H.—22

1877. NEW ZEALAND.

GOVERNMENT INSURANCE COMMISSIONER, (ANNUAL REPORT OF THE).

Presented to the General Assembly in accordance with Section 41 of " The Government Insurance and Annuities Act, 1874. Sib, — Government Insurance Office, Wellington, Ist September, 1877. I have the honor to forward you the Report of this Department for the year that ended on the 30th of June, and have again to state that there has been a very satisfactory increase in the business, as will appear from the following statement: — New Business. 1,896 proposals were received during the year for £789,561, of which 487 were declined or not completed, leaving 1,409 policies issued for £503,928, the particulars of which are shown in the following summary:—

Claims. The claims during the year have been exceptionally light, amounting to only £11,750; they ■were 40 in number, and were caused by the death of 39 persons. Policies Discontinued. A summary of the policies discontinued during the year is given in the following table : —

r : : ' _: The number of policies issued since the establishment of the Department is 8,522, assuring £3,166,213, of which 1,479 have been discontinued, having 7,H43 existing policies, assuring £2,734,602. Accounts. I attach to this Peport the accounts prescribed in the 41st section of "The Government Insurance and Annuities Act, 1874." The income of the year from all sources amounted to £91,995 7s. 9d., and the accumulated Fund now stands at £219,394 45., being an increase of £65,676 16s. 6d. during the year.

Class. No. of Bolicies. Sum Assured. Single Bremium. Annual Bremium. Insurance Endowment ... Annuity 1,393 13 3 £ 560,828 3,100 £197 per annum. £ s. d. 189 14 3 43 19 9 2,212 7 6 £ s. d. 18,177 6 11 154 4 0 Total 1,409 563,928 2,416 1 6 18,331 10 11 2,446 1 6 Total New B. LE.MHJM8 £20,777 12 5

How Discontinued. ■J JB *S o & o 6 ft Am B iURANCE BANCH. I "8 3 Ph O c ft EBsowmm Branch. '3 o 6 ft Anni Bua JITT SCH. 'o O PM O d IsDrs' Bba? miAL iCH. Sum Assured. Annual Bremiums. Sum Assured. I Annual Bremiuuis Amountof Annuity annum. Annual Premiums Sum Assured. Annual Bremiums. £ 11,750 6,200 16,200 1,500 88,950 £ s. d. 422 18 4 96 3 0 518 17 1 53 13 6 2,749 8 2 £ 100 £ 8. d. 4 11 6 £ s. d. 43 7 0 £ s. d. £ s. d. 168 15 0 £ s. d. 5 17 0 By death ... „ expiry ... „ surrender „ cancelled „ lapse „ transfer Io Ordinary Branch 40 6 44 5 297 I 1 8 550 25 3 7 1 1 47 4,499 18 0 141 1 0 27 3,069 12 0 107 5 0 Totals ... 392 124,600 3,841 0 1 650 29 15 1 43 7 0 7.-; 7,738 5 0 254 3 0