H.—24

1878. 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."

Sir, — Government Insurance Office, AVellington, 15th September, 1878. 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 the progress of the department has been very satisfactory iv every respect. The amount of new business, notwithstanding the increased competition of foreign companies, has been greater than in any previous year, and exceeds the whole of the new business obtained by Life Insurance Companies in the colony during the same period. New Business. 2,797 proposals were received during the year for £971,000, of which 806 were declined or not completed, leaving 1,991 policies issued for £680,600, the particulars of which are shown iv the following summary: —

— , 1 1 , Claims. The claims during the year, under 42 life policies, amounted to £18,250, and arose from the death of 37 persons. It is gratifying to note that the rate of mortality experienced still continues very much below that on which the tables used by the department are based. Policies Discontinued. A summary of the policies discontinued during the year is given in the following table : —

The number of policies issued since the establishment of the department is 10,813, assuring £3,816,813; of which 1,969 have been discontinued, leaving 8,844 existing policies assuring £3,267,231.

Class. No. of Policies. Sum Assured. Single Premium. Annual Premium. Insurance Endowment Annuity 1,978 9 4 £ 679,500 1,100 £162 4s. per annum £ b. d. 422 0 7 £ s. d. 21,216 11 5 52 18 0 1,351." 3 11 Total 680,600 1,773 4 6 21,269 9 5 1,773 4 6 1,991 Total New Peehitjm! £23,042 13 11

Hi ,3 ■ _ Q O* assueance Beanch. o CM o d Exdo' Bej SVMENT s o d Ann Bea: riTT DO _■ Indus Bba: iTEIAL .NCH. ;ch. NCH. How Discontinued. Sum , , . Annual sured. *«""*«"»• Sum Assured. Annual Premiums Amount of Annuity annum. Annual Premiums! o 6 Sum Assured. Annual Premiums. By death ... „ expiry ... „ surrender „ cancelled „ lapse „ reductions ,, transfer to Ordinary Branch 42 £ 18,250 £ s. a. 556 17 0 1 1 £ 100 100 £ s. d. 4 4 0 5 £ 75 £ s. d. 2 £ s. d. 179 4 0 £ s. d. 6 18 8 48 3 304 16,146 900 98,600 5,350 532 10 5 36 8 10 3,110 12 7 153 8 10 T 15 12 18 9 7 1,250 49 17 10 ■2.2 2,156 9 0 81 18 0 V 64 4,939 15 0 172 13 8 Totals ... 397 4,389 17 8 64 1 10 90 12 18 9 78 7,275 8 0 261 10 4 139,246 1,450