ANNUAL REPORT OF THE GOVERNMENT INSURANCE COMMISSIONER FOR THE YEAR ENDED 31st DECEMBER, 1920.

Appendix to the Journals of the House of Representatives, 1921 Session I-II, H-08

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Session 11. 1921. NEW ZEALAND.

ANNUAL REPORT OF THE GOVERNMENT INSURANCE COMMISSIONER FOR THE YEAR ENDED 31st DECEMBER, 1920.

Presented to both Houses of the General Assembly pursuant to the Provisions of the Government Life Insurance Act, 1908.

Government Insurance Office, Wellington, 30th June, 1921. I have the honour to submit the following report upon the transactions of the Department for the year ended the 31st December, 1920, and its position at that date. The Revenue Account, Balance-sheet, and Statement of Business are appended. New Business and Amount in Force. —During the year 5,703 proposals were dealt with, for the assurance of £1,956,375. The number of policies actually completed was 4,872, assuring £1,659,660, with annual premiums amounting to £51,221. This is the largest new sum assured ever obtained by the Department in a single year. Thirty-four annuities were also granted, on which the purchasemoney was £24,980. The total business now in force, including 444 immediate and deferred annuities for £24,159 per annum, is 57,321 policies, bearing an annual premium income of £449,123. The sum assured, payable at death or maturity, is £14,924,147, to which are attached reversionary bonuses amounting to £1,335,163. The total business on the books thus amounts to £16,259,310. Income. —The total income of the Department was £730,908 —viz., premium income, £435,816 ; interest income (less land and income tax), £270,112 ; annuity purchase-money, £24,980. Each of these items of income, as well as the total, constitutes a record in the Department's history. The total income for the year is greater than that of last year by £29,485. Outgo. —During the year 783 policies matured, for £186,319, and 567 policies became claims by the death of policyholders, the amounts payable being £190,809. The outgo for death claims is smaller than for any year since 191.4, and represents an approximation to normal conditions. Accumulated Funds. —The total assurance, annuity, and endowment funds, apart from a special investment reserve of £288,686, now stand at £5,542,552, an increase of £187,648. The Balance-sheet. —On the 31st December, 1920, the total assets of the Department amounted to £5,927,557, and were invested as shown in the following statement, which also gives the distribution of the assets at the end of the previous year for purposes of comparison : —

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At 31st December, 1919. At 31st lecember, 1920. , , Peroentage Amount. o£ Total Class of Investment. Amount. Percentage of Total Assets. £ 2,784,532 733,943 1,635,800 210,597 134,831 130,179 98,799 48-6 per cent. 12-8 28-6 „ . 3-7 2-3 2-3 1-7 Mortgages on freehold propertyLoans on policies Government securities Local bodies' debentures Landed and house propertyMiscellaneous assets Cash in hand and on current account £ 2,750,026 735,739 1,869,800 210,241 134,799 124,337 102,615 46-4 per cent. 12-4 31-6 3-5 2-3 2-1 1-7 5,728,681 100*0 per cent. Total 5,927,557 100-0 per cent.

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The rate of interest realized on the mean funds, after deduction of land and income tax from interest, was £4 19s. 2d. Triennial Investigation. —The triennial valuation of the Department's liabilities and assets as at the 31st December, 1920, was completed by the Actuary early this year, and the results are set out fully in the Actuary's report. A surplus of assets over liabilities amounting to £238,704 was disclosed. Of this sum £217,706 has been allotted in the shape of compound reversionary bonuses upon the sum assured and the bonuses in force, thus giving increasing bonuses to those policyholders who have maintained their previous bonus intact. The resultant bonuses in the General Section range from £1 per cent, per annum of the sum assured in the case of new policies to £1 15s. per cent, per annum in the case of policies with longer durations. As between the Temperance and General Sections, the more favourable mortality in the Temperance Section has resulted in policies in that section becoming entitled to bonuses at a rate 5 per cent, higher than similar policies in the General Section. The total surpluses distributed since the commencement of business in 1870 amount to £2,234,382, which sum has been converted into reversionary additions to the sums assured amounting to £3,907,698. Legislation. —During the year the Life Insurance Amendment Act, 1920, was passed. The Act, which came into force on the Ist April, 1921, amongst other things, provides, in cases where a husband has assigned his policy to his wife, or vice versa, greater facilities for the reversion of the policy to the original status on the death of the assignee, does away with the necessity for probate or letters of administration when the policy becomes a claim in those cases where the sum assured is in excess of £200, but the balance payable is less than that amount, and remedies certain defects in the existing legislation regarding the powers of minors to deal with their policies. General. —The result of the year's operations has been very satisfactory. As indicated above, there has been a record inflow of new business, bringing the aggregate business to the highest point yet reached, whilst the disturbing effect of the war upon mortality has virtually ceased. It is gratifying that at a time when so many insurance offices in different parts of the world have found it necessary to make drastic reductions in their periodical bonuses or even to omit their allotment altogether, while a leading company in a neutral European State is'in more serious difficulties, this Department can point to the fact that it has been able to maintain a strong position and a satisfactory rate of bonus. In addition to the satisfactory condition disclosed, the outlook for the future is very promising. J. H. Richardson, Commissioner.

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Revenue Account op the Goveenment Life Insurance Department for the Year ended 31st December, 1920. £ s. d. £ s. d. Amount of Funds at Ist January, 1920 5,354,904 4 9 Death claims under polioies, Assurance, Renewal premiums — Assurance, An- including bonus additions .. .. 190,808 17 0 nuity, and Endowment .. .. 389,764 8 1 Endowment Assurances matured, inNew premiums (inoluding instalments eluding bonus additions .. .. 183,739 9 5 of first year's premiums falling due Endowments matured .. .. 2,580 0 0 in the year) .. ... .. 44,398 2 9 Premiums returned on endowments .. 527 14 1 Single premiums—Assurance and En- Bonuses surrendered for cash .. 1,628 16 9 dowment .. .. .. 1,653 12 10 Annuities .. .. .. .. 20,754 19 11 Consideration for Annuities.. .. 24,980 2 6 Surrenders .. ... .. 20,269 2 6 Interest .. £274,577 3 2 Loans released by surrender .. .. 29,732 3 5 Less land and in- Commission, new* .. £32,003 610 come tax .. 4,465 3 5 „ renewal 3,127 12 3 270,111 19 9 35,130 19 1 Expenses of management— Salaries— Head Offioe ..£26,279 18 10 Branoh offioes and agents .. .. 11,150 6 7 Extra clerical assistance 738 0 10 Medical fees and expenses .'. .. 5,871 5 2 Travelling-expenses .. 1,011 5 7 Advertising .. .. 460 0 8 Printing and stationery 2,353 11 9 Rent ... .. 3,710 10 0 Postage and telegrams 2,180 7 9 Exchange .. .. 57 0 6 General expenses .. 2,682 15 4 Triennial oxpenses .. 1,593 5 11 58,088 8 11 Amount of funds, 31st December, 1920 5,542,55119 7 £6,085,812 10 8 £0,085,812 10 8 * Including Agonts' allowances. Balance-sheet of the Government Life Insurance Department on 31st December, 1920. Liabilities. Assets. £ s. d. £sd £sd Total Assurance, Annuity, and En- Loans on policies .. .. 735,739 9 6 dowment Funds (as per Revenue Government securiAccount) .. .. .. 5,542,551 19 7 j; eB Claims admitted, proofs not yet com- Consolidated stock 625,900 0 0 pleted 86,092 12 4 Debentures issued Annuities 465 16 11 under the auCommission .. .. .. 2,563 13 11 thority of the PiMedical fees .. 680 10 6 , nance Act, 1915 40,000 0 0 Premium and other deposits.. .. 5,572 19 6 j<r ew Zealand InSundry accounts owing .. .. 693 12 3 scribed Stock Officers Fidelity Fund .. .. 300 0 0 War Loans ..1,068,900 0 0 Investment Fluctuation Reserve .. 288,686 1 1 New Zealand Inscribed Stock — Finance Act, 1919 50,000 0 0' New Zealand Inscribed Stook — Discharged Soldiers Settlement Loan .. .. 85,000 0 0 1,869,800 0 0 Municipal Corporation debentures .. 115,983 2 6 County securities .. .. .. 6,800 9 7 Harbour Board debentures .. .. 35,200 0 0 Town Board debentures .. .. 28,450 0 0 Road Board debentures .. .. 21,800 0 0 Drainage Board debentures .. j>. 2,007 10 11 Landed and house property .. .. 133,120 13 8 Landed and house property (leasehold) 1,677 18 0 Mortgages on property .. .. 2,750,025 12 1 Properties acquired by foreclosure .. 281 8 3 Overdue premiums on policies in force .. £6,119 4 5 Outstanding premiums due but not overdue.. 40,156 1 9 46,275 6 2 Overdue interest .. £1,214 11 1 Outstanding interest due but not overdue.. 6,351 7 8 Interest aoorued but not due .. .. 65,422 8 10 72,988 7 7 Agents'balances .. .. .. 4,792 .0 7 Cash in hand and on ourrent account.. 102,615 7 6 £5,927,557 5 10 £5,927,557 5 10 Government Life Insurance Department, 2nd May, 1921. J. H. Richardson, Commissioner. Geo. W. Barltrop, Secretary. Audited and found correct. Robert J. Collins, Controller and Auditor-General.

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Statement of Business

TOTAL. Whole-life and Term Assurances. YEAR 1920. — ■ Annual Annuities. tj„ ' Sum J 1 ™?™ Premiums. 1. Immediate or n assured. a '■ Ordinary. entered upon. Bonuses. g Extra . % Deferred. Annual M Sum Kever- Premiums. assured. *WJg - £ grMMry. POLIC IIES ISSUED AND DISCON- £ £ £ s. d. £ s. d. £ £ £ s. d. Policies in force at 31st 55,77014,123,7281,423,016 1 421,160 4 820,414 17 3} December, 1919 1 1,845 10 9 2,779 19 3/ 55,770 11,698 3,666,055 699,940(83,787 4 10 1 1 1,083 16 6 J 11,698 New Business .. .. 4,906 1,659,660 .. I 51,001 4 7 2,558 2 10) 1 219 8 8 52 9 2 J 4,906 626 306,950 .. I 7,858 13 10 | j 69 15 6 j 626 Total.. .. 60,67615,783,388 1,423,016 1 472,161 9 322,973 0 11 | 2,064 19 5 2,832 8 5 } 60,676 15,783,388 1,423,016 ( 472,161 9 3 | 2,064 19 5 22,973 0 1 I 2,832 8 5 | 12,324 3,973,005 699,940 j 91,645 18 8 | X 1,153,12 0 j Polioies discontinued 3,355 859,241 87,853) 25,009 7 3 1,591 0 8 1 during 1920 I 144 16 9 55 18 2 f 3,355 859,241 87,853 j 25,009 7 3 ( 144 16 9 1,591 0 3 1 55 18 2 f 952 301,234 41,219 f 6,997 7 7) I 78 16 5f Total Policies in foroe at 57,321 14,924,147 1,335,163 I 447,152 2 0 21,381 19 10 ) 31st December, 1920 ( 1,920 2 8 2,776 10 3 j 57,321 14,924,147 1,335,163 f 447,152 2 0 ( 1,920 2 8 21,381 19 10 \ 2,776 10 3 j 1.1,372 3,671,771 658,721 ( 84,648 1.1 1 1 t 1,074 15 7 j 658,721 PARTICULARS OF P' LICIES DISCON How discontinued. By Death Maturity 595 783 148,779 150,828 38,132 31,647 | 4,442 0 7 I 44 18 10 j 5,796 9 6) 1 15 0 2f j 4,172 17 0 | 6 18 7 j 946 11 81 1 8 13 6f 1,591 0 3) 55 18 2) 319 99,104 32,110 f 2,554 16 4 1 X 39 1 9 j Surrender 519 145,584 7,711 89 41,228 3,126 f 966 2 3 | ( 3 10 0[ j 138 12 10 | Cancellation 117 36,550 2 15 6,000 Surrender of Bonus.. 2,594 1,606 Lapse 1,340 376,304 7,348 f 9,340 8 21 1 54 4 lOf 11 10 01 f 97* 6 31 J 202 4 1) | 15 0 lOf ■ 528 153,866 3,979 j 3,290 16 6 ) X 31 4 8 } I 11 10 0 ) 1 • • )" I 2 8 8) ( 3311 0 1 X 5 0 0 [ Expiry of Policy 1 1,000 1 1,000 Expiry of Premium.. 160 Miscellaneous 36 419 36 398 Total 87.853 1 3,355 859,241 J 25,009 7 3 t 144 16 9 1,591 0 3) 55 18 2 J 952 301,234: 41,219 j 6,997 7 7 | 1 78 16 5 f PROi GRESS 3F BU! 5INESS OF ' THE GOVI IRN1V IENT LIFE IIS fSURANCE L'otal issued .. 153,858 38,971,290 3,563,310 j 1,196,196 12 6 I 38,553 13 6 j 749,044 10 6 X 36,633 10 10 1 102.095 13 4 I 77,937 3 3 I 16,029 14,135,5091,918,233 10,463,7381,259,512 1366,842 5 31 t 17,896 8 3) (282,193 14 2J ( 16,821 12 8[ Potal void 96,537 24,047,143 2,233,147 34,657 Total in force 57,321 14,924,147 1,335,163 447,152 2 0 24,158 10 1 11,372 3,671,771 658,721 84,648 11 1 Extra Premiums Reduotion of Prei 1,920 2 8 51 4 0 1,074 15 7 44 17 6 liums I >y Bonus, &o. £449,123 8 8 £85,768 4 2 Note.—The Ordinary Premium is the iremium charged Wellin ;ton, 15th March, 1921.

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at End of Year 1920.

ASSURANCES. SIMPLE ANNUITIES. ENDOWMENTS, Endowment Assurances. Annuity Assurances. INVESTMENTS, ETC. Annual j; !• Annuities. Annuities. Sum Annual N Sum f eve I" Premiums. , \ 1 - Entered Annual N Annual 1. Immediate or N 2 aS Rever- Premiums - assured. 1. Ordinary. m , a inn fl v! upon Premiums. °' Premiums. entered upon. ' '• nnnrv 1. Ordinary. | BonuBes - I. Vitro. [I Bonuses. | '• A . ..Deferred. _ ». Extra. TINUED DURING THE YEAR 1920. £ £ £ s. d. £ £ s. d. £ a. d. £ s. d. £ s. d. £ £ s. d. 41,55510,081,038 721,065(326,666 12 5) 53(11,695 33 19 2) 633 1 7 /435 .. 20,380 18 1 ) 2,026 (364,940 10,053 5 4 1 1 761 14 3j \ i. 631 2,584 10 3} | 3 20 0 6 195 9 0 f \ 380 .. J 4,043 1,301,360 .. (41,670 6 4) .. j 1,500 26 14 8) 130 6 0 J 34 .. 2,531 8 2 ) 203 ( 49,850 1,341 18 5 ) 1 149 13 2 j | 52 9 2f \ .. .. J \ .. I 45,59811,382,398 721,065(368,336 18 9 1 53 ( 13,195 60 13 10| 763 7 7 ( 469 .. 22,912 6 3 ) 2,229(414,790 11,395 3 9 | t 911 7 5] t 1.631 2,636 19 5 j \ 3 20 0 6 195 9 0 J { 380 .. } 2,262 534,597 46,215 I 17,268 1 3 ) 2 ] 510 .. ) 23 9 3 J 28 .. 1,591 0 3 1 111] 22,900 720 9 2 ) I 66 0 4 J \ 39 55 18 2/ .. .. j \ 380 .. j 43,33610,847,801 674,850(351,068 17 6) 51 f 12,685 60 13 101 739 18 4 J 441 .. 21,321 6 0 \ -2,118 / 391,890 10,674 14 7 I \ 845 7 1) 1 1,592 2,581 1 3/ \ 3 20 0 6 195 9 0 } \ .. I _ ' TINUED DURING THE YEAR 1920. : , 246 49,325 6,005 1 1,868 11 9) 2 j 350 .. ) 18 12 6 28 .. 1,591 0 3.. 1 5 17 1 } I 17 55 18 2 ) 762 148,628 31,245 f 5,697 16 7 1 .. j ) .. .. .. .. .. 21 f 2,200 98 12 11 ) t 15 0 2 } | 22 | ( 380 .. f 366 89,756 4,585 j 2,764 11 8 j .. .. .. .. .. .. .. 64 j 14,600 442 3 1 j 99 29,650 2 J 788 16 9 I .. .. .. .. .. .. .. 3 1 900 19 2 1 I 1 8 13 6 j j | .... 988 789 217,238 3,369 ( 5,935 17 6| .. .. .. .. .. .. .. 23 / 5,200 113 14 2 ) 1 23 0 2 / \ .. .. J | 47 16 10 I .. | 160 | .. 4 16 9 .. .. .. .. .. j 42 4 0 j 211 164 10 2 1 .. .. .. .. .. .. .. .. ( 4 12 11 I t 10 0 10 J | .. I 2,262 534,597 46,215 ( 17,268 1 3 I 2 I 510 1 23 9 3 28 .. 1,591 0 3 111 I 22,900 720 9 2 I I 66 0 4 f 1 39 55 18 2 j 1 380 .. 1 DEPARTMENT SINCE DATE OF ESTABLISHMENT TO 31st DECEMBER, 1920. mn«M«n.nNoinim 1796,374 6 3) ,, nr \ 160,450 121 14 01 a „ 1Q . - Q Qfio . .. _ n „ . „ eio I 764,789 23,998 4 6 I 100256 23,910,542 1,641,573 | 2 0,636 15 Sj | 6,838 57,376 2 4J 8 > 6iJ lo 8 949 302 0 10 44,597 17 0 5,518 | i t 6 6 6 20 10 0) 5692013,062,741 966,723 | 1791 8 2} 1055 | 246 '54,795 11} 7,879 17 4 505 342 0 4 23,081 2 0 3,400 j 37 'i'ggg 13,8 20 lVo f 4333610,847,801 674,850 351,068 17 6 61 j 1 i'592 ' 2 581 739 18 4 444 20 0 6 21,516 15 0 2,118 j 391,890 10,674 14 7 | 845 7 1.. .. .. .. .. .. .. .. 6 6 6 £351,920 11 1 £739 18 4 £20 0 6 £10,67414 7 at the true age; the Extra, the additional premium charged for any reason whatsoever. J. H. Righakdson, Commissioner. Percy Muteb, Actuary.

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GOVERNMENT INSURANCE DEPARTMENT STATEMENTS IN CONNECTION WITH THE VALUATION OF LIABILITIES (FOURTH AND FIFTH SCHEDULES) FOB THE TRIENNIUM ENDING 31st DECEMBER, 1920 i Presented to both Houses of the General Assembly pursuant to Section 38 of the Government Life Insurance Act, 1908.

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REPORT BY THE ACTUARY RESPECTING THE VALUATION OE THE LIABILITIES UNDEB LIFE POLICIES AND ANNUITIES OP THE NEW ZEALAND (iloremmat JtMtwce gipriprtf, In terms of Section 36 of the Government Life Insurance Act, 1908.

FOURTH SCHEDULE. I. The date up to which the valuation was made was the 31st December, 1920. 11. The principles upon which the valuation and distribution of profits were made were as follows: — (1.) Principles of Valuation. — The valuation has been made upon a strictly "net premium" basis; in other words, no credit whatever has been taken for any extra premiums or loadings, the net premiums alone having been valued for inclusion among the assets. The liability has been ascertained by taking the difference between the present value of the sums assured (including reversionary bonuses) and the present value of the net premiums (derived from the Institute of Actuaries H M Table with 3| per cent, interest). Where the original premiums have been reduced by the application of amounts received in consideration of the surrender of bonuses or former policies the present values of such reductions have been added to the liability. In all cases where an extra premium was payable the policy has been valued at the true age, and a full proportion has been reserved for the unexpired risk for which the extra premium had been paid. Adequate extra reserves have been made for limited-premium policies and the immediate payment of claims in the case of whole-life assurances, and allowance has been made for the actual incidence of the premium income. Reserves have been made for Deferred Annuities and Deferred Assurances equivalent to the premiums paid and the net premiums respectively accumulated at 4 per cent. Endowments have

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* FOURTH SCHEDULE. ■

been valued as sums certain payable at the end of their respective terms, and mortality has only been taken into consideration where the premiums are payable during the joint lives of the child and purchaser, 3J per cent, compound interest being used ; the surrender value has been taken as the minimum reserve. Anmuties have been valued by the British Offices' Life Annuity 'Tables (1893), using 3 per cent, interest. In the case of annuity-assurances the value at age 60 of the annuity has been computed by the 1883 English Annuitants Experience and treated as an endowment payable at age 60, which has then been valued, in combination with the insurance portion of the contract, by the Institute H M Table, with 3£ per cent, interest. The valuation has been made in duplicate, and the policies valued in groups where practicable. (2.) Principles of Distribution of Surplus. — The divisible surplus is distributed among the policyholders entitled to participate as a uniform reversionary bonus per cent, on sums assured and existing bonuses, for each premium paid since the last division; and an interim bonus is also paid, at the same rate, in respect of those policies which may be surrendered or become claims before the next distribution of surplus. The approximate profit from favourable mortality in the General Section and the Temperance Section respectively has been ascertained and. specially divided among the members of the respective sections. The result is that temperance policies will, on this occasion, receive reversionary bonuses at a. rate 5 per cent, higher than general policies which are like them in all other respects. The divisible surplus has been converted into reversionary bonuses by means of the H M Table of Mortality with 3J per cent, interest, the reversion for a continuous assurance having been used for whole-life policies. 111. The Tables of Mortality used in the Valuation were, — (1.) For Assurances, the Institute of Actuaries H" (Healthy Males) Table; (2.) For Annuities, British Offices' Life Annuity Tables (1893). IV. The rate of interest assumed in the valuation was 3| per cent., except in the special cases mentioned in paragraph II (1), where a higher reserve was considered necessary V. The whole of the loading, or the difference between the premiums payable to the office and the net premiums, amounting to £69,618 per annum and valued at £816,750, has been reserved for future expenses and profits; and in the case of limited-premium and paid-up policies, where the loading as well as the risk-premium is payable for a limited period only, a further reserve of £4,425 has been made to provide for expenses and profits when the premiums shall have ceased. VI. The Consolidated Revenue Account for the three years that have elapsed since the last valuation is given on page 11.

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FOURTH SCHEDULE.

CONSOLIDATED REVENUE ACCOUNT OF THE GOVERNMENT INSURANCE DEPARTMENT, Fob the Period commencing Ist January, 1918, and ending 31st December, 1920. £ s. d. £ s. d. £ s. d. Amount of Funds on ist January, 1918 .. 5,199,320 1 o Death Claims under Policies, Renewal Premiums .. .. .. 1,110,161 14 4 Assurances, including Bonus New Premiums .. .. .. .. 132,749 19 2 Additions .. .. .. 723,916 18 11 Single Premiums .. .. .. 31883 5 i Endowment Assurances maConsideration for Annuities granted .. 56,651 910 tured, including Bonus AdInterest .. .. .. .. 824,194 5 9 ditions .. .. .. .. 535,276 18 5 Endowments matured .. .. 8,343 15' o Premiums returned on Endowments .. .. .. .. 1,147 IX 8 Bonuses surrendered for Cash .. 14,853 10 11 Annuities .. .. .. .. 59,520 11 o Surrenders.. .. .. .. 57,766 15 9 Loans released by Surrender.. .. 90,391 7 8 Commission, New* .. .. 86,130 13 9 Renewal .. 8,698 11 9 94,829 5 6 Land and Income Tax .. .. 40,993 8 o Expenses of Management— Salaries, Head Office .. 62,865 '6 2 Branch Offices and Agents.. .. 28,412 18 4 Extra Clerical Assistance .. 10,312 5 1 Medical Fees and Expenses 17,007 10 10 Travelling-expenses .. 2,098 1 4 Advertising .. .. 1,675 5 8 Printing and Stationery .. 7,293 910 Rent .. .. .. 9,562 16 6 Postage and Telegrams .. 6,466 5 4 Exchange .. .. 171 1 8 General Expenses .. 7,293 9 o Triennial Expenses .. 4,209 13 o 157,368 12 9 Amount of Funds on 31st December, 1920 .. .. .. .. 5,542,551 19 7 £7,326,960 15 2 £y, 326,960 15 2 * Including Agents' allowances VALUATION BALANCE-SHEET OF THE GOVERNMENT INSURANCE DEPARTMENT, As at 31st December, 1920. Dr. £ Cr. £ To Net value of Liabilities (as per Valuation Sum- By Accumulated Funds (as per Consolidated mary) .. .. .... .. 5,303,848 Revenue Account) .. .. .. .. 5,542,552 To Surplus .. .. .. .. .. 238,704 : £5,542,552 £5,542,552 =====

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FOURTH SCHEDULE,

Summary and Valuation of the Policies of the New Zealand Government Life Insurance Department as at 31st December, 1920.

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FOURTH SCHEDULE.

VII. 1. 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, will be found in detail in the Valuation Summary given on page 12. 2. The net liabilities and assets of the Department, with the amount of surplus, are shown in the Valuation Balance-sheet given on page 11. VIII. All participating policies which were in force at the date of the valuation, however recently effected, share in the profits. The reversionary bonuses allotted to policies recently issued follow the sum assured — i.e., they vest immediately, and are payable with the sum assured as a claim, however short the duration; but, except in the case of short-term doubleendowment policies, they do not acquire a cash value for surrender purposes until the policies to which they belong have been two years in existence. IX. The results of the valuation are as follows:— (1.) The total amount of profit made by the Department during the three years ending the 31st December, 1920, including a balance of £11,421 Is. Od. carried forward three years ago, on the basis of a 3| per cent, valuation for assurances, was £257,024, of which amount £18,320 has been paid as interim bonuses during the triennium. (2.) The amount of profit divided among the policyholders as at the 31st December, 1920, was £217,706, which has been converted into reversionary bonuses amounting to £339,388. The number of policies which participated was 50,177, assuring the sum of £12,821,412, or, including reversionary additions, £14,156,570. (3.) The following are specimens of the bonuses which have been allotted, for the three years ending the 31st December, 1920, to policies for £100 upon which all previously allotted bonuses had been allowed to remain:—

Whole Life (General Section).

The cash values of the reversionary bonuses are computed by the H M Table of Mortality, with interest at 4|- per cent. Percy Muter, Actuary.

AGE AT ENTRY, AGE AT ENTRY, AGE AT ENTRY, 40. AGE AT ENTRY, 50. Number of Years in Force. 20. 30. Number of Years in Force. Reversionary Cash Bonus. Value. Reversionary Cash Bonus. Value. Reversionary Bonus. Cash Value. Reversionary Bonus. Cash Value. 25 30 35 40 £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. 3 15 o 19 5 3 T 4 ° 1 17 o 3 14 o 267 3 14 o 2 15 10 400 1 15 4 3190 249 3180 2140 3180 329 470 236 44° 21210 44° 334 43° 3 io 3 4100 2110 490 317 480 3109 480 3 17 8 25 3° 35 40 5 10 IS 20 Endowment Assurance.—Term 20 Years (General Section). 310 11210 310 1 13 4 310 1140 310 1 16 1 340 221 340 225 340 235 340 244 380 2 14 8 380 2 14 11 380 2 15 3 380 21510 3 11 o 3 11 o 3 11 o 3 11 o 3 11 o 3 11 o 3 11 o 3 11 o 5 10 '5 20

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H E _P O R T BY THE In terms of Section 37 of the Government Life Insurance Act, 1908. FIFTH SCHEDULE. STATEMENT OF THE LIFE ASSURANCE AND ANNUITY BUSINESS OE THE GOVERNMENT INSURANCE DEPARTMENT ON THE 31st DECEMBER 1920.

Question 1. —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 Appendices Nos. 2, 8, and 9, and similar information in respect of other policies is given in Appendices Nos. 3, 4, 5, 6, 7, 10, and 11. 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.

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FIFTH SCHEDULE.

Question 5.—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 mentioned 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: —

* And annuities deferred, £2,581 is. 3d.; and entered upon, £60 13s. iod. t These amounts are also shown under " Deferred Annuities " in answer to Question 8. Question 7. —The total amount of immediate annuities on lives, distinguishing the amounts for each year of life.

rH 0) !:§ I* Annual Premiums Total Ordinary Premiums received. Class of Assurance. Sums assured. Reversionary Bonuses. Ordinary. Extra. With Profits. £ s. d. £ *• d. £ t. d. / s. d. £ -■ d. Endowment Assurances 25>329 5,642,451 o o 472,149 1 o 208,105 9 2 534 15 11 2,021,140 3 7 Long-term Endowment Assurances 4,738 1,530,796 o o 102,342 I o 42,646 17 10 279 6 11 393,742 11 9 Double-endowment Assurances 12,566 3,474,504 o o 98,379 16 o 93,718 o 8 17 18 o 754,046 12 1 Endowment Assurances with extra profits 159 38,000 o o 1,979 3 ° 1,637 IJ ° 8,344 6 o Deferred Endowment Assurances with extra profits 87 30,400 o o 524 3 1 1,981 8 10 (oint-life Assurances 16 5,900 o o 450 17 o 256 4 10 8 7 10 2,483 14 4 Survivorship Assurances I 40 o o H 5 ° 37 2 2 [oint Endowment Assurances .. I 800 o o 45 2 8 67 14 o \nnuity Assurances 51 12,685 o o* 1,592 2 o 739 18 4+ 10,764 7 4f Endowments: With return 1,023 157,850 o o 5>776 14 4 46,583 9 7 Endowments : Premiums ceasing on death of purchaser 443 58,000 o o 2,348 6 4 18,942 2 6 Without Profits. 155,250 o o 4,922 2 8 13 6 3 24,252 18 4 Endowment Assurances 543 (oint-life Assurances 1 500 o o 21 13 4 173 6 8 Survivorship Assurances 4 4, 000 o o 63 11 8 5°8 13 4 Deferred Endowment Assurances 4S9 110,750 o o T,762 13 I 7,780 5 6 Endowments: With return 1 100 o o 32 19 2 Industrial Assurances 2 40 o o o 17 4 32 12 10 femporary Assurances 1 I,000 o o 14 o o 6 12 6 14 o o Totals 45,455 £11,229,066 0 0 £676,907 5 0 £362,583 6 4 £860 7 5 £3,290,928 8 0

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

3—H. 8.

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Amount of .NNUITIES. Age attained. Female. Male. 35 36 44 46 47 49 50 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 80 81 82 83 84 85 86 87 88 89 90 91 94 97 £ s. d. 52 o o 44 5 0 103 6 8 25 16 8 no o o no 17 o £ •• d1000 73 9 4 89 18 4 30 18 4 32 7 8 170 o o 76 16 8 223 1 o 96 4 o 79 16 2 372 17 4 135 15 ° 101 5 8 780 12 o 121 10 o 136 16 4 417 13 6 153 14 4 228 8 4 287 14 8 598 13 8 68 11 8 44° 3 4 120 14 o 416 1 2 145 17 8 171 7 o 211 6 8 65 1 8 215 12 o 233 17 8 6 3 "e 8 152 o 0 133 2 4 172 13 4 191 7 8 98 8 4 428 1 10 152 17 8 148 10 o 292 o o 488 1 6 236 10 6 563 18 6 161 1 o 348 18 10 404 1 o 217 9 8 252 1 8 1,- 502 1 o 369 15 ° 397 16 8 380 11 10 151 3 8 765 18 8 428 7 6 301 9 o 295 11 4 859 16 10 238 4 6 277 16 6 256 10 o 561 18 6 62 12 o 345 12 o 526 15 2 56 1 3 395 2 4 100 n 4 56 5 5 185 n 2 22 8 8 164 12 6 51 8 10 52 15 o 300 o o 50 o o Totals .. £7,156 14 4 £13,197 3 4 Joint and Survivorship. Ages attained. Female. Male. Amount of Annuity. 60-57 72-68 74-73 76-70 79-68 79-72 81-67 81-72 87-83 93-78 1 1 1 1 £ s. d. 10 o o 200 o 0 2 2 152 19 4 75 o o 5° 19 4 112 4 o 17 13 4 113 1 8 193 1 o 42 9 8 1 1 1 2 1 3 1 1 2 1 3 1 2 2 Totals .. 15 15 £967 8 4

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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 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. —The average rate of interest at which the mean funds of the Department were invested for each year of the triennium, after deducting land and income tax, was as follows: —■ £ b. d. 1918 ... ... ... 4 13 8 1919 ... ... ... 5 2 4 1920 ... ... ... 4 19 2 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. 12. In the case of simple endowments, with return of all premiums at death of nominee, the premiums are returned without interest, as surrender value. Other endowments and children's deferred assurances are treated specially.

Class of Annuity. Amount of Annuities. Annual Premiums. Single Premiums. Total Premiums received to 31st December, 1920. £ s. d. 20 o o £ s - d - 6 o 0 £ s. d. £ s - d - 138 11 6 Deferred (Premiums returnable) Deferred (Premiums not returnable) 175 9 o 14 o o 300 O O 342 o o Deferred (Annuity Assurances)* 1,019 14 ° 289 9 5 80 3 o 4,883 3 It Deferred (Annuity Assurances)! 1,622 1 1 450 8 n 5,88l 4 3I Totals £2,837 4 1 £759 18 10 j £380 3 0 £11,244 18 10 * Including £55 4s., annuity " entered upon " and tern ,nd whole-life assurances for £6,697. i These amoui iporary assurances for nts are also given in ai £5,988. t Inc nswer to Questions iludina £s 9s. iod,, an 5 and 6. nuity "entered upon"

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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 surrender calculations, except in the cases of 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. Percy Muter, F.1.A., the Actuary to the Department. J. H. Richardson, Government Insurance Commissioner. 9th August, 1921.

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Appendix No. 1. THE PUBLISHED TABLES OF PREMIUMS Which were in Use on the 31st December, 1920.

Class of Assurance, with Participation - - in Profits. Age 10. Age 13. Age Ni :arest Bii rthday. Age 45Age 50. Age 55Age 60. Age 20. Age 25. Age 30Age 35Age 40. o <u oil E irLrf <J rT "1 o u a 2Q B £ r, g = ° 0 u - tj tu o 0 in 00 w A B s B 10 B 15 B 20 B 25 B 30 B 35 Annual premiums during the whole term Single payments Annual premiums.— Limited to 10 years 15 a 20 £ s. d. 1 7 9 27 11 o 3 15 0 2 14 8 2 4 10 1 19 1 1 15 5 1 13 ° £ s. d. 1 11 3 30 7 0 4 1 8 2 19 9 2 9 1 2 2 11 1 19 0 1 16 4 £ s. d. 1 15 7 33 12 o 4 9 10 3 5 11 2 14 2 276 2 3 3 205 / •• d. 1 19 11 36 10 o 4 17 o 3 11 3 2 18 9 2 11 7 2 7 1 242 £ ■■ d, 255 39 19 o 5 5 4 3 17 7 3 4 2 2 16 7 2 II 10 2 811 £ s. d. 2 12 4 43 16 o 5 15 o 4 5 0 3 10 7 327 2 17 9 2 14 10 £ ■■ d. 3 1 3 48 2 o 6 6 1 4 13 9 3 18 5 3 10 o 3 5 3 327 £ ■• d. 3 13 2 53 1 o 6 19 4 5 4 6 4 8 4 3 19 10 3 15 4 >5* £ s - d - 492 / 58 10 o 7 i5 2 5 17 10 5 1 2 4 13 o £ s. d 4 9 / ;8 10 7 15 5 17 1 5 1 4 13 d- * 2 ; 06; 2 i io ( 2 ; o £ s. d 5 11 5 64 9 o 8 14 6 6 15 3 5 18 8 £ ■■ d 5 I' '4 9 8 14 6 15 5 '8 d i 5 5 07c 6 < 3 ; 8 £ s. d. 7 3 7 70 16 o 9 19 4 7 t8 11 £ ■■ 7 3 o 16 9 19 7 t8 i 25 „ 3° » 35 » ■5 r! 4-1-C rt p. o . Q 3 « <D rt "i h o o » •g '. rt CD o r-l P G ID -S is o o-a ■a c a m o u Ph o .= £ Annual premiums.— Term 10 years » 15 20 . 25 . 30 . 1. 35 ,1 „ 4° . „ 45 » . 5° » 1. 55 ., 60 65 980 5 19 3 4 5 9 363 2 13 10 2 5 5 1 19 7 1 15 5 1 12 6 1 10 5 1 9 1 1 8 3 9 9 1 606 4 7 1 3 7 8 2 15 5 272 2 1 5 1 17 5 1 14 9 1 12 11 1 11 10 9 11 6 628 4 9 1 3 9 9 2 17 7 2 9 5 2 3 11 203 1 17 10 1 16 4 9 12 0 6 3 5 4 10 1 3 10 11 2 19 o 2 11 2 261 2 2 10 2 o 10 9 13 3 6 4 10 4 11 9 3 12 11 3 1 4 2 14 o 296 2 6 10 9 14 8 6 6 6 4 '3 it 3 15 7 3 4 7 2 18 1 2 14 3 9 16 5 6 8 11 4 17 o 3 19 6 3 9 7 3 4° 9 19 8 6 13 1 522 460 3 17 4 10 4 5 6 19 4 5 10 3 4 15 10 10 12 3 7 9 7 630 11 5 2 8 6 1 t/j IB o c rt iH M w 2 C Annual premiums.— Term 25 years . 3° 3 18 10 3 5 4 4 ° 4j 3 7 0, 425438 3 9 3 3 10 8 4 5 8 3 13 2 4 8 3 16 4 12 6 4 1 9 4 19 2 4 9 10 5 9 4 Note.—In additi on the sum assured v >n to pat -ill be al ■ticipatin: lotted in < in ordinary pro this table. ts, a spei :ial reve: •sionary bonus of ios. per :ent. per annum U O 3 <_> (0 <U u O cti Htr '. rfl m o Ui 3 <u ;n -=. S- 0 • < ?.£ Si 1 O "tl o E Annual Premiums. Age of Younger Life (nearest Birthday). ■0 Years. £ s. d. 2 14 11 3 o 11 3 8 11 3 18 10 4 11 7 5 9 0 6 12 5 Difference between Age of Elder and Younger Life. 2 Years. £ s. d. 2 16 1 325 3 10 9 4 1 3 4 14 9 5 13 5 6 18 3 4 Years. £ »■ d2 17 4 3 4 2 3 12 11 440 4 18 e 5 18 5 752 6 Years. £ s. d. 2 18 10 360 3 15 4 4 7 1 5 2 11 642 7 13 3 8 Years. £ ■■ d. 3 0 7 382 3 18 1 4 10 10 5 7i° 6 10 11 828 10 Years. £ 9- d. 326 3 10 7 412 4 15 2 5 13 6 6 18 9 8 13 7 Double Endowment Assurance. For the assuiance of /ioo in the event of death during the term, and an endowment of /200 in the event of the life assured surviving the term. Term Annual Premium. 20 25 30 35 40 45 50 10 years 15 1, 20 £ ■■ d. 17 12 o II o o 25 „ 3° ,1 35 „ 7 14 0 5 16 o 4 12 o 3 15 o

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Appendix No. 1. THE PUBLISHED TABLES OF PREMIUMS Which were in Use on the 31st December, 1920.

21

Class of Assurance wi: thout Participation in Profits. >hts. Immediate Annuities. Whole-life Assurance. Endowment Assurance. Temporary Assurance. Showing the Sum to be paid for an Immediate Annuity of jfio, payable by Halfyearly Instalments. Premium required to secure /ioo, payable at death only. Annual Premium to Temporary Assurance, secure /ioo, payable -r, • „ . u r> a r at End of Term in- Premium to be Paid for Msurmg dicated, or at Death £ 100 on a bln 8 le Llfe ' if prior. Premium to be Paid for assuring £100 on a Single Life. Age Premium Limited to Nearest Single Annual Birth- Premium. Premium, day. 10 Years. 20 Years. Annual Annual Annual Term Term Premium Premium Premium 25 Years. 30 Years. for for for Annual Annual Annual Premium Premium Premium for for for 1 Year. 3 Years. 5 Years. Age Birth- Male - Female, day. 1 Year. 3 Years. 5 Years. £ s. d. / s. d. d. £ s. d. 10 22 4 0 ill 2 13 6 1 12 7 15 24 17 o 144 300 1 16 9 20 27180 185 380 21 10 25 30 13 o 1 12 4 3 14 10 263 30 34 o o 1 17 6 4 3 5 2 11 9 35 37 12 o 239 4 12 10 2 18 [ 40 41 16 o 2 11 10 5 3 10 3 5 9 45 46 it o 326 5 17 1 3 15 6 50 51 17 o 3 16 7 6 12 7 4 7 11 55 57 10 0 4 15 6 7 11 4 60 63 11 0 616 8 14 10 £ s. d. 22 4 0 24 17 o 27 18 o 30 13 ° 34 o o 37 12 o 41 16 o 46 II o 51 17 o 57 10 o 63 11 o £ ». d. ill 1 4 4 ' 8 5 1 12 4 1 17 6 2 3 9 2 11 10 326 3 16 7 4 15 6 6 1 6 £ s. d. 2 13 6 300 380 3 14 10 4 3 5 4 12 10 5 3 10 5 17 1 6 12 7 7 11 4 8 14 10 £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. 2 19 1 273 j 305 289 tioo 106 110 325 2 to 9 J 3372 12 2 I08 IO II II4 355 2 14 5 13° 135 131° 37 11 2 17 6 153 160 167 3 11 9 323 186 1811 197 3 17 10 398 1 12 6 1 14 1 1 15 7 474 .. 206 221 240 £ s. d. £ s. d. £ s. d. lioo 106 110 108 10 II 114 130 135 131° 153 160 167 186 18 II 197 1 12 6 1 14 1 1 15 7 206 221 240 £ s. d. £ s. d. 80 51 10 10 55 10 o 79 53 19 2 58 5 o 78 56 9 2 61 1 8 77 59 o o 64 o o 76 61 12 6 67 o 10 75 64 7 6 70 2 6 74 67 5 o 73 5 10 73 7° 3 4 76 10 10 72 73 5 0 79 17 6 71 76 8 4 83 5 10 70 79 12 6 86 16 8 69 82 17 6 90 11 8 68 86 2 6 94 9 2 67 89 7 6 98 8 4 66 92 12 6 102 8 4 65 96 o o 106 7 6 64 99 9 2 no 6 8 63 102 18 4 114 4 2 62 106 76 lit 1 o o 61 109 16 8 121 15 10 60 113 7 6 125 12 6 .59 117 00 129 7 6 58 120 12 6 133 3 4 57 124 2 6 136 17 6 56 127 10 10 140 n 8 55 130 I 6 8 144 4 2 54 134 ° i° 147 14 2 53 137 4 2 151 4 2 52 140 5 o 154 12 6 51 143 .5 o 157 19 2 50 146 4 2 161 4 2 49 149 o 10 164 10 o 48 151 16 8 167 15 o 47 154 10 10 170 18 4 46 157 50 174 o 10 45 r 59 17 6 177 ° 10 44 162 8 4 179 19 2 43 164 19 2 182 16 8 42 167 9 2 185 n 8 41 169 18 4 188 5 10 40 172 6 8 190 18 4 Deferred Assu D( irano irances for Children. Without Profits. Endowment Assurance. With Extra Profits. '.R Whole-life | Endowment Assurance. Assurance. :e. ; . 1 .———1 Age. Premium to secure /ioo, payable Premium to secure £100, payable at Death after Age 21, or at Age 50. At Death At Death after Age 21, after or at Age 21. Age 30. Age 50. 1. Age. Annual Premium. Age. Annual Premium. £ s. d. £ s. d. £ s. d. 0122 208 0194 o 12 8 2 2 11 102 £ 8. d. o 12 2 o 12 8 £ s. d. 208 d. £ s. d. £ s. d. 4 o 164 8 1 17 5 2 1 176 9 1 19 2 o 2 188 10 211 [i 3 1 9 11 11 231 11 4 1 11 3 12 253 11 5 1 12 8 13 277 o 6 1 14 2 14 2 10 1 2 7 1 15 9 5 , 9 o 1 2 2 11 253 2 7 10 2 10 7 2 13 7 2 10 II 306 3 4 5 3 8 10 3 13 7 3 18 11 4 4 11 4 11 8 4 19 3 2 3 4 5 6 0132 253 110 o 13 2 o 13 8 o 14 3 o 14 10 o 15 5 o 16 I o 16 9 o 17 5 o 18 2 o 19 o 0 19 10 1 o 8 1 1 7 o 13 8 2 7 10 1 1 11 7 8 9 10 o 14 3 2 10 7 1 2 11 o 14 10 2 13 7 13 II o 15 5 2 16 11 150 o 16 i 306 162 o 16 9 3 4 5 17 5 o 17 5 3 8 10 189 o 18 2 3 13 7 1 10 1 0190 3 18 11 1117 o 19 10 4 4 11 1 13 2 108 4 11 8 1 14 10 117 4 19 3 1 16 8 11 12 13 14 After age 21 the policy in addition to participating 2 in the ordinary profits will receive an extra reIO versionary bonus of 20s. per cent, per annum on g the sum assured. Premiums payable thro ighout whole tei ■m of policy. Premiums refunded if child should die before age 21.

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Appendix No. 2. ASSURANCES FOR THE WHOLE TERM OF LIFE WITH WHOLE-LIFE PREMIUMS, WITH PROFITS, In force at 31st December, 1920.

22

Age attained. Number of Policies. Amount assured. Bonus Additions. Office Annua: Ordinary. L Pbemidms. Yearly Not Permanent Premiums. Keduction of Premium. Age attained. Extra. 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 80 81 82 83 84 85 86 87 88 89 90 91 93 I 1 1 7 10 17 21 29 57 60 79 84 "3 i33 129 186 150 204 171 226 218 210 189 237 213 231 195 282 258 233 222 242 221 224 215 215 158 157 141 127 133 121 99 85 96 83 54 61 £ 650 300 IOO 1,600 2,400 4,250 3,700 6,885 13,660 15, 200 21,650 22,820 27,695 33,165 33,585 47,319 41,145 58,495 49,820 7i, 8 95 63,675 54,100 56,094 67,300 60,950 66,480 57,620 80,092 64,675 66,200 62,560 67,227 62,296 59,78i 61,560 67,332 43,9io 42,831 41,676 38,858 37,974 35,742 29,108 20,447 31,368 24,607 13,974 15,956 12,957 10,900 10,850 5,439 4,775 2,040 i,75o 620 200 800 £ s. 136 12 63 3 20 14 370 IO 501 15 93° 3 884 2 I,68l 15 3,267 Kj 3,8l6 O 5,636 19 5,806 8 7,604 12 8,864 9 9,656 18 14,095 1 10,320 7 17,131 11 14,213 15 20,507 n 19,243 2 14,939 16 15,781 n 19,143 11 17,487 19 20,206 12 17,117 1 22,265 5 18,292 6 18,921 16 18,841 1 20,414 4 18,893 12 17,504 12 19,130 3 21,566 16 13,973 4 14,615 12 13,830 14 13,588 4 14,476 16 12,467 17 11,217 14 6,040 17 12,809 3 9,580 16 5,i59 12 5,44° 7 4,694 3 3,915 12 4,046 6 2,025 4 1,482 1 718 8 860 17 121 14 21 1 454 6 £ s. d. IO 4 IO 4 14 6 1 n 1 25 14 10 39 4 7 70 3 o 62 6 o 116 n 7 237 12 8 262 19 n 376 18 4 405 5 1 497 8 3 610 10 3 622 10 9 890 19 7 801 12 o 1,148 15 II 1,008 1 5 1,453 4 9 1,322 5 4 1,152 6 9 1,184 o 2 1,490 16 1 1,360 11 4 j 1,469 15 2 1,298 2 4 1,848 17 1 1,507 17 6 i,59i 6 1 1,476 1 o 1,632 9 o 1,520 12 1 i,493 8 6 i,559 5 6 1,703 10 9 1,140 4 3 1,158 3 9 i,i55 5 1 1,059 14 2 992 18 10 1,030 8 11 876 7 10 588 9 11 871 IO IO 686 9 6 415 5 11 532 19 1 467 6 10 320 12 2 364 12 II 186 14 I 190 o 9 72 13 II 58 4 4 32 6 10 6 10 o 26 o o £ s. d. 0 10 o 1 10 o 9 io o 7 19 ° 3 15 o 828 11 5 o 522 9 7 1 13 12 10 476 9 5° 16 2 11 14 1 4 11 8 4 17 1 o 12 7 10 29 6 4 14 3 6 50 17 2 30 8 4 21 9 II 27 3 6 25 7 2 25 7 3 34 16 10 28 14 3 40 16 n 38 16 9 22 l6 7 54 1 11 24 2 4 24 3 6 29 9 9 15 16 9 n 14 6 27 13 7 20 13 6 10 15 9 13 14 2 17 16 n 13 6 11 364 1 10 6 £ £ s. d. 7-319 3-498 I-I53 19-231 29-368 52-561 46-946 88-316 181-423 200-377 287-453 3II-755 383-028 472-960 483-433 695-735 o 18 11 631-948 906-968 800-982 1,154-639 1,057-560 o 12 9 927-462 104 955-147 054 1,214-481 o 17 6 1,111-381 1,209-696 2 14 o 1,069-317 4 4 4 i,54i'549 048 1,256-973 032 1,348-658 722 1,250-371 1,388-121 090 1,-308-362 1,287-444 5°4 1,345-361 1 4 4 i,476-492 993-518 1,014-890 1 9 10 1,018-973 936-200 882-437 048 917-870 162 782-649 528-412 o 2 10 785-849 621-798 375-662 483-179 422-659 294-454 16 17 2 332-809 171-614 173-841 67-070 54-490 29-783 6-172 24-688 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 80 81 82 83 84 85 86 87 88 89 90 91 93 41 37 27 23 12 12 7 5 1 2 400 0 18 8 Totals 6,766 £1,901,058 £576,799 19 £44,490 13 11 '£818 17 3 £37,426-485 £44 17 6

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Appendix No. 3. ASSURANCES FOR THE WHOLE TERM OF LIFE BY LIMITED AND SINGLE PREMIUMS, WITH PROFITS, In force at 31st December, 1920.

«M I © °« j o | ° % -Sfd Office Annual Yearly Age Amount Bonus * £>g J>'3 £,§ Pbemiums. Net Permanent attained. gS assured. Additions. gag gS £« . Premiums. Induction Ordinary. Extra. Premium. £ s - d - £ s. d. £ s. d. £ s. d. £ £ s. d. 41 2 950 OO 211 IO 42 3 575 ° ° 215 10 o 43 2 400 00 90 10 o 44 2 2 °o 00 52 8 o 45 5 1,600 o o 379 2 o 46 5 2,100 o o 639 14 o 47 8 3,187 o 0 926 10 o 48 7 2 ,153 o o 619 14 o 49 9 2 1397 0 o 1,132 17 o 50 6 2,015 0 °| 75 2 6 o 51 10 1,855 00 761 8 o 1922 2 59-5 26 11 4 .. 22-200 52 15 4,833 o o 1,929 7 o 53 6 1,132 o o| 458 5 o 1923 1 47-5 7 11 o .. 6-027 54 8 3,623 o 0 1,423 15 o 55 9 2 ,811 o o 1,135 o o 1924 5 457 36 9 1 .. 29-119 56 10 4,3°8 o o 1,841 13 o 57 7 1,628 o o 817 15 o 1925 2 52-0 17 5 o .. 13-647 58 10 S,^ 1 o o 2,069 12 ° 59 9 2,6oy o o 1,011 13 o 1926 1 53-5 2 9 10 .. 2-019 60 13 4,085 o o 1,789 5 o 61 7 1,669 00 739 3 o 1929 1 65-5 18 1 8 .. 15-350 62 9 3,386 o 0 1,006 6 o 63 11 4,241 o o 2,141 1 o 1934 1 56-5 2 12 8 .. 2-170 64 9 1,252 o o 752 14 o 65 18 8,000 o o 3,246 10 o 1937 1 43-5 3 18 4 .. 3-028 66 l 7 5,206 o o 2,256 8 o 67 14 3, 8 95 o o 1,414 7 o 1939 1 41-5 3 14 8 .. 2-846 68 11 3,434 o o 1,219 19 o 69 10 4,863 o o 2,319 11 o 70 14 6,812 o o 4,166 10 < • 71 !8 6,322 o o 3,277 12 o 72 19 7,74i o o 4,247 11 o 73 15 9,208 o o 4,667 9 o 74 13 4,179 ° ° 1,902 3 o 75 13 4,974 ° ° 2,966 10 o 76 16 5,863 o o 3,053 2 o 77 14 5,246 o o 2,737 17 o 78 15 1 3,811 17 o 2,096 3 o 79 20 12,785 o o 5,271 13 o 80 12 j 5,392 o o 3,079 4 o 81 7 3,695 o o 1,922 5 o 82 12 6,121 o o 2,875 19 o 83 2 549 o o 338 18 o 84 6 1,914 o o 848 7 o 85 5 3,300 o o 1,167 1 o 86 1 200 00 134 2 o 87 3 2 >444 0 0 1,593 J 7 ° 88 2 1 ,°59 00 664 5 o 89 1 1,000 o o 625 16 o 90 2 2 ,5°o o o 448 18 o 91 1 206 o o 12 18 o J Totals 463 £178,777 17 0 £81,450 15 0 .. 15 50'6' £118 13 7 .. £96'406

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Appendix No. 4. ENDOWMENT ASSURANCES, WITH PROFITS, In force at 31st December, 1920.

Appendix No. 5. ENDOWMENT ASSURANCES, WITH EXTRA PROFITS, In force at 31st December, 1920.

Year Number of Maturity. pol ° c f . eB _ Valuation Age. Amount assured. Additions. Office Annua: Premiums. Yearly Net Permanent Year Premiums. deduction of of Maturity. Premium. Ordinary. Extra. 1921 693 1922 714 1923 829 1924 792 1925 885 1926 817 1927 870 1928 938 1929 931 1930 977 1931 783 1932 828 1933 790 1934 910 1935 879 1936 772 1937 699 1938 1,805 1939 883 1940 914 1941 622 ■ 1942 662 1943 659 1944 713 1945 773 1946 436 1947 437 1948 462 1949 478 1950 558 1951 203 1952 202 1953 205 1954 207 1955 196 1956 146 1957 114 1958 104 1959 53 i960 44 1961 18 1962 12 1963 8 1964 5 1965 3 1966 3 1967 4 1968 1 1970 2 53-6 52-2 51-3 50-4 48-5 48-5 47-5 46-9 45-7 44-8 43-6 43-6 42-9 4i-5 41-0 39-7 38-8 40-0 37-3 37-3 35 1 34-2 33'5 322 31-2 31-2 30-3 28-9 28-5 26-1 27-4 25-4 25-6 25-2 24-2 22-9 22-5 22-5 21-7 21-3 20-5 20'I ig-7 I7-7 I 4 -I 186 20-0 17-0 22-8 £ 133,450 138,246 162,103 149,100 157,250 151,781 167,450 210,075 181,375 190,016 151,950 165,740 155,166 188,855 176,370 154,000 147,275 588,950 206,500 216,725 135,000 151,050 156,000 165,150 190,100 99,750 103,300 108,050 129,700 161,150 50,750 47,500 52,600 52,200 47,875 25,800 21,625 18,750 10,800 io,575 3,575 2,550 1,600 600 600 600 1,600 3°o 400 £ ■■ 29,771 15 28,619 14 33,517 5 29,285 10 28,489 12 26,028 14 27,899 4 30,245 10 25,238 15 26,859 1 20,014 11 20,284 6 I7,!75 3 18,528 10 15,750 19 13,006 10 11,626 18 9,293 9 8,537 14 8,523 5 6,190 12 5,6n 3 4,796 o 3,843 10 3,076 14 2,452 11 1,983 13 1,678 12 1,300 3 834 10 661 16 564 4 579 2 410 14 425 2 297 o 145 14 92 13 27 13 34 16 18 18 19 13 3 o £ *■ d. 5,i53 2 2 5,518 10 1 6,104 15 5 5,665 o 11 6,006 12 8 5,946 16 3 6,259 o 2 9,315 9 7 7,623 1 10 7,388 3 1 5,627 17 1 6,212 19 6 5,8io 13 3 7,358 4 11 6,737 18 11 5,572 18 10 5,231 17 9 27,545 o 9 8,130 6 1 8,415 18 o 4,6ii 2 8 5,158 12 5 5.253 19 o 5,554 12 1 6,437 12 11 3,°72 7 9 3,125 9 11 3,179 o 7 3,824 17 2 4,766 11 3 1,385 ig 10 1.254 13 1 1,364 14 9 1,313 8 3 1,189 14 8 604 12 1 504 4 2 423 18 6 249 7 1 237 2 6 79 o 9 52 7 8 33 14 8 11 11 5 11 14 o 11 13 4 27 15 6 5 17 o 7 15 8 £ s - d. 26 12 7 14 8 11 17 5 2 671 19 7 9 19 3 8 12 9 9 21 3 8 20 19 9 19 4 10 20 8 2 16 o 1 15 9 o 27 1 3 7 15 5 8 15 10 3 9 2 86 2 1 23 8 o 10 8 4 12 3 8 15 12 9 12 8 2 10 6 7 13 12 5 632 11 60 9 5 10 6 13 1 18 3 4 £ £ s - d. 4,358'944 2 14 O 1921 4,679158 1 15 10 1922 5,I50-022 .. 1923 4,776-566 O 12 O 1924 5,002-366 .. 1925 4,969-933 028 I926 5,202-363 .. 1927 7,906-561 I20 1928 6,401-250 .. 1929 6,116-459 .. I93O 4,627-186 .. I93I 5,114-638 .. 1932 4,780-234 .. , 1933 6,067-690 .. 1934 5,522-2I3 .. 1935 4,557-652 •• 1936 4,276-387 .. 1937 23,429-654 .. 1938 6,706-450 .. 1939 6,923221 .. I94O 3,735-63I •• 1941 4,186-582 .. I942 4,249-205 .. I943 4,49f776 •• 1944 5,200-985 .. 1945 2,445-100 .. 1946 2,488-137 .. 1947 2,521-064 .. 1948 3,035-472 •• 1949 3,764-587 .. I950 1,083-301 .. I95I 969652 . . I952 1,055417 .. 1953 1,014-606 .. 1954 912-239 .. I955 456-070 . . I956 379-607 . . 1957 318-038 .. 1958 185-502 .. 1959 176-668 . . i960 56-494 . . 1961 38-803 . . 1962 24-802 . . I963 ■8-831 .. 1964 8-328 .. 1965 8-371 .. 1966 20-I92 .. 1967 4-140 .. 1968 5-702 •• 1970 £ *■ d. 2 14 o 1 15 10 O 12 O 0 2 8 I20 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 . 1933 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 i960 1961 1962 1963 1964 1965 1966 1967 1968 1970 1 7 4 2 3 9 090 250 1 1 8 o 19 6 3 0 34 17 25,039 290 5,541,927 100,524 463,781 15 8,367 6 205,377 17 11 2,727 11 3 520 1 9 14 14 2 169,414-249 2,156-982 6 6 6 Single and Lmtd Pr'ms. single and Limtd. Pr'ms. Totals • ■ 25,329 £5,642,451 &mm 1 £208,105 9 0 &m 1511 em,571'281 £6 6 6

7

H.—B.

FIFTH SCHEDULE.

Appendix No. 6. LONG-TERM ENDOWMENT ASSURANCES (MATURING AT AGE 80), WITH PROFITS, In force at 31st December, 1920.

4—H. 8.

25

Age. Number of Policies. Amount assured. Bonus Additions. Office Annual Premiums. Premiums. Not Koduction of Premium. Yearly Permanent Age. Ordinary. Extra. / 500 500 1,700 1,000 1,750 200 3,200 5,200 2,800 7,700 15,100 20,100 15,900 17,200 21,250 26,550 27,150 28,600 33,300 35,200 37,950 37,750 42,150 43,400 39,100 40,850 49,950 50,150 48,750 50,700 42,750 42,050 46,300 53,750 47,350 41,750 43,200 47,850 32,750 38,150 42,950 41,150 31,400 42,550 26,250 26,650 27,647 20,IOO 20,600 17,650 12,221 12,997 6,900 10,462 5,886 ",383 8,200 3,250 4,75o 5,700 2,400 4,95o 5,850 150 500 2,100 600 £ *• £ s. d. 6 18 9 6 18 9 24 2 9 14 9 2 27 3 9 360 51 15 7 87 19 6 49 3 2 138 4 6 268 8 11 366 19 9 293 3 7 330 6 3 413 4 10 523 2 8 546 8 6 588 o 10 7°i 5 4 750 11 11 825 12 7 834 8 8 966 15 10 994 o 4 917 4 o 978 7 3 1,194 19 7 1,235 11 1 1,232 1 o 1,300 18 1 1,119 12 2 1,105 16 5 1,259 10 1 i,455 5 10 1,261 3 3 1,113 o o 1,220 '3 o 1,381 17 II 954 9 2 1,119 11 4 1,302 12 2 1,3.16 3 9 979 7 < s 1,381 5 11 883 2 6 913 3 6 1,037 2 9 716 13 4 744 4 lr 736 4 9 480 4 10 563 7 o 296 15 o 441 19 4 274 13 2 726 5 5 421 6 11 170 1 8 256 13 11 291 10 8 129 1 6 292 o 8 407 5 10 14 15 6 28 IO IO 127 16 4 52 5 11 £ s. d. £ 4-930 4930 16930 10-380 19-479 2-378 37-771 64-277 35-967 102-388 199-277 269-729 217-549 249-220 307-742 393-328 411-764 445-672 533-362 570-258 629-800 634-618 745.722 763-133 709-458 763-238 931-164 966-726 969-717 1,025-380 885-337 873-890 996-337 1,157-090 999-179 881-741 977-885 1,110-715 764-439 897-588 1,042-606 1,061-371 791-278 1,124-540 718-209 744-960 855-844 586-312 606959 615-852 399-386 466-299 248-861 368656 228-581 621-364 360-844 142-617 216346 244-720 110-648 247-057 350258 12896 24-300 109-175 46-301 £ s. d. 11 12 13 14 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 80 11 12 13 14 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 80 i i 3 2 6 i ' 8 13 9 19 31 51 38 45 55 66 69 76 86 94 95 96 123 128 124 120 137 159 154 156 143 139 149 154 168 139 140 151 121 126 148 142 108 129 9i 98 86 0 15 1 5 "98 9 170 4 190 12 95 11 ,263 II 446 11 385 3 506 12 558 1 716 6 881 5 1,104 0 910 6 i,555 8 1,422 7 1,376 11 2,327 14 2,367 18 2,293 18 2,602 9 2,530 9 2,601 15 2,916 19 4,001 7 4,358 2 4,335 17 3,650 14 4,352 18 3,332 8 4,170 9 4,676 11 4,012 17 3,742 14 4,950 11 3,087 6 2,990 5 3,057 10 2,442 5 2,776 11 1,910 6 i,59i 14 1,431 12 883 o i,45i 1 650 4 851 6 1,012 12 406 13 560 1 8go 9 387 13 730 10 727 o 9 8 95 18 400 18 89 12 500 4 J 9 6 4 19 2 2 10 o 4 IO o 4 14 2 4 14 4 500 7 16 6 2 19 7 6 8 11 3 19 4 5 9 4 7 17 10 10 12 4 11 11 4 687 9 18 4 14 5 10 5 8 10 2 14 7 II 12 4 28 13 10 2 14 5 4 18 3 13 15 8 5 5 3 5 14 « 2 17 6 5 18 6 3 19 0 10 6 6 72 62 62 52 47 35 37 25 30 18 19 21 18 6 20 8 482 5 9 f > 290 192 5 7 3 090 268 9 19 8 o 19 1 2 18 4 4 16 8 1 3 8 9 16 4 1 1 4 2 Totals 4,738 £1,536,796 £102,342 1 £42,646 17 10 £279 6 11 £33,926-728

H.—B

26

FIFTH SCHEDULE.

Appendix No. 7. DOUBLE-ENDOWMENT ASSURANCES, WITH PROFITS, In force at 31st December, 1920.

Appendix No. 8. TEMPERANCE NON-PROFIT SECTION (Constituted according to Section 39, Government Life Insurance Act, 1908). In force at 31st December, 1920.

Year of Maturity. Number of Policies. Valua- ! tion Age. Amount assured. Office Annual Premiums. Bonus Additions. Ordinary. Extra. Not Premiums. Year of Maturity. 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 I950 1951 1952 1953 1954 1955 156 80 124 142 154 166 176 258 312 339 34° 290 414 439 415 380 39< s 382 500 540 401 364 477 568 677 344 . 414 466 571 845 280 ' 242 245 298 345 52-2 51-6 50-7 49-3 50-8 50-8 47-1 '45-2 44'5 44'3 43'5 41-8 41-2 40-5 39-6 39'3 38-9 37-i 35-8 j 34-8 35'2 33-9 33-4 30-5 3°'4 30-6 29-5 28-1 25-8 25-3 25 o 24 1 ■ 22-0 22-0 21-6 £ 39,200 20,200 32,200 33,900 43,200 42,400 48,300 66,500 80,800 90,500 86,300 71,700 110,000 109,900 107,700 97,300 99,900 103,500 135,100 143,600 106,800 99,000 134,200 162,400 202,300 102,900 120,000 134,200 178,800 274,400 72,400 60,250 63,400 . 87,300 110,900 £ ; 3,740 11 i,64g 8 2 ,556 7 2,539 o 3,423 6 3,2og 1 3,164 10 4,423 15 4,917 9 5.576 5 4,97o 15 3,7 6 i 14 5,3H i-l 5,i3S 11 4,439 2 3,8g8 18 3,878 19 3,120 15 3.577 5 2,930 17 3,113 5 2,768 14 3,304 8 2,803 12 2,322 12 1,727 8 1,625 18 1,442 18 1,007 J 5 984 18 588 15 206 8 1 1 1 1 £ s. d. £ s. d. 1,382 8 5 836 5 11 .. ■ I,260 87 1,338 11 g i,594 7i 158 i,537 2 g 1,767 15 10 2,2g7 37 2,798 21 3,056 17 9 2,767 11 3 2,269 182 3,520 13 3,422 8 6 3,379 0 6 2,849 140 2,789 29 2,988 16 11 3, g6o 52 4,401 13 3 o 15 2 2,706 23 2,426 07 3,243 5 9 4,051 13 o 5,255 15 852 2,2go 20 2,643 60 2,936 610 4,006 17 o 6,198 52 696 1,419 02 1,184 15 1 1,249 63 i,7i3 14 3 2,176 95 126 £ 1,236-550 746650 1,124-450 1,186-975 1,403075 1,356-289 r, 551-700 2,004-600 2,441-700 2,658-225 2,395-S50 1,956-275 3,039450 2,946825 2,893-725 2,430-825 2,356-925 2,540-825 3,379'825 3,739-096 2,260475 2,016800 2,694-100 3,383-968 4,396-375 1,880-125 2,154525 2,383125 3,289-050 5,079-675 I,I22'200 933-875 9827OO I,353-I50 I,7l8-950 1921 1922 1923 1924 1925 1926 1927 1928 1929 I930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 I950 1951 1952 1953 1954 1955 12,542 24 3,471,450 3,054 98,119 13 260 3 93,718 o 8 17 18 o 79,038-928 'aid-up Policies.. Totals 12,566 £3,474,504 £98,879 Ki £93,718 II 8 m is 0 079,038*928 _l

Age attained. , 1 S?«"i? Office Annu. N "cu bOT Amount poiicieB - '" ' gy "• ->■■ .L Premiums. Net Premiums. Extra. Age attained. Assurances for the Whole Term of Life, with Whole-life Premiums. 75 £ £ s. d. l £ s. d. 1 200 4 18 o 584 £ s. d. 5 8 4 £ 4-912 75 Totals 1 £200 Si 18 0 £5 8 4 £4'912

H.—B

FIFTH SCHEDULE.

Appendix No. 9. ASSURANCES FOR THE WHOLE TERM OF LIFE, WITH WHOLE-LIFE PREMIUMS, WITHOUT PROFITS, In force at 31st December, 1920.

27

Office Annua] Premiums. Age attained. Number of Policies. Amount assured. Net Premiums. Age attained. Ordinary. Extra. 11 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 68 70 71 73 I 2 I I 2 4 8 9 15 23 40 43 34 48 48 72 68 98 in 147 152 175 170 126 183 174 170 176 169 169 174 165 119 135 131 89 I02 98 86 68 77 53 - 75 50 30 33 38 22 17 20 £ 500 1,200 1,000 1,000 700 1,250 3,100 2, 800 5,300 7,800 ",750 14,500 11,450 15,950 19,550 28,050 33,100 35,550 45,800 58,850 64,700 75,250 59,800 49,400 76,350 68,450 69,650 66,100 59,25o 59,650 61,582 74,650 42,850 48, 000 50,450 33,25° 34,2oo 35,650 27,900 25,000 26,550 19,250 29,800 17,850 13,650 15,600 16,500 8,900 5, 100 4,700 3,200 10,250 5,600 1,850 3,900 200 850 600 500 £ s - d - 5 8 4 13 12 8 11 15 10 11 8 4 904 16 5 1 40 12 6 38 4 1 73 13 2 in 8 6 170 16 7 217 10 3 176 7 11 251 12 2 315 3 2 467 2 4 565 9 9 619 7 4 817 11 o 1,062 7 2 1,225 8 1 1,456 8 6 1,163 9 10 997 8 10 1,590 o 4 1,471 12 2 1,513 12 1 1,506 19 4 1,408 6 4 i,456 3 4 - i,53i 8 7 1,960 1 11 1,169 6 o 1,325 3 11 i,442 5 2 997 7 6 1,059 12 7 1,137 7 o 934 11 " 826 4 7 94i 5 9 689 17 4 1,158 12 II 724 15 10 584 13 3 666 8 4 762 16 11 421 17 10 229 3 11 248 2 1 165 IO I 617 13 6 303 3 9 114 7 10 260 1 7 16 19 o 66 16 7 41 7 o 37 4 7 £ *• d. 0 10 o 2 15 0 2 10 O 2 10 O 5 IO O 6 10 o 7 5° 13 o o 3 19 6 20 o o 6 10 0 6 15 o 7 5 0 900 600 15 15 o 7 10 0 . 5°o 10 5 0 27 10 o o 19 6 10 o o 9 o o 12 10 0 £ 5-015 12-858 11-130 10-770 8-273 15-039 38-035 34-960 69-357 103-580 158-746 204-054 165-734 235-987 296-128 44I-234 534-445 580-905 772-027 I,001-481 1,158-889 1,377-178 1,101-586 944-597 1,511-279 i,399-569 1,443-549 1,435-535 1,342-885 1,391-603 1,460-610 1,874-222 i,ii8-433 1,268-410 1,377-579 956-45I 1,017-655 1,093052 898-838 796-306 898-806 663-967 1,121-596 699-227 563-213 646-891 738-693 409-I35 224-457 240-175 I59-9I3 604-611 295-022 111-548 254-746 16708 64-871 40-506 36-510 11 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 68 70 71 73 300 1 5 o 800 500 650 200 10 16 500 100 11 9 12 o 10 o 1 2 500 2 10 o 2 1 Totals 4,085 £1,566,182 £39,218 12 7 £237 19 0 £37,458-579

H.—B.

FIFTH SCHEDULE.

Appendix No. 10. ASSURANCES FOR THE WHOLE TERM OF LIFE BY LIMITED AND SINGLE PREMIUMS, WITHOUT PROFITS, In force at 31st December, 1920.

Appendix No. 11. ENDOWMENT ASSURANCES, WITHOUT PROFITS, In force at 31st December, 1920.

28

564

897

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29

to

Appendix No. 12. Table showing the Minimum Surrender Value of Policies for £100.

1

H.—B

30

ACTUARY'S REPORT ON THE VALUATION OF THE GOVERNMENT INSURANCE DEPARTMENT « AS AT 31st DECEMBEE, 1920. Presented to both Houses of the General Assembly pursuant to Section 40 of the Government Life Insurance Act, 1908.

Wellington, 27th April, 1921. In accordance with instructions received 1 have made a valuation as at the 31st December last of the actuarial liabilities of the Department, with the object of ascertaining the net surplus available for division amongst the policyholders, and in compliance with section 40 of the Government Life Insurance Act, 1908, I have now the honour to report the results of the investigation. , Progress op the Department. The progress of the Department during the last three years when compared with the three previous trienniums, in respect of new business and total business in force, is as follows : —

From the above it will be seen that there has been a considerable increase in the amount of new business. The Consolidated Eevenue Account, given below, shows the total income and expenditure for the last three years, and the growth of the funds of the Department during the triennium. Consolidated Eevenue Account.

New Business of Trie: inium. In Force at Kn< of Triennium. Triennium. Number of : Sums Policies. assured. Annual Premiums. Number of Policies. Sums assured. Beversionary Annual Bonuses. Premiums. 1909-1911 1912-1914 1915-1917 1918-1920 £ 10,476 2,487,472 11,721 3,197,694 10,129 2,709,163 14,189 4,529,993 £ 77,477 89,715 90,017 156,568 49,376 52,273 53,05S 57,321 £ 11,514,657 12,550,465 12,884,531 14,924,147 £ £ 1,168,620 348,285 1,246,610 370,882 1,304,243 387,377 1,335,163 449,123

Triennium ending 31st Decet iber, 1920. Previous Triennium. Triennium onding 31st Decei nber, 1920. Previous Triennium. Funds at beginning of triennium Renewal premiums New premiums Consideration for annuities Interest Fees £ 5,199,320 £ 5,033,884 Death claims Matured claims Annuities paid Surrenders Bonuses surrendered for oash Commission Taxes Expenses Investment reserves Funds at end of triennium.. £ 725,064 543,621 59,521 148,158 14,853 94,829 40,993 157,369 £ 722,586 486,537 56,421 156,280 17,394 06,583 49,013 124,462 99,704 5,199,320 1,110,162 136,633 56,651 824,194 1,050,081 84,273 35,580 774,482 Totals 5,542,552 £7,326,960 £6,978,300 Totals £7,326,960 £6,978,300

31

H.—B

Income. —On the income side, the augmented new business is reflected by the increase of £52,360, or 62 per cent., in new premiums. The total premium increase amounts to £112,441. The consideration for annuities has increased by £21,071, or 59 per cent., and the interest income by £49,712, as compared with the previous three years. The average rate of interest realized each year for the past six years has been as follows: — Rate of Interest (deducting Taxes from Interest). £ s. d. £ s. d. 1915 ... ... ... 4 11 1 1918 ... ... ... 4 13 8 1916 ... ... ... 4 15 1 1919 ... ... ... 5 2 4 1917 ... ... ... 4 16 2 1920 ... ... ... 4 19 2 These figures were obtained by dividing the interest, less land and income tax, by the mean of the funds at the beginning and end of the year. Outgo. —The death claims of the triennium were abnormally high, though showing but a slight increase over the preceding triennium. They include claims amounting to £132,465 due to war service, and £96,000 to the influenza epidemic, total £228,465. Taking the period from the commencement of the war to 31st December, 1920, the total claims due to the war and the epidemic amount to £453,514, a sum that might constitute a serious strain upon an institution lacking the solidity of the Department. The sum paid to the holders of endowment assurance or endowment policies who survived the selected terms amounted to £543,621, and illustrates how popular this form of investment has now become. Thk Valuation. The business to be valued consisted of 57,321 policies, assuring £16,259,310, inclusive of bonus additions, and £24,159 immediate and deferred annuities per annum, the ordinary annual premiums thereon amounting to £447,152. The Department also receives £1,920 per annum representing additions to the tabular premiums. These extra premiums are assumed to cover the current year's extra risk, and are not brought into the valuation as an asset. Basis of Valuation. —The net premium method of valuation has been strictly adhered to, whereby the whole margin of loading has been reserved as a provision for future expenses. The H m Table of Mortality, with 3J per cent, interest, has been used for assurances, and the British Offices Life Annuity Tables (1893), using 3 per cent, interest, for annuities. £ The value of the total liability under the several contracts is ... 9,481,073 Deduct the value of the future net premiums ... ... ... 4,177,225 5,303,848 The Accumulated, Funds are ... ... ... ... 5,542,552 Difference, being excess of assets over liability, or Gross Sitrplus at 31st December, 1920... ... ... £238,704 The Surplus. Of the surplus, £238,704 (which does not include the interim bonuses paid during the triennium, amounting to £18,320), I recommend that £20,998 be carried forward, and that £217,706 be divided amongst all the participating policyholders in the form of a uniform reversionary bonus per cent, on the sum assured and existing bonuses for each premium paid since the previous valuation. After giving due consideration to the more favourable mortality in the Temperance Section, the result is that the General and Temperance Sections respectively will receive compound bonuses of 20s. per cent, and 21s. per cent, upon the sum assured and existing bonuses for each year's premium paid since the last valuation, the'total reversionary bonuses so allotted amounting to £339,388. The compound bonus of 20s. per cent, in the General Section is equivalent to a simple bonus commencing at 20s. per cent, per annum to new policies, and increasing with the duration of the contracts to 355. per cent, per annum in the case of the older policies. In conclusion I would point out that, as the valuation has been made at a rate of interest 1J per cent, below that earned, to say nothing of the sums transferred from time to time to the Investment Fluctuation Reserve, totalling £288,686, of which little short of the whole will ultimately be available for re-transfer, the position can be regarded as very strong. A complete valuation statement, prepared in accordance with the Government Life Insurance Act, 1908, is given on page 9. Respectfully submitted, Percy Muter, The Government Insurance Commissioner. Actuary.

Approximate Cost of Paper. —Preparation, not given ; printing (1,000 copies), £07 10s.

Authority : Marcus F. Marks, Government Printer, Wellington.—l92l

Price 9d.]