957,359-7 Value of £518,998, reversionary bonu.s additions, and reductions of premiums 283,902-5 Reserve for extra premiums of £4,647 per annum .. .. 1,144-5 Keserve of loading on limited-premium and paid-up policies .. .. .. 13,641-7 Special adjustment reserve .. .. .. .. .. .. .. 236-9 4,256,285-3 Value of annuities of £7,855 per annum .. .. .. .. .. 67,706-9 Eeservo for 416 miscellaneous policies (non-participating) .. .. .. 10,4009 4,334,393-1 Deduct value of £197,792 per annum, future pure premiums .. .. .. 2,395,803-2 Net liability .. .. .. .. .. .. £1,938,589-9

A bnet summary o: iollowing table :— emperance ani Ton ;me po. [lcies o: >epar ;merr is given m Temperance Section. Tontine Section. Number of Policies. Sum Assured. Number of Policies. Sum Assured. 821,084 £ 1,496,861 In force at 31st December, 1890 3,930 5,413 Issued during the triennium Void during the triennium 1,266 638 260,628 138,421 2,480 1,467 678,450 400,125 Net increaso 628 122,207 1,013 278,325 In force at 31st December, 1893 .. 4,553 £943,291 6,426 £1,775,186

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ACTUARY'S REPORT.

It will be seen by the Consolidated Eevenue Account (Table C) that, after making a further reserve of £18,000 for possible depreciation of freehold and mortgage securities, the accumulated funds at the 31st December, 1893, amounted to £2,128,589 18s. There is, therefore, a gross surplus of assets over liabilities of £190,000, as shown by the valuation balance-sheet given in Table D. ALLOTMENT OF SURPLUS. Of the total ascertained surplus of £190,000 the profit made during the triennium was £152,000, the balance of £38,000 being the special reserve of £32,652 made at the last valuation with interest accumulations. Having ascertained that a special reserve of £50,000 would serve to bring the present valuation up to the standard of [—I M 3f per cent., I recommended in my interim report of the 21st March that a further reserve of £12,000 should be drawn from the profits of the triennium for that purpose. This recommendation was accepted, and, in the interval which has elapsed, the divisible surplus of £140,000 has been allotted to the participating policyholders, securing reversionary additions to policies amounting to £277,267 18s. The surplus was divided between the General and Temperance Sections in accordance with " The Government Life Insurance Acts Amendment Act, 1890," the result being that Temperance policies received slightly higher bonuses than General policies, which were like them in all other respects. This point is illustrated in the following Table of Reversionary Bonuses allotted to whole-life policies in the two sections: —

The premiums having been twice raised—in 1877 and in 1885 —I have distinguished between the policies under the three different rates. After eight years' duration, the Temperance bonuses in the foregoing table relate to policies which were transferred from the General Section in the years 1887 and 1888. MOKTALITY, INTEREST, AND EXPENSES. Mortality.— The mortality experienced by the policyholders has been very light throughout the triennium. The profit from this source was estimated and divided amongst the policyholders by the method devised by Messrs. Bailey, Hardy, and King in 1887. The question of the relative vitality of abstaining and non-abstaining policyholders is doubtless an extremely interesting one, and on the present occasion the monetary results are slightly in favour of the total abstainers.

TABLE OF REVERSIONARY BONUSES NOW ALLOTTED TO WHOLE-LIFE POLICIES OF £100. Ages at Entry. a o 2O. 3O. 4O. BO. a o g A General. Temperance. General. Temperance. General. Temperance. General. Temperance. H d n 1885 PREM :UM RATES. Tears. 3 6 £ s. 4 3 4 5 £ s. 4 5 4 7 £ s. 3 11 3 12 £ s. 3 13 3 14 £ s. 3 3 3 8 £ s. 3 5 3 10 £ s. 2 16 3 3 £ s. 2 17 3 4 Years. 3 6 1877 PREM; :UM RATES. 9 12 15 4 G 4 19 5 4 4 8 5 1 5 6 2 18 3 9 3 14 3 0 3 11 3 15 2 18 3 10 3 16 2 19 3 10* 3 17 2 18 3 10 3 18 2 19 3 11 3 19 9 12 15 1870 PREM UM RA' 'ES. 18 21 24 3 15 4 2 4 8 3 16 4 3 4 9 I 4 1 4 10 4 17 4 3 4 13 4 18 3 19 4 8 4 14 4 0 4 8* 4 15 I 3 17 4 4 4 13 3 18 4 4* 4 14 18 21 24 * The reversionary bonuses being taken to the nearest shilli sections for £10U policies, but for larger policies the Temperance ing, it happens in a few instances that they are the same in hot! bonuses are higher.

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ACTUARY'S

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

PABTICUL, JIS OF POLICIES Office Yearly DESCRIPTION OF TRANSACTIONS. Number of Policies. Sums assured. Bonuses. Yearly Permanent Reduction of Premiums. Ordinary. WITH PROFIT POLICIES. £ £ £ s. d. £ s- <*■ I. Whole Life Assurances : Uniform Premiums .. 17,480 5,076,503-200 312,987-75 159 3 o 132,464 19 o II. Whole Life Assurances: Limited and Single Premiums 920 401,667-559 65,779'55 1 14 8 5,987 3 1 III. Endowment Assurances, payable at Death or Maturity 12,723 2,783.432750 140,022-65 133 15 o 99,566 5 6 IV. Joint Life Assurances: Uniform Premiums 15 8,200-000 I75-5O 352 7 4 IVa. Survivorship Assurance 1 500-000 33-00 16 10 o Reserve for Extra Premiums Adjustment Reserve Total with Profits 31139 8 270 303-509 518,998'45 294 12 8 238,387 4 11 WITHOUT PROFIT POLICIES. V. Endowments without Return of Premiums 3 300-000 10 13 6 VI. Endowments with Return of Premiums 200 23,791*000 953 I0 9 XI. and IV.(5), Temporary Assurances 5 2,550-000 53 9 9 V. Investments.. 173 4,588-983 206 4 o I.B. Industrial 35 723-300 17 15 4 Total without Profits .. 416 31953-283 124113 4 Toto-l of Policies .. 31,555 8,302,256792 518,998'45 294 12 8 239,628 18 3 ANNUITIES. VII. Immediate .. Annuity. 7,110-692 147 /IIa.. Immediate, Joint,, and Survivorship 4 374-667 /III. Reversionary 1 300-000 IX. Deferred without return of Premiums 1 2O'O00 12 l6 2 X. Deferred with reiurn of Premiums 1 50-000 io 16 o Total Annuities 28 12 2 154 7,855-359 Welliri' [ton 7th March. 1894.

H.—B

REPORT.

B. ZEALAND GOVERNMENT LIFE INSURANCE DEPARTMENT, December, 1893.

'OR VALUATION. VilJjUii.lIU.IM . iGovernraent. th-profit Policii Annuitants, i& es. $4, 4 0/ 0; Immedi iate Annuities. "BEMIUMS. VALU OF VAL E OF Pure Yearly Premiums. Extra (not valued). Sums Assured, Bonuses. C4-, 111 Additional Reserve for Limited Premium and Paid-up Policies. TOTAL LIABILITY. Office Ordinary Premiums. Pure Premiums. NET LIABILITY. £ '• *• £ £ £ £ £ £ £ £ £ 3,668 12 3 109,822-467 2,199,446-0 154,2547 1,899-9 2,355,600-6 1,815,951-2 1,482,989-7 872,610-9 113 11 4 4,996-311 202,601-3 34 > 5°3' 2 17-1 13,201-5 250,3231 30,047-6 24,086-1 226,237-0 841 2 8 82,671-061 1,550,773-0 92,125-1 986-8 440-2 1,644,325-1 1,081,854-2 885,514-8 758,810-3 17 10 10 288-225 4>44 r3 109-2 4,550-5 3,894-0 3,154-4 1,396-1 2 10 o 13-598 98-1 6-5 104-6 70-6 58-2 46-4 i,i44'5 1,144-5 1,144-5 4,643 7 1 197,791-662 236-9 3,9587411 280 9987 236-9 236-9 2,903-8 13,041-7 '4,256,285-3 2,931,817-6 2,395,803-2 1,860,4821 263-9 263-9 263-9 7,518-6 7,518-6 7,518-6 3 8 3 26-8 26-8 26-8 2,462-6 2,462-6 2,462-6 ! 3 8 3 129-0 10,400/9 129-0 10 400-9 129-0 10,400'9 I • ■ I 1 4,646 15 4 197,791 1662! 3 5 969,142-0 280,9987 2,903-8 13,6417 4,266,686-2 2,931,817'6 2,395,803'2 1,870,883'0 60,4817 60,4817 60,4817 5,671-0 5,671-0 5,671-0 1,189-2 .. i,i8g-2 1,189-2 27-2 27-2 27-2 337-8 . j I . . 337-8 337-8 67 70C9 67,706-9 67,706'9 net Liability £1,038,689*9

H,—B.

ACTUARY'S REPORT.

Table C. CONSOLIDATED REVENUE ACCOUNT OF THE GOVERNMENT INSURANCE DEPARTMENT, For the Period commencing 1st January, 1891, and ending 31st December, 1893.

Table D. VALUATION BALANCE-SHEET OF THE GOVERNMENT INSURANCE DEPARTMENT, As at 31st December, 1893.

Amount of Funds on 1st January, 1891 Renewal Premiums New Premiums Single Premiums Consideration for Annuities granted Interest Fees £ s. d. 1,715,193 5 9 629,671 10 3 57,030 18 9 6,728 12 7 36,604 15 6 305,115 2 7 44 17 3 s s. a. £ s. d. Death Claims under Policies, Assurance, including Bonus Additions .. .. 232,470 0 8 Endowment Assurances matured, including Bonus Additions .. .. .. 68,453 2 7 Endowments matured .. 3,394 13 7 Premiums returned on Endowments .. .. .. 260 G 3 Bonuses surrendered for Cash.. 32,336 6 1 Annuities .. .. .. 18,244 15 4 Surrenders.. .. .. 52,063 4 4 Loans released by Surrender .. 36,080 13 5 Commission, New .. .. 35,931 0 11 Renewal .. 4,546 0 5 443,303 2 3 40,477 1 i Property-, Land-, and Incometaxes Losses on Properties foreclosed Expenses of Management — Salaries, Head Office .. 31,302 12 11 „ Branch Offices and Agents.. .. 14,781 8 0 Extra Clerical Assistance .. 3,620 3 6 Medical Pees .. .. 13,316 8 6 Travelling Expenses .. 3,899 15 8 Advertising .. .. 2,770 14 9 Printing and Stationery .. 4,293 6 1 Rent .. .. .. 4,301 8 8 Postage .. .. .. 4,817 10 8 Telegrams .. .. 1,448 17 10 Exchange .. .. 655 6 0 Office Furniture Depreciation 1,310 19 0 General Expenses.. .. 5,821 1 9 Quinquennial and Triennial Expenses .. .. 6,044 11 4 Compensation for loss of Office .. .. .. 2,394 3 8 18,756 13 11 483 18 10 Investment Reserve Fund Amount of Funds on 31st December, 1893 100,778 8 4 18,000 0 0 2,128,589 18 0 £2,750,389 2 8 £2,750,389 2 8

Dr. 'o Net value of Liabilities (as per Valuation Summary in Table B) 'o Surplus £ s. d. 1,938,589 18 o 190,000 o o Cr. By Accumulated Funds (as per Consolidated Revenue Account in Table C) £ s. d. 2,128,589 18 o £2,128,589 18 o £2,128,589 18 o

3—H. 8.

H.—B.

ACTUARY'S REPORT.

But it would be unwise to infer therefrom that the Temperance bonuses will necessarily be higher than the others in future. Such a small body as the Temperance Section is at present is subject to fluctuations which might at any time cause the opposite result. A summary of the mortality experienced in the General and Temperance Sections respectively is given in Table E. A noteworthy fact in connection with the deaths of the triennium, although not shown in the summary, is that no women suffered violent deaths, although fully 8 per cent, of the total number of deaths were those of women, and over 14 per cent, were due to suicide, homicide, or accident. The statistics relating to the proposals accepted and declined, and new policies issued during the triennium, show that the tendency of very recent years has been to rate up fewer proposals and to decline more. This will be gathered from the following schedule :—

Interest. —At the close of the triennium the funds of the department were earning about 5-Jper cent, interest, a rate slightly lower than that which was being obtained at the beginning of the period. The decline is principally due to a lowering of the rate of interest on Government securities from 5 to 4J per cent. The yearly average rates of interest earned in the past have been as follows: — £ s. a. II £ s. a. Year 1871-72 ..572 tier cent, per annum. I! Year 1883 ..562 per cent, per annum. „ 1872-73 ..532,, „ „ 1884 ..567 „ 1873-74 ..497,, „ „ 1885 ..506 „ 1874-75 .. 415 0 „ „ 1886 .. 419 9 „ 1875-76 ..512,, „ „ 1887 ..538 „ 1876-77 .. 417 11 „ „ „ 1888 ..557 „ 1877-78 .. 418 6 „ „ 1889 ..573 „ 1878-79 ..509,, „ „ 1890 .. 5 811 „ 1879-80 ..516,, „ „ 1891 ..582 „ 1880-81 ..544,, „ „ 1892 ..552 „ 1881-82 ..535,, „ „ 1893 ..553 ,; Half-year 1882 ..544 Expenses. —The total expenditure of the period under review, including taxes and commission, amounted to £160,012 3s. 7d. The ratio of expenses to income has declined substantially during the triennium, and now stands lower than for many years past. In view of the small loading contained in the premiums it is to be desired that this ratio should still further diminish. It is only right, however, to point out that the taxes accounted for £18,756 13s. lid. of the total amount, being 2-70 per cent, of the premium income during the period. In their last report Messrs. Bailey, Hardy, and King drew attention to this matter in the following words: " The property-tax, the burden of which was unimportant five years ago, has 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." This matter is of the greatest importance in reference to future bonuses, and I therefore set forth the following schedule in order to compare the taxation of the Department with that imposed upon English and Australian offices. This information is taken from the latest reports of those offices which state their taxation separately :—

Proposals Received. Policies Issued. Year. Annual Premiums. Accepted at Ordinary Kates. Bated up Deferred or Declined. Ordinary. Extra. 1891 1892 1893 76 per cent. 79 82 14 per cent. 9 7 .. I 10 per cent. .. j 12 .. 11 20,148 19,219 22,390 & 418 225 211

Pkopobtion ov Annual Taxation to Accumulated Funds. Yearly Interest. Yearly Surplus.* I 5 Australian offices .. .. .. 0-09% 1'67% 45 English offices .. .. .. .. 0-09% 2-31% 1 New Zealand office .. .. .. 0'27% 5'35% ■ ] i 2-49% 4-45% 12-39% * The average yearly surplus allotted at last division oi profits.

H.—B.

ACTUARY'S SUMMARY OF MORTALITY

Assubance Policies in Fobce A r r 31st Deoembeb, 1890. Section. Number of Policies, Sum Assured. Average. Age. Duration. Sum Assured. I £ General .. i 23,805 6,748,265 Temperance.. 3,714 770,059 39-84 33'35 7'33 4-82 £ 283 207 Total 27.519 £7.518,324 38-96 6-99 £273 GENERAL CAUSE OF DEATH. 1 2 to to 2 3 H] K. .TION OP POLICIES. 6 7 to to 7 8 8 9 O to to to 9 1O 5 5 10 to to 1O 15 15 2O °s to to H ° 2O 25 * 15 20 to to 20 25 ag: 25 to 3O O to 1 3 to 4 4 to 5 5 to 6 Zymotic Diseases 1 6 3 2 2 4 2 2 2 13 12 10 8 1 44 2 5 2 Dietetic Diseases 1 1 1 1 2 1 2 6 1 Constitutional Diseases — Cancer Phthisis Others 3 1 2 2 2 4 8 2 2 5 2 6 3 1 1 4 4 1 5 6 11 14 7 18 22 12 12 5 10 13 4 3 2 54 63 20 1 1 2 *8 2 1 5 4 1 1 4 1 1 Total .. 6 2 3 12 9 7 10 6 9 12 32 44 29 27 5 137 2 4 10 Developmental Diseases .. 1 1 2 Local Diseases — Nervous system Circulatory system Respiratory system Digestive system Urinary system Others 1 1 1 2 2 2 3 1 1 2 5 4 4 9 I 3 6 6 5 4 5 1 3 2 4 3 1 10 5 5 5 2 3 8 2 9 9 18 9 9 1 24 25 20 19 11 11 19 12 13 7 2 16 24 15 13 16 1 6 8 5 3 1 66 85 70 57 44 7 1 1 1 1 2 1 3 4 2 2 2 1 2 1 7 4 1 2 1 2 1 Total 9 4 12 23 24 18 13 27 19 55 101 64 18 85 24 329 2 4 5 8 Violent Deaths 2 11 7 3 5 2 9 6 8 32 3° 10 90 2 5 Miscellaneous 1 1 2 2 3 5 138 5 1 3 16 1 Total, General Section 38 3S 36 194 123 136 33 624 18 26 24 20 23 33 31 45 44 :pe: CE Zymotic Diseases 1 2 2 1 I 1 1 5 4 9 2 2 1 Constitutional Diseases — • Cancer Phthisis Others 1 3 2 1 1 3 11 4 12 2 2 3 1 1 1 4 3 1 1 2 2 Total 1 1 1 1 3 6 3 2 4 14 18 4 3 . Local Diseases — Nervous system.. Circulatory system Bespiratory system Digestive system Urinary system Others 1 1 1 1 1 2 3 2 1 2 1 1 I 1 1 3 1 5 6 1 3 I 4 1 6 9 3 I I 1 1 I 1 1 1 1 I 2 Total 1 1 1 1 8 3 4 3 I 4 19 I I 25 1 2 I Violent Deaths 2 1 2 2 1 2 1 7 4 I 12 2 4 Miscellaneous 1 1 1 Total, Temperance Section 6 6 8 2 20 42 I 2 65 1 10 10 2 3 3 12 11 9 GENERAL AND TEMPERANCE Grand total .. I I 1 I I I ; .. 26 23 26 39 44 50 47 40 53 46 158 236 124 138 33 689 9 28 j 36 ".

H.—B.

REPORT. E. FOR THE TRIENNIUM, 1891-93.

Assurance Police !3 IN FOBCH AT 31ST DECEMBEE, 1893. Number of Policies. Average. Section. Sum Assured. Age. Duration.I Sum ABSureS General Temperance.. 26,621 4,558 £ 7,330,285 943,291 40-04 33-49 8-44 5-90 £ 275 207 Total 31,179 £s, 273,576 39-08 8-07 £265 SECTION. attaine: AT DEA 1 'H. to > AGE. DURATIONS. sum assue: ID. If! IB. 30 to 35 35 4O to to 4O 45 45 50 to to 50 55 55 60 65 7O 75 to to to to to 6O 65 7O 75 8O 3 o B AverTotal. age per Life. Total. Average per Policy. Total. Average per Policy. Average pei Life. 39 Y. M. 402 2 Y. M. 9 2 £ ",325 £ 257 £ 290 2 6 5 10 1 3 1 1,582 40-6 7-07 2 2 1 236 39'3 62 4 10 5 2,800 467 467 1-09 1 7 1 2 7 1 1 5 11 5 19 12 8 5 2 1 48 59 18 2,580 2,457 781 53-8 41-6 43-4 565 8 628 8 191 4 10 6 10 o 9 7 14,587 21., 050 9,700 8-69 io-6g 3-26 7 2 1 4 1 I 2 1 270 334 485 304 357 539 9 10 10 21 33 9 8 3 125' 5,818 46-5 1,385 8 10 1 45,337 33i 363 22-64 2 i37 68-5 39 1 19 7 600 300 300 0-36 1 4 2 6 7 3 3 2 8 8 6 9 8 18 16 9 8 8 12 8 6 12 9 7 5 1 3 7 8 1 5 3 2 5 2 56 77 64 51 35 7 2,944 4,i94 3,35i 2,562 1,838 325 52-6 54'5 52-4 50-2 52-5 46-4 746 5 1,047 2 716 7 622 6 510 9 72 6 11 4 12 4 10 3 10 11 17,150 26,458 25,328 21,325 15,177 1,800 260 3" 362 374 345 257 306 344 396 418 434 257 10-15 13-96 n-59 9-23 6-34 1-26 3 1 1 3 3 5 1 12 5 2 4 1 11 7 10 4 1 1 6 25 27 39 53 45 16 107,238 40 25 290 15,214 52'5 3>7i5 11 11 4 326 37° 52-53 12 11 17 2 12 4 76 3,020 397 695 5 7 9 25,115 279 33° 1377 1 I 3 3 !4 732 52-3 154 7 9 8 4,250 266 304 2-54 3° 55 64 73 102 63 54 36 20 *552 26,739 48-4 6,455 2 10 4 /3I5 /356 ioo-oo SE 1TI >N. 1 1 2 33° 367 46 4 5 2 1,820 202 202 I 4 -29 i i I I I I 4 12 2 197 364 46 49'3 3°-3 23-0 26 o 75 6 5 2 6 6 6 4 2 7 395 3>47° 400 99 289 200 99 289 200 6-35 19-05 3-I7 5 " 5 2 2 I I 18 607 337 106 8 5 11 4,265 237 237 28-57 i 2 4 I 6 8 172 58 289 329 85 57 43'° 58-0 48-2 41-1 42'5 28-5 19 8 5 6 41 o 7° 5 9 10 22 10 4 " 5 6 6 10 7 10 4 11 7 7 941 20 820 1,670 400 345 235 20 137 186 200 115 235 20 137 209 200 173 6-35 1-59 9-52 12-69 3-i7 3-18 1 1 1 1 I i I I I 2 2 i I 1 2 2 3 4 1 2 3 3 23 990 43'° 169 3 6 9 4,196 168 182 36-50 2 3 I 12 399 33'3 66 7 5 7 2,400 200 200 19-05 1 41 41-0 8 10 8 10 100 100 100 i'59 9 7 7 7 4 4 1 1 *6 3 2.367 37'6 397 8 6 1 £12,781 £i97 £2°3 IOO'OO SECTIONS COMBINED. I 39 62 71 80 106 67 56 37 21 3 *6i4 29,106 47-4 6,852 10 I 9 11 £209,446 £304 /341 ioo-oo * One life was insured in both sections; therefore the total lives, 614, is not the sum of the lives in the two sections.

H.—B

ACTUARY'S REPORT.

GENERAL REMABKS. The liability on account of the Department's annuities, though relatively small as compared with the insurance liabilities, shows signs of increasing rapidly. In view of this fact, and of the probability that annuitants resident in New Zealand are subject to an abnormally light mortality, I think it desirable that the existing rates for annuities should receive consideration, and possibly revision, during the present triennium. The few non-participating assurances and endowments, the liability on which is trifling, call for no remark. The scale of surrender values at present in use is quite safe, but I think it might with advantage be simplified in a few minor respects, and the matter will receive early consideration. I recommend that interim bonuses be granted to policies becoming claims during the triennium at the same rate as at present. The net result of the investigation I have made is to show that the department occupies an exceptionally strong position in reference to the liabilities on its policies. In conclusion, it is my pleasant duty to bear witness to the excellent manner in which the work of valuation and distribution was carried out by those members of the staff to whom it was entrusted, under the immediate supervision of the Bonus Clerk, Mr. J. W. Kinniburgh. It was mainly owing to their willing co-operation that I was enabled to complete the division of profits and hand over the bonus certificates in less than four months from the valuation date. Eespectfully submitted by MORRIS POX, The Government Insurance Commissioner. Actuary.

H.—B,

FOURTH SCHEDULE. Statement eespecting the Valuation op the Liabilities undeb Life Policies and Annuities of the G-ovebnment Insueance Depabtment, to be made by the actuaet. Question I.—The date up to which the valuation is made. Answer. —The 31st December, 1893. Question 2. —The principles on which the valuation and distribution of profits among the policy-holders 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 61 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 from the date of valuation, the addition of \ 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— T 00-pWf-o +ff "k A x +n — Yv \ «>+n) ■ The valuation age, %+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. The ordinary class valuation by the method of year-of-birth groupings resulted in a net liability of .€872,434, whilst the detailed valuation gave a net liability of .€872,611 ; the difference being only J2177. The following table shows the amount reserved on ordinary whole-life policies payable by whole-life premiums for every €100 of sum assured: —

H. —8

FOURTH SCHEDULE.

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

Valuation of Endowment Assurances, comprising nearly 34 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 Ab+m : i-» I 0-~^a x+n: t-n-l ])■ The valuation age, x+ n, was obtained by deducting the year of birth from 1894. The unexpired term, t— n, was obtained by subtracting 1894 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.

J sS Duration of Policy. of 8JYears. 9£ Years. 10J Years. 15J Years. 20£ Years. ■§ $ Year. 1$ Years. 2J Years. 3J Years. 4J Years. 5§ Years. 6J Years. 7J Years, 15 20 25 30 35 40 45 50 55 60 6.5 70 75 0-942 0-979 I-I54 1-353 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-O73 6-242 7-6O7 g-igi n-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 15783 17-829 3'34 J 3-042 3-808 4-456 5336 6-549 7-924 9-585 11-612 13-806 16-445 19-798 22-064 4-050 3-795 4-73O 5-555 6-640 8-179 9-834 11-892 14-327 16-877 20-091 23-602 26-222 4718 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 7-8 3 6 9-380 11-530 13-768 16-585 I9-757 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 7-154 8-637 10-221 I2-3I6 I4-975 17-867 21-363 25-I4I 29-144 34-060 37-67I 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 12735 15-407 18-537 22-084 26-193 30-463 35-3I7 40-197 12-387 13-869 16-552 J9773 23-565 28-053 32-954 38-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 30 35 40 45 50 55 60 65 70 75

III10. III20. III35. Age at Entry. Duration. Duration. Duration. Age at Entry. 1 Year. 9 Years. lYear. 5 Years. 10 Years. 19 Years. lYear. 5 Years. 10 Years. 20 Years. 15 20 25 3O 35 40 45 50 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 87731 87-664 87-581 87-43I 87-207 86-844 86-241 3'4J3 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 38'39§ 38'359 g2 f6o5 92-508 92-462 92-385 92-284 92-138 91-896 91-519 1-535 1-306 1-364 1-393 1-485 7-762 6-999 7-323 7H77 7-859 16-136 15-666 15-992 16-313 17-205 39'243 38-809 39-175 39-652 40-651 15 20 25 30 35 40 45 50 55 tio

H.—B.

FOURTH SCHEDULE.

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 policy-holders 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 H M 4 per cent, reserves at 31st December, 1890. (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 triennium, 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 specially divided amongst the members of the respective sections. The result was that temperance policies received slightly higher reversionary bonuses than general policies, which were like them in all other respects. The divisible surplus was converted into reversionary bonuses by means of the II 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. Answer. —The rate of interest assumed throughout was 4 per cent. Question s.—The proportion of the annual-premium income (if any) reserved as a provision for future expenses and profits. Answer. —The whole of the loading, amounting to £40,596 per annum, has been reserved for future expenses and profits, in addition to a special reserve of £13,642 for limited-premium policies. Question 6.—The Consolidated Eevenue Account since the last valuation. Answer. —The Consolidated Revenue Account since the last valuation is given in Table C, page 16. 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. Answer. —The liabilities under life policies and annuities are shown in Table B, pages 14, 15. The net liabilities and assets of the Department, with the surplus, are shown in Table D, page 16.

H.— 8

FOURTH SCHEDULE.

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, 1893, 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 amongst the policy-holders, 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, 1893, as shown by the valuation, was £190,000. Interim . . . bonuses amounting to £5,314 14s. 4d. were paid during the triennium. (2.) The amount of profit divided amongst policy-holders, as at the 31st December, 1893, was £140,000, which has been converted into reversionary bonuses amounting to £277,267 18s. The number and amount of policies which participated were— 31,139 policies, for the sum of £8,270,303 10s. 2d.; or, including reversionary bonus additions, £8,789,301 19s. 2d. Six policies assuring £775 were transferred to a non-profit section (which now contains eleven policies for £1,825), in accordance with " The Government Life Insurance Acts Amendment Act, 1890." ANSWER TO QUESTION 9(3). Specimen Bonuses in respect of the Period 1890 to 1893, allotted to Policies of each, for the whole term of llfe.

POLICIES IN FORCE FOR

5 YEARS. ! 10 YEARS. 15 YEARS. 20 YEARS. Age at Entry. Reversionary Bonus. Cash Value. Reversionary Bonus. Cash Value. Reversionary Bonus. Cash Value. Age at Entry. Reversionary Bonus. Cash Value. genera: SECTION. 20 30 40 5° £ s. d. I £ s. d. 470 o 18 4 3 14 o 102 350,133 3 1 o I 1 8 8 ! £ s. d. 4 11 o 320 3 1 ° 3 3° £ ■■ d. 1 1 10 0 19 4 1 5 o 1 13 8 £ s. d. : £ s. d. £ b. d. 540 184 420 3 14 0166 460 3 16 o 1 15 9 I 4 5 o 3 18 026 10 430 £ B- d1 5 6 1 15 3 2 5 5 2 15 6 20 30 40 50 TE :PERAN' E SECTION. 20 30 40 50 490 o 18 9 3 15 o 106 370 140 320 192 4 X3 ° 3 4 0 3 1 o* 3 4° I 2 4 0 19 11 1 5 o 1 14 2 560 18 11 430 3150 16 10 470 3170 1 16 2460 3190 276 430* 1 5 10 1 15 8 2 5 11 2 15 6 20 3° 40 50 * The reversionary bonuses b ;ions for £100 policies, but fo: )eing taken ti r larger i>olic j 3 the nearest the Tornpe: shilling, it happens in a few instances tin •ance bonuses are higher. ,t thoy are the same in ioth soct

H.—B.

FOURTH SCHEDULE.

In addition to the foregoing statutory table, showing the bonuses for five-yearly intervals, the following three-yearly table will be useful, as bonuses will henceforth be allotted triennially:— Specimen Bonuses in respect of the Period 1890 to 1893, allotted to Policies of £100 each, for the whole term of llfe.

POLICIES IN FORCE FOR

MORRIS FOX, Actuary.

4—H. 8.

3 YEARS. 6 YEARS. g YEARS. 12 YEARS. Age Age at Entry. at Entry. Reversionary Bonus. Cash Value. Eeversionary Bonus. Cash Value. Eeversionary Bonus. Cash Value. Eeversionary Bonus. Cash Value. genera: SECTION. 20 30 40 50 - £ •• d. 430 3 11 o 3 3o 2 16 -o £ •■ d. o 16 8 0 18 4 1 1 3 1 4 11 £ s. d. £ s. d. 450 o 18 5 3 12 0 10 2 38O I5O 330 1 10 5 £ S. d. £ s. d. 460 1 o 1 2 18 o o 17 6 2 18 o 132 2 18 o 1 10 3 £ s- d. 4 19 o 3 9° 3 10 o 3 10 o £ s. d. 1 5 o 1 2 8 20 30 40 50 1 10 4 1 19 4 15 Y ARS. 18 YEARS. 21 Y ARS. 24 Y ARS. 20 30 40 50 5 4° 3 14 ° 3 16 o 3 18 o 184 1 6 6 1 15 9 2 6 10 3 15 o 1 1 22 4 1 o j 1 11 5 3 19 o i 2 o 1 3 17 o 295 420 4 10 o 480 440 1 6 3 1 18 o 282 2 17 3 480 4 17 o 4 14 o 4 J3 ° 1 10 7 2 4 5 2 15 3 3 7 0 20 30 40 50 TEMPERAN ;e sect: ON. 3 YEARS. 6 YEARS. 9 Y ARS. 12 YEARS. 20 30 40 So 450 o 17 1 3 13 o o 18 11 350 120 2 17 o 154 470 o 18 10 3 14 o 109 3 10 o 15 9 340 1 10 11 480 300 2 19 o 2 19 0 106 0 18 2 1 3 6 I 10 9 t 5 1 o 3 11 0 3 10 o* 3 11 o 1 5 6 1 3 4 1 10 4 1 19 10 20 30 40 So 15 YEARS. 18 YEARS. 21 Y ARS. 24 YEARS. 20 30 40 50 560! 1 8 11 3 15 o 1 6 10 3 17 o 1 16 2 3 19 o I 2 7 6 3 16 o i i 2 5 430 1 12 3 400 207 3 18 o 2 10 o 4 3° 4 13 ° 480* 440* 1 6 7 1 19 3 282 2 17 3 4 9 o ! 1 10 11 4 18 o 2 4 10 4 15 o 2 15 10 4 14 o 3 7 9 20 30 40 5° * The reversionary bonuses jctions for ±'100 policies, bu leing taken to the nearest s] for larger policies the Tern; Lilling, it happens in a few )erance bonuses are higher. istances that they are the same in both s€

H.—B

STATEMENT OF THE LIFE ASSURANCE AND ANNUITY BUSINESS OF THE GOVERNMENT INSURANCE DEPARTMENT ON THE 31«r DECEMBER, 1893.

—-=ao»*3»3lQ®3«»e=-- —— 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. 1. 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 ordinary from extra premiums. Answer to Questions 2 and 3. —This information is contained in Appendix No. 2, and similar information in respect of limited premium and endowment assurance policies is given in Appendices Nos. 3 and 4.

H E P O R T BY THE In terms of Section 43 of " The Grovernment Insurance and Annuities Act, 1874." ' ' ' (See 5th Schedule.)

H.—B

FIFTH 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 G. —The total amount of premiums which has been received from the commencement upon ail 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 : —

Question 7. - The total amount of immediate annuities on lives, distinguishing the amounts for each year of life.

Annual Pbemiums. 'able. ■ Class of Assurance. "° CO So I* Sum assured. Reversionary Bonus. Ordinary. Extra. Total Ordinary Premiums Beceived. With Profits. £ *■ i. £ 5. d. £ s. d. £ s- d- £ s. d. II. Whole Life: Limited Premiums 920 401,667 11 2 65,779 11 o 5,987 3 1 113 11 4 189,765 15 2 and Paid up Policies Endowment Assurances 2,783,432 15 o 140,022 13 o 99,566 5 6 841 2 8 776,163 3 8 III. 12,723 IV. Joint Assurances 15 8,200 o o 175 10 o 352 7 4 17 10 10 2,398 4 1 IV . Survivorship Assurances 500 o 0 33 ° ° 16 10 o 2 10 o 99 o o Without Profits. 300 o o 177 13 7 Y. Endowments: Without return 3 10 13 6 VI. Endowments: With return .. 200 23,791 o o . 953 I0 9 6,192 15 o XI. Temporary Assurances 4 1,550 o o 25 14 9 3 3 3 60 1 5 IV5. Temporary Joint Assurances .. 1 1,000 o o 27 15 o 83 5 o Totals 13,857 £3,220,441 6 2 £206,010 14 0 £106,939 19 11 £978 3 1 £974,939 17 11

H.—B.

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 8. —The amount of all annuities other than those specified under heading No. 7, distinguishing the amount of annuities payable under each class, the amount

Amount of Annuities. Age attained. Female. Male. £ *■ d. 25 16 8 £ s. d. 22 36 37 38 39 41 42 43 45 47 48 50 5i 52 53 54 55 56 57 5 8 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 82 83 84 86 87 89 94 27 11 8 20 o o 45 0 10 IOO 0 O IOO O O 62 18 4 72 o o 33 18 4 87 7 2 10 16 5 9 1 4 12 0 o 52 0 o 300 o o 50 o o 68 o 6 140 4 6 93 9 10 52 o o 70 0 o 90 o o 8l 12 3 113 o o 105 5 4 107 11 2 136 19 9 175 6 6 171 19 8 115 6 1 454 5 10 74 15 8 61 16 6 574 3 4 151 10 8 141 18 10 35 o o 158 8 8 229 5 o 52 o o 86 2 8 52 5 ° 170 17 8 349 8 o 375 o 0 152 19 8 100 7 o 63 13 o 280 5 10 11 11 10 59 1 9 17 17 10 65 18 4 93 9 7 104 19 0 14 12 o 26 o o 169 o 10 41 9 4 48 16 4 125 o o 10 o o i49 7 4 80 o 0 Totals .. £2,219 13 1 £4,891 0 9 Joint and Surviyorship. Ages attained. Amount of Annuity. Female. Male. 1 1 £ s- d. 2OO O O 90 o o 36 13 4 48 o o 45-41 54-55 64-76 65-77 1 1 1 1 1 1 Totals .. i • • £374 13 4

H.-8

FIFTH SCHEDULE.

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. ANSWER TO QUESTION 8. The Amounts of all Annuities other than those specified under Heading No. 7.

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. 1891 ... ... ... 5 8 2 1892 ... ... ... 5 5 2 1893 ... ... ... 553 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 eldest. Answer. —The minimum surrender values for whole-life and endowment assurance policies issued at the present rates of premium are given in Appendix No. 5. 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 furnish'ed 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.

Table. Class of Annuity. Amount of Annuities. Annual Premiums. Single Premiums. Total Premiums received to 31st December, 1893. VIII. IX. X. Eeversionary Deferred (Premiums not returnable) Deferred (Premiums returnable) .. £ »• d. 300 o o 20 o o 50 00 £ s- d. £ s. d. 1,137 ° ° £ s- d. 1,137 ° ° 25 12 4 219 12 o 12 16 2 10 16 o Totals £370 0 0 £23 12 2 £1,137 0 0 £1,382 4 4

H.—B.

FIFTH

Appendix THE PUBLISHED Which were in Use on

With Participation in Profits.

FIFT. Appendix THE PUBLISHED Which were in Use on With Participa 'ION IN ROl'ITS. ENDO' ENT ASSUIJ BE PAID Al IANCE.—ANI s indicate: ruAL Peem: 3, OR AT D] UMS TO SE0UEE £100, iATH, IE PRIOR. imiums TO iECURE £100, PAYABLE lT Death. CO _• d ■_ %A 5| MM Annual Premium during whole of Life. Ani ruAL Premium limite: Fifteen | Ten Payments. Payments. TO Single Payments. In 10 Years. In 15 Years. In 20 Years. In 25 Years. In In 30 Years. 35 Years. M 4- © r, < Twenty Payments. Five Payments. 15 16 17 18 19 £ s. a. i ii i i ii ii I 12 9 I 13 8 i 14 5 £ 1.._ 2 6 11 2 7 11 290 ' 2 to 1' 2 10 11 £ s. d. 2 16 8 2 17 10 2 ig I 3°4 3 1 4 £ s . a. 3 16 8 3 18 3 3 19 10 4 1 7 4 2 11 £ s. d. 5 17 11 708 7 3 5 765 7 8 10 £ s. d. 29 8 o 29 19 o 30 10 o 31 3 o 31 12 o £ s. _ 9 4 8 9 5 3 9 5 11 965 9 6 10 £ s. a. 5 17 3 5 17 9 5 18 3 5 18 9 5 19 2 £ s. a. 446 4 5o 4 5 6 460 464 £ s. a. 3 5 8 362 368 3 7 2 3 7 6 £ s. d. 2 13 10 2 14 4 2 14 10 2 15 4 2 15 9 £ s. d. 260 266 270 276 2 7 11 15 16 17 18 19 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 3 2 4 3 3 4 3 4 3 3 5 2 362 442 456 468 4 7 10 4 9 3 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 o 34 2 o 9 7 1 972 9 7 3 9 7 3 9 7 5 5 19 4 5 19 6 5 19 7 5 19 9 5 19 11 467 469 4 6 11 4 7 1 4 7 4 3 7 10 380 3 8 3 3 8 5 3 8 8 2 16 o 2 16 4 2 16 7 2 16 10 284 287 2 8 11 20 21 22 23 24 2 17 1 293 297 25 26 27 28 29 1 19 1 201 211 2 15 10 2 16 11 2 17 11 2 18 11 3 7 1 3 8 4 3 9 7 3 10 9 3 12 o 4 10 6 4 12 1 4 13 8 4 15 2 4 16 10 822 8 4 11 878 8 10 4 8 13 2 34 11 o 35 4 ° 35 16 o 36 7 o 37 o o 976 9 7 9 980 9 8 3 9 8 7 601 604 608 6 o 11 6 1 3 4 7 7 4 7 10 482 486 4 8 10 3 9o 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 11 1 2 11 8 2 12 3 25 26 27 28 29 221 232 300 30 31 32 33 [34 2 4 3 2 5 5 268 2 7 11 2 9 3 3 1 1 323 3 3 5 3 4 8 3 5 11 3 13 3 3 14 7 3 15 11 3 7 4 3 18 9 4 18 6 502 5 1 11 5 3 9 5 5 7 8 16 o 8 18 11 920 9 5 0 9 8 3 37 12 o 38 5 o 38 18 o 39 12 o 40 6 o 9 8 10 9 9 1 9 9 4 9 9 7 9 9 11 617 6 1 10 622 626 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 11 11 3 12 5 3 13 o 2 19 10 3 0 5 3 1 o 3 1 8 324 2 12 11 2 13 7 2 14 4 2 15 1 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 I0 1 3 11 6 3 13 1 402 4 1 9 4 3 5 4 5 0 469 576 5 9 6 5 11 7 5 13 7 5 15 9 9 n 6 9 14 " 9 18 7 10 2 o 10 5 8 41 o o 41 15 o 42 II o 43 6 o 44 2 o 9 10 3 9 10 7 9 10 11 9 11 3 9 11 7 6 3 3 6 3 8 642 648 652 4 11 5 4 11 11 4 12 6 4 13 1 4 13 9 3 13 8 3 14 4 3 15 ° 3 15 10 3 16 8 3 3 2 3 4 0 3 4 10 3 5 10 3 6 11 2 16 11 2 17 11 2 19 o 302 3 1 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 2 402 423 4 8 7 4 10 6 4 12 4 4 14 6 4 16 9 5 18 1 605 629 6 5 5 6 8 1 10 9 6 10 13 4 10 17 2 11 1 7 11 6 1 44 19 o 45 16 o 46 13 o 47 12 o 48 11 0 9 12 o 9 12 6 9 13 1 9 13 8 9 14 5 6 5 9 664 671 6 7 11 689 4 14 6 4 15 4 4 i° 3 4 17 3 4 18 5 3 7 7 3 18 7 3 19 9 4 1 1 426 380 3 9 4 3 10 9 3 12 3 3 14 o 3 2 10 40 41 42 43 44 45 46 47 48 49 3 9 10 3 12 6 3 15 3 3 18 1 412 4 4 4 468 4 9 1 4 11 6 4 14 1 4 19 o 5 1 6 5 4° 5 6 5 5 9 2 6 10 10 6 13 9 6 16 10 6 19 8 7 2 11 11 10 5 11 15 3 12 o 1 12 4 8 12 9 9 49 9 o 50 10 o 51 10 o 52 9 o 53 11 o 9 15 3 9 16 1 9 17 0 9 7 « 9 18 II 6 9 10 6 10 11 6 12 o 6 13 3 6 14 8 4 19 8 5 1 1 526 5 4 2 5 5 10 4 4 1 4 5 9 476 496 4 11 7 3 15 10 45 46 47 48 49 50 51 52 53 54 4 4 4 4 7 9 4 11 5 4 15 4 4 19 6 4 16 10 4 19 9 5 2 10 563 5 9 10 5 11 11 5 14 11 5 18 1 6 1 5 650 761 7 9 5 7 12 11 7 16 8 807 12 14 8 12 19 9 13 5 1 13 10 8 13 16 5 54 11 o 55 12 o 56 14 o 57 17 ° 59 o o 10 o o 10 1 3 10 2 7 10 4 2 10 5 11 6 16 1 6 17 9 6 19 7 7 1 8 7 3 11 5 7 9 5 9 10 5 12 2 5 14 8 5 17 6 4 13 11 50 51 52 53 54 55 56 57 58 59 60 5 4 0 588 5 13 8 5 19 2 6 5 5 6 12 o 5 13 9 5 17 9 621 670 6 12 8 6 18 7 6 8 10 6 12 9 6 16 11 7 1 7 770 7 12 7 8 4 9 8 8 11 8 13 5 8 18 4 9 4 1 9 9 11 14 2 6 14 8 4 M 14 5 15 1 3 15 9 2 15 17 2 60 4 o 61 6 o 62 10 o 63 15 o 65 5 o 66 14 0 10 7 10 10 9 11 10 12 3 10 15 o 10 18 1 11 1 11 764 7 9 1 7 12 1 7 15 6 7 19 5 8 4 1 607 55 56 57 58 59 60

H.—B.

SCHEDULE.

No. 1. TABLES OF PREMIUMS the 31st December, 1893.

With Profits. Without Participatio in Profits. Temporary Assurances. JOI NT LIVES. c Children's Immediate Annual to sec, the fa ENI DOWMENTS. ANNUITIES. Premium to be paid for assuring £100 on a Single Life. I Premiums required ;ure ;£ioo, payable on lilure of either Life. Rates oj dowm mium out I previc if Premium to secure Ennetits 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. In 0? ■£ ««« Annual Annual Annual O J5 5 §5 Premium Premium Premium ??§.a g.S for 1 Year, for5 Years, for7 Years. "^ gS ffl Bro Ages 1 Birt: Xy 6St annual. 2O 2O 25 3O 35 4O 45 5O 55 6O £ s. d. 2 13 o • 2 j6 a 305 361 3 13 8 4 4 4 4 18 7 5 18 3 7 5 6 Bfi.H Single Premium. Annual Premium. Males Females. 15 16 17 18 19 £ s. d. o 16 5 o 16 10 ° 17 3 o 17 7 o 17 10 £ s. d. 0 17 5 o 17 10 o 18 3 0 18 7 o 18 10 £ s. d. o 17 6 o 17 n o 18 4 o 18 8 o 18 11 15 16 17 18 19 To be paid at the Age of 14. 40 £ s. d. 15 12 4 £ 1. d. 16 11 9 2O 21 22 23 24 o 18 o O l8 2 o 18 4 o 18 6 0 18 9 o 19 o O 19 2 o 19 4 o 19 6 o 19 9 0 19 1 o 19 3 ° 19 5 o 19 8 100 20 21 22 23 24 25 3O 35 4O 45 5O 55 6O 2 18 9 3 2 11 384 3 15 8 460 5 0 1 5 19 6 767 1 2 3 4 5 6 7 8 9 £ s. d. 56 6 11 58 19 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 6 4 5 6 19 2 7 16 8 8 18 3 10 5 3 12 o 1 14 6 8 17 11 11 41 42 43 44 45 15 8 s 15 4 4 1500 14 15 6 14 10 9 16 7 11 16 3 10 15 19 8 15 15 5 15 11 o 25 26 2/ 28 29 o 19 1 o 19 6 o 19 11 104 109 100 1 o 5 1 010 1 1 4 1 1 10 1 o 5 I O II 1 1 5 1 1 11 25 26 27 28 29 25 46 47 43 49 5O 14 5 9 14 o 8 13 15 5 13 10 o 13 4 8 15 6 5 15 1 9 14 16 11 14 11 11 14 6 10 1 2 5 3O 35 4O 45 5O 55 6O 368 3 11 9 3 18 9 4 8 10 527 6 1 10 789 To bi paid at the Age of 18. 51 52 53 54 55 12 19 3 12 13 10 12 8 4 12 2 11 11 17 4 14 1 7 13 16 2 13 10 8 13 4 11 12 19 1 3O 31 32 33 34 1 1 3 1 1 9 1 2 3 1 2 9 1 3 3 124 1 2 10 1 3 5 140 1 4 7 1-30 1 3 7 1 4 2 1 4 9 1 5 5 3O 31 32 33 34 3O 1 2 3 4 5 6 7 8 9 1O 11 12 13 46 17 o 49 on 5i 5 10 53 13 I 56 2 11 58 15 o 61 9 5 64 6 3 67 5 7 70 7 7 73 12 4 76 19 11 80 10 6 3 17 9 448 4 12 6 5 1 6 5 12 o 6 4 3 6 18 11 7 16 5 8 18 o 10 5 o 11 19 10 14 6 5 17 11 9 56 57 58 59 6O 11 11 9 11 6 o n 0 1 10 14 o 10 7 10 12 13 1 12 6 10 1206 11 14 o 11 7 4 35 36 37 38 39 1 3 9 14 4 1 4 11 1 5 6 1 6 1 1 5 2 1 5 10 1 6 6 I 7 2 1 7 10 1 6 1 169 1 7 5 1 8 1 1 8 10 35 36 37 38 39 35 35 4O 45 50 55 6O 3 16 5 4 3° 4 12 7 5 5 11 6 4 10 7 11 5 61 62 63 64 65 10 1 5 9 15 0 986 920 8 15 6 II o 6 10 13 7 10 6 8 4O 41 42 43 44 169 1 7 5 1 8 2 190 1 9 11 1 8 7 194 1 10 2 198 1 10 7 1 11 7 1 12 8 4O 41 42 43 44 III 2, I 12 4 1 13 n 40 4O 45 5C 55 6O 490 4 18 o 5 10 10 691 7 15 2 9 19 9 9 12 11 45 46 47 48 49 1 10 11 1 13 8 I 15 2 I l6 10 1 18 8 208 1 15 4 1 16 11 1 17 8 207 228 45 46 47 48 49 To be paid at the Age of 21. 1 2 3 4 5 6 7 8 9 1O 11 12 13 14 15 16 66 67 68 69 7O 892 8 2 10 7 16 9 7 10 9 7 4 11 961 8 19 3 8 12 7 8 5 11 7 19 4 1 12 1 1 13 5 1 14 11 1 16 7 45 45 5O 55 6O 5O 55 6O 564 5 18 5 6 16 o 8 1 5 6 9 7 763 8 10 9 40 10 2 42 8 6 44 7 7 46 8 11 48 12 7 50 18 3 53 6 o 55 16 0 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 19 7 14 6 1 17 11 5 71 72 73 74 75 6 19 3 6 13 7 680 6 2 5 5 16 10 7 12 9 763 6 19 10 6 13 5 672 5O 51 52 53 54 1 18 5 205 227 2 4 11 276 2 2 IO 2 5 2 2 7 8 2 10 4 2 13 3 2 4 n 274 2 9 n 2 13 9 2 15 11 5O 51 52 53 54 5O 2 16 6 3O2 3 4 4 3 9 1 3 14 6 55 60 819 9 5 1 76 77 78 79 8O 5 11 4 5 5 10 506 4 15 6 4 10 9 6 o n 5 14 11 5 9 1 5 3 5 4 18 1 55 56 57 58 59 2 10 4 2 13 6 2 17 1 3 1 2 3 5 10 2 19 6 3 3 7 3 8 3 3 13 7 3 19 8 55 56 57 58 59 55 60 6O 10 7 o 6O 3 11 2 408 466 6O

H.—B.

FIFTH SCHEDULE.

Appendix No. 2. ASSURANCES FOR THE WHOLE TERM OF LIFE WITH WHOLE-LIFE PREMIUMS. TABLE I. In force at 31st December, 1893.

Age attained. Number of Policies. Amount assured. Bonus Additions. Office Annual Pbemiums.* Pure Premiums. Yearly Permanent Reduction of Premium. Age attained. Ordinary. Extra. / ~25 975 4,320 ",945 19,030 31-535 33.74° 50,030 61,920 65,285 77,935 67,125 90,770 80,890 97,040 90,770 89,595 99,45O 106,125 96,450 104,380 112,965 Z34,4 24 128,407 137,323 130,692 146,305 MO,532 145,826 I54, 899 142,456 123,711 131,221 126,154 106,472 138,256 151,340 128,183 Hi,536 142,773 152,468 104,403 127,162 119,748 101,423 94,019 76,991 87,499 71,787 43,850 47,010 40,igit 38,072 29,211 20,556 23,9" 12,053 12,427 6,338 6,033 7,77° 4,000 3,939 1,712 220 £ '■ o 10 3 o 7 18 5 12 58 2 113 18 264 8 653 6 824 11 1,059 4 1,132 6 1,366 17 1,781 6 1,705 19 2,147 10 2,137 6 2,422 12 2,590 8 2,935 19 2,795 7 3,952 6 3,941 12 4,616 11 4,456 5 6,109 10 5,829 5 7,167 19 7,873 3 8,154 II 8,651 16 8,876 18 7,234 ° 8,573 9 9,760 6 8,345 10 11,540 14 12,495 12 II,2OI IO 12,390 6 13,791 11 14,255 1 9,396 10 12,712 12 ",354 3 10,043 ! 8,412 5 7,638 13 9,746 14 7,989 1 4,893 o 4,098 o 4,705 6 4,5oi 2 2,978 18 •2,333 6 2,221 5 1,239 16 1,281 11 7S7 9 783 4 1,047 16 649 6 518 14 308 o 8 12 £ s. d. 080 15 7 6 68 o 10 190 14 o 306 14 6 520 17 10 566 8 9 852 5 9 1,077 J3 II 1,150 2 9 1,411 12 8 1.229 8 1 1,695 9 8 1,542 1 5 1,890 17 11 1,795 12 4 1,807 16 9 2,041 7 1 2,218 o 1 2,048 13 4 2,224 1 10 2,459 12 4 2,989 7 7 2,918 11 2 3,107 1 3 3,006 15 7 3,436 7 8 3.230 11 9 3,486 4 9 3,829 6 5 3,476 18 10 3,170 4 5 3,451 19 11 3,257 4 8 2,800 13 6 3,700 2 o 4,175 14 o 3,579 5 8 4,086 o 5 4,203 14 4 4,588 9 4 3,196 10 6 4,005 14 6 4,000 5 8 3,373 13 3 3,291 7 4 2,644 5 4 3,175 2 7 2,571 4 11 i,558 2 5 1,932 19 11 i,535 10 9 1,501 2 2 1,262 12 4 855 3 9 999 15 8 672 19 11 656 10 9 345 8 8 283 2 1 419 8 4 202 4 6 222 19 3 87 9 o 12 10 6 22 16 o 27 18 4 £ s. d. £ 5. d. 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 77 78 79 1 6 21 53 78 126 150 207 252 259 294 254 315 281 331 .325 • 34 1 316 380 332 376 374 478 494 458 462 517 486 521 497 472 453 477 408 415 449 5" 43O 478 464 487 379 401 359 337 298 268 100 600 4 9 3 3 15 o 678 700 11 17 5 14 3 6 14 19 o 10 17 6 28 7 2 40 I 3 2 19 2 9 28 9 7 40 10 10 44 14 11 38 1 8 39 18 o 84 7 11 70 19 5 86 1 6 71 16 2 76 12 1 76 o 11 94 16 4 86 19 3 97 1 2 109 7 8 101 10 1 89 18 2 100 6 5 121 10 7 134 12 6 94 5 9 125 17 2 135 17 I 165 4 7 109 14 o 107 18 6 189 8 4 140 7 8 133 15 1 89 11 II 98 17 10 80 14 0 55 3 4 51 16 9 69 8 11 34 19 6 50 6 1 35 8 9 31 13 11 17 17 11 29 6 1 8 19 8 J3 4 4 16 4 8 7 9 4 10 4 10 114 o o 14 8 •232 IC239 46-638 132-221 2I2'63I 365'3O3 399-581 604-181 770-290 826-227 1,024-330 895'355 1,241-654 1,135-030 1,399-676 i,337 -I34 1,355-134 1,542'463 1,685-170 1,567-020 1,717-891 1,913-676 2,345-295 2,300 954 2,473-967 2,400-971 2,763-383 2,626-643 2,844-128 3,138866 2,864-112 2,624-512 2,867-218 2,732-011 2,356-862 3,ii9-977 3,542-552 3,053-733 3,497'394 3,610047 3,960-380 2,773-737 3,480-342 3,491-881 2,960-998 2,898-017 2,337-5i4 2,816-207 2,295-155 i,397'933 i,735-852 i,388-455 1,362190 1,152-767 786-254 924-123 608-615 602811 315350 265223 388-160 187-735 205-607 82-270 "•473 22-392 26-325 o 13 0 o 18 11 o 15 6 0 12 9 1 16 11 054 026 2 14 o 476 0 16 6 032 9 16 3 3 " 9 o 13 4 128 520 4 13 10 5 'S 1 1 9 10 050 0 10 4 1 5 11 12 1 9 9 1 10 286 o 14 4 226 712 4 6 11 17 19 2 II 8 4 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 77 78 79 1 7 4 098 o 10 8 274 227 153 150 "3 117 90 74 54 3° 32 20 25 17 12 2 1 4 14 18 o 1 19 6 1 13 10 2 3 8 16 11 10 064 1 5 11 1 5 4 9 6 3 2 1 400 500 14 17 IOI O Total 17,480 i!5,076,503t .£312,987 15 £1 32,464 19 0 i!3,668 12 3 109,822-467 £159 3 0 * Note.—The Ordinary Premium is the premium at the real age ; the extra, the additional premium imposed for any reason whatsoever. t And Is.

H.—B.

FIFTH SCHEDULE.

Appendix No. 3. ASSURANCES FOR THE WHOLE TERM OF LIFE BY LIMITED AND SINGLE PREMIUMS. TABLE II. In force at 31st December, 1893.

5—H. 8.

O • Age «■§ attained. a a Amount assured. Bonus Additions. si S.8 JriU Office Annual ©« Pbemiums.* n - £•§ Ordinary. Extra. < Pure Premiums. Yearly Permanent Reduction of Premiums. £ fc d. 400 o o 100 o o £ ■• d. £ s. d. £ s. d. £ s. d. 15 16 17 18 19 20 21 22 23 24 25 26 27 . 28 29 3O 31 32 33 34 35 36 37 38 39 4O 41 42 43 44 45 46 47 48 49 5O 51 52 53 54 55 56 57 58 59 6O 61 62 63 64 65 66 67 68 69 7O 71 72 73 74 75 76 77 2 1 2 5 3 1 5 4 5 9 7 . 4 5 9 4 7 8 6 3 2 10 11 17 23 13 12 18 14 26 41 32 26 29 42 53 36 52 5° 3° 49 37 33 21 23 17 9 500 o o 2,000 O O 1,200 O 0 300 o o 1,600 o o 1,750 o o 1,750 o o 4,350 o o 2,900 o o 1,800 0 o 2,300 o o 4,100 o o 1,250 o o 3.533 ° 0 2,900 o o 3,150 o o 750 o o 1,200 .0 O 4,450 o o 2,680 o o 7,046 o 0 7,470 o o 4,212 0 0 5,55° o o 7.363 o o 8,088 o o 10,682 o o 15,606 o o 16,136 0 o 9,178 o o 15,539 o o 18,645 o o 23,003 o o 640 6 18 o 25 o 0 53 14 ° 23 o o 330 18 o 88 6 o 259 0 o 96 o 0 244 16 o 137 8 o 291 o o 186 14 o 237 o o 19 8 o 850 588 16 0 359 14 ° 700 14 o 586 5 o 344 12 o 730 14 o 1,038 1 o 1,429 2 o 1,570 18 o 2,562 7 o 3,278 18 o i,737 5 o 2,508 17 o 4,016 18 o 3.693 15 o 3,339 11 o 4,643 8 o 3.477 1 o 2,167 10 o 3,524 9 o 3,250 19 o 3,111 9 o 2,370 13 o 2,027 17 o 1,229 5 ° 772 15 o 1,900 7 o 823 9 o 638 7 o 1,019 I2 ° 379 10 o 1,514 4 o 757 ° ° 714 3 o 16 6 0 1894 1895 1896 1897 1898 1899 1900 1901 1902 1903 1904 1905 1906 58 32 29 26 40 16 22 12 13 20 13 10 6 16 4i'o 5i-3 51-0 46-4 46-5 45'4 43-o 41-8 41-6 42'.3 46^2 38-8 35'3 794 ° 2 6n 7 ii 669 6 io 477 io 8 484 10 4 252 1 3 371 7 10 159 19 11 190 11 o 4" 1 3 3°o T3 4 178 8 6 97 I0 9 12 11 o 30 11 9 5 15 11 6 16 6 5 4' ° 13 14 7 2 13 o 850 3 1 8 4 11 8 3'» 5 1 15 o o 10 o 1 6 8 700-997 549-3I8 597-251 39i'479 399-207 207-857 3O6-757 129-963 150-963 338-944 251-644 144-923 74; 171 1 14 8 1907 36-2 267 2 11 206-359 1908 8 35'9 119 6 5 1 7 2 90-908 14,339 17 o 24,840 o o 19,506 o 0 11,581 0 o 21, Il6 14 2 17,471 o o 1-2,906 O O 9,742 o o 14,120 o o 7,075 o o 4,994 o o 9,959 o o 4,673 o o 5,378 o o 6,254 o o 2,629 ° ° 8,107 0 o 3,400 o o 4,100 o o 30 o o 1909 7 34'° 70 14 o 120 52-458 1910 11 29'5 138 17 5 104-247 1911 7 3°'3 65 6 4 49-622 1912 14 26'4 142 o 8 2 18 4 105-325 1913 18 30-2 185 5 7 7 16 8 143-918 22 13 12 10 9 13 4 7 1 3 5 2 1,042 o o 3,301 o o 597 o o 500 o o 500 o o 25 o o 160 0 o 591 0 o 46 2 o 6g o o 62 o o 13 7 ° 1 1 1 Totals 401,667 n 2 65.779 11 ° 378 43"4 5.987 3 1 4,996-311 920 "3 11 4 I 14 8 * Note.Whatsoever —The Ordinary Premium is the premium at the real age; the extra, the additional premium imposed for anyreasoi

H.—B

FIFTH SCHEDULE.

Appendix No. 4. ENDOWMENT ASSURANCES. TABLE III. In force at 31st December, 1893.

Office Annual Pbemiums.* Yearly Permanent Beduction of Premium. Year of Maturity. Number of Policies. Average Age attained. Amount assured. Bonus Additions. Pure Premium. Year of Maturity. Ordinary. Extra. £ 20,803 £ »• 2,594 I2 £ s. d. 1,155 I2 o £ s. a. 659 £ s- d24 4 10 1894 1894 79 50-6 I,022'228 1895 87 52-i 23.950 3.097 .14 1,186 13 11 16 13 2 I,O5I-833 1 18 8 1895 1896 78 5.i • I 19,100 2,427 9 925 16 8 11 "9 2 819-263 1,833-500 1896 1897 182 48-9 46,083 5,859 17 2,094 r 7 40 10 11 11 8 1897 1898 195 487 54.643 6,342 4 2,521 9 6 24 19 7 2,2I3'OO6 18 5 9 1898 1899 219 47'9 60,500 6,771 8 2,840. 12 6 24 5 9 2,491-506 014 1899 1900 207 47'3 57.044 5,681 17 2,724 0 8 29 15 3 2,382-728 1900 1901 184 43-8 43.770 4,010 17 2,130 o o 19 2 3 1,842-551 1901 1902 368 43'2 86,750 8,344 8 ' 3,788 17 1 37 I0 8 3,275-856 17 o o 1902 1903 410 343 42-6 85,514 7,276 16 3,761 12 9 42 7 8 3.257'264 2 II O 1903 • 1904 4*"3 80,423 7,141 2 3,229 4 8 30 8 11 2,78o-357 037 1904 1905 379 40-4 81,885 6,427 11 3.234 3 6 27 9 o 2,772-062 962 1905 1906 300 38-3 64,406 3,906 17 ■ 2,786 15 8 29 4 2 2,350-936 10 o 5 1906 1907 467 38-2 107,936 7,692 1 4,268 17 8 .38 18 3 3,602-990 8 5 5 1907 1908 524 37'5 112,769 7.313 3 4,254 11 o 38 6 3 3.592-339 3,i33-5i5 2 1 6 1908 1909 440 35-8 101,146 5,919 2 3,731 6 2 3 1 J3 11 5 5 4 1909 1910 529 35-i 115,674 5,897 5 4,158 10 7 4° 3 n 3,480-156 4 15 5 ■ 1910 1911 508 33'5 106,050 4,542 18 3,974 19 11 32 3 3 3,273'948 5 1 2 1911 1912 740 33'5 163,865 7.544 19 5,786 2 1 46 4 5 4,767-071 4 ! 9 1912 1913 787 3i'3 158,950 5,8o8 5. 5,736 2 8 3,480 12 5 43 18 10 4.736-634 7 3 8 1913 1914 506 317 109,850 4,580 1 25 18 11 2,836-409 1 3 o 1914 1915 53O 31-6 114,094 3,7°5 6 3.573 19 4 34 8 5 2,915-917 070 1915 1916 563 28-9 114,813 3.490 13 3,650 14 2 30 18 4 2,9i4'973 1 15 8 1916 1917 692 27-9 148,625 3.354 8 4,77O 3 3 22 1 1 3,822-234 4 12 4 1917 1918 839 26'3 166,500 2,323 4 5.442 5 2 24 6 9 4,356-284 1 15 4 1918 1919 302 277 64,875 2,278 1 1.759 9 I 1,933 n 6 4 T4 7 1,389'097 0 3 4 1919 1920 317 26-6 70,100 1,502 2 12 2 4 1,519-491 052 1920 1921 383 26'O 79,000 i,34i 19 2,176 5 5 20 11 o 1,687-637 1921 1922 425 24-4 85,800 725 4 318 3 2,403 17 10 11 4 4 1,870-457 1 15 10 1922 1923 564 23'3 "7.350 3,332 13 10 15 2 3 2,596-977 1923 1924 47 27-1 11,000 205 18 281 14 2 o 13 6 215-369 1924 1925 53 25'9 12,700 134 6 320 17 7 470 244-121 1925 1926 68 247 16,500 50 2 46 8 416 3 4 4 !4 6 3!5'399 0 2 ] 8 1926 1927 100 22'3 2i,975 541 4 10 3 5 6 4O9-554 1927 1928 163 21-3 36,825 j 29 18 900 13 o 12 17 9 681-321 o 70 1928 1929 22 247 3,925 21 10 92 2 9 120 68-115 1929 1930 I? 24'O 3,250 19 6 74 J9 6 1 3 4 55-i89 1930 1931 9 22-8 1,850 2 14 42 11 6 30-914 1931 1932 8 22'I 1,600 1 10 35 17 o 26-536 1932 1933 3 20'3 800 17 12 o 12-920 1933 1934 3 197 700 15 1 o 10-906 1934 1935 1 18-0 440 2-998 1935 Limited and Single Premiums. 200 -imited and \ Single Pre- I miums ,. -) 82 44'3 9,839t i,2gi 15 IO 2 3 8-500 li Totals.. 112,723 S8'6 £2,783,432+ 1140,022 13 £99,566 5 6 1841 2 8 82,671'O61 1133 15 0 * Note.—The ordi: ■ary premium is the premium at the real age; the extra, the additional premium imposed for any reason whatsoever. f And 15s.

H.—B.

Price 9d.]

NOTE.—In addition to the above Values the full H M- S per cent. Cash Value of all existing ordinary Bonuses is granted.

FIFTH SCHEDULE.

Appendix No. 5. Table showing the Minimum Surrender Value of Policies for £100.

Approximate Cost of Pa-per.-Preparation, not given; printing (1,450 copies), £31 6s.

Authority : Samuel Costall, Government Printer, Wellington.-1894.

TABLE I. TABLE Illis. TABLE Illas. TABLE Hiss. 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. I 10 Years. 15 Years. 20 Years. 1 5 Years. 10 Years. 5 Years. 10 Years 15 Years. 20 Years. 5 Years. 10 Years. 15 Years. 20 Years. 25 Years. 30 Years. £ s. a. I £ s. a. £ s. a. £ s. a. £ s. a. £ s. a. £ s. a. £ s. a. £ s. a. £ s. a. £ s. a. & s. a. £ s. .a. £ s. a. £ s. a. £ s. a. 20 2 8 1 6 1 10 10 5 11 15 2 11 24 13 7 57 2 9 10 17 0 25 8 11 43 18 0 67 11 7 5 14 4 13 13 7 23 9 5 35 14 0 51 5 7 71 5 9 25 3 1 11 7 8 9 12 9 0 18 7 6 24 11 5 56 17 ' 5 10 16 11 25 5 8 43 11 8 67 3 11 5 17 4 13 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 6 7 23 17 9 56 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 42 10 9 64 15 6 50 8 5 4 19 5 1 30 8 1 41 12 2 22 10 3 53 17 5 55 9 18 6 22 9 0 35 0 8 46 16 2 21 16 11 52 11 3

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NEW ZEALAND Government Life Insurance DEPARTMENT., Appendix to the Journals of the House of Representatives, 1894 Session I, H-08

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NEW ZEALAND Government Life Insurance DEPARTMENT. Appendix to the Journals of the House of Representatives, 1894 Session I, H-08

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NEW ZEALAND Government Life Insurance DEPARTMENT. Appendix to the Journals of the House of Representatives, 1894 Session I, H-08

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NEW ZEALAND Government Life Insurance DEPARTMENT. Appendix to the Journals of the House of Representatives, 1894 Session I, H-08

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NEW ZEALAND Government Life Insurance DEPARTMENT. Appendix to the Journals of the House of Representatives, 1894 Session I, H-08

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