H.—33

1875. NEW ZEALAND.

GOVERNMENT INSURANCE COMMISSIONER, (ANNUAL REPORT OF THE).

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

Sie, — Government Insurance Office, Wellington, 30th September, 1876. In the absence of the Commissioner, I have the honor to forward you the Report of the department for the past financial year, together with the Report made by Messrs. Bailey and Pattison, on the transactions of the first quinquennium which has already been laid before Parliament, but is appended to this Report; as taken in conjunction with the statement I am now enabled to submit, it will, I trust, show both to Government and Parliament the soundness of the business that has been done, and the steady progress that continues to be made. New Business. 1,986 proposals were received during the year for £717,341, of which 501 were declined or not completed leaving 1,485 policies issued for £501,509, the particulars of which are shown in the following summary: —

Claims. The claims that fell in during the year were 41 in number, and amounted to £21,550, caused by the death of 37 persons. The number of losses is but slightly larger than those for the previous year, but the amount is increased by upwards of £9,000. This is accounted for by the fact that 3 of the claims amounted to more than one-third of the whole sum that was claimed. On the other hand, 2 annuitants have died, by which annuities amounting to £180 have ceased to be payable. Policies Discontinued. A summary of the policies discontinued during the year is given in the following table:—

Class. No. of Policies. Sum Assured. Single Premium. Annual Premium. Insurance Endowment ... Annuity Industrial 1,215 27 6 237' £ s. d. 477,] 20 0 0 3,950 0 0 £218 7e. 5d. per an. 23,439 1 0 £ b. d. 279 6 9 £ s. d. 16,224 1 1 193 8 9 2,356 4 5 848 0 8 Total 1,485 504,509 1 0 2,635 11 2 17,265 10 6 2,635 11 2 £19,901 1 8 Total Kb Pbemitjmb %..

How Discontinued. 1 o i iBANCH. m to Endo Bb. WMENT iNcn. i I 5 6 Annuitt Beanch. I I lM o 6 Industrial Bbanch. Sum Asaured. Annual Premiums. Sum Assured. Annual Premiums. Amount of Annuity per ann. Annual Premiums. Sum Aniiual Assured. Premiums. By death ... „ expiry ... „ surrender „ change... „ lapse ... Not taken ... £ 21,550 100 7,000 2,700 7,010 £ s. d. 683 1 0 1 10 3 252 3 3 64 19 10 199 11 7 £ £ s. d. £ s. d. 180 0 0 £ s. d. £ s. d.| £ s. d. 2,778 10 0 92 14 8 98:2 17 0 45 14 4 41 1 25 4 27 I "a 200 14 4 0 4 450 23 18 3 in Totals ... 98 38,360 1,201 5 11 650 38 2 3 180 0 0 88 I _____ 3,7<>1 7 0138 9 0 The nu: 12,602,285, iber of tin if which l,i policies ii )7 have be isue* 1 since Liscontiu the esta ued, leav tOisi iment of the depi 5,406 existing poli< ,rtn lies. tent is 7,413, assurm; ussuriug £2,303,665 en c ing