H,—9,

2

III. Policies Discontinued. The policies discontinued during the year, with the causes of discontinuance, are set forth in the annexed table: —

IV Total Business. Since the establishment of the department in 1870 it has issued 15,170 policies, assuring Byjapse, surrender, or death of the assured, 3,463 of these have been discontinued, leaving at the end of the'year 11,707 existing policies, representing an assured sum of £4, 175,890. V Accounts and Accumulated Funds. The usual accounts presented with this report show the year's income from all sources (including 6s. lod. in the Industrial Branch) to be us. 3d., being an increase as compared with the previous year of .£13,379 16s. 3d. The amount of the accumulated fund of the department at the end of the year (including ,£722 14s. 6d. standing at the credit of the Industrial Branch) was .£460,058 us. 6d., showing an additional accumulation during the year of .£87,403 17s. id. The investigation into the financial condition of the department, and the periodical valuation with a view to a declaration and division of surplus profits, as provided by the Act of Parliament, are now in progress, and two eminent London actuaries, Messrs. Bailey and Hardy, have been appointed by the Governor to make an independent valuation, and to report their opinion as to the surplus profits and the amount for division among policy-holders. This report will, in accordance with the requirements of the Act, be laid before Parliament. D. M. Luckie, Commissioner.

Revenue Account of the Government Insurance Department (Ordinary Branch) for the Year ended 30th June, 1880.

03 m *o Ph 6 "A Ass Poi JRANCE .ICIES. 1/: u 'o ■6 Endc Pol >WMENT '/: Ij 'lj "o a, C 6 Annuity Policies. <u '3 O P. o o •- Industrial Policies. ■ IC1ES. Mode of Termination. Amount . , . Annual . .. Premiums. Annuity. Sum Assured. Annual Premiums. Sum Assured. Annual Premiums. Sum Assured. Annual Premiums 3y death „ maturity „ surrender „ lapse „ expiry „ reduction „ cancellation... „ transfer to ordinary branch 78 I 32,500 100 £ s. d. 1,200 11 6 12 IS 4 1,399 8 o 5,700 6 2 *57 *2 5 282 14 11 92 15 8 £ £ i. d. £ 50 £ s. d. £ s. d. 106 4 o £ s. d. 3 18 c 2 300 500 1,650 20 o o 2196 109 2 4 1 1 IOO 636 12 42,340 191,640 8,850 9>663 3,800 4 13 300 2 168 6 o 6 10 c 3 3 25 2,798 14 o 114 12 4 Total decrease 830 288,893 8,846 4 o 350 28 3,073 4 o 125 o 4 "J, 2,45° 150 11 1

£ s. d. .mount of funi3s on ist July, 1879 ... 371,889 16 9 lenewal premiums Assurance, Annuity, and Endowment .. ... .. 109,991 11 7 !few premiums on 2,274 policies, assuring £725,254, and yielding an annual revenue of £23,210 17s. 8d. ... .. ... 10,621 11 9 Single premiums—Assurance and Endowment ... ... ... ... 1,203 5 3 .onsideration for Annuities granted .. 3,259 II ° interest ... ... .. ... 21,097 11 4 Fees ... .. ... ... 31 13 6 £ s. d. Claims under policies, Assurance ... 32,500 o a Endowments matured ... ... 400 o c Annuities ... ... ... 2,212 17 1 Surrenders .. ... ... 3,975 7 3 Commission, New ... ...£4,994 711 ,, .Renewal ... 985 19 10 5,980 7 9 Expenses of Management — Salaries, Head Office ... 5,931 5 3 „ Branch Offices and Agents ... 1,846 13 4 „ Extra clerical assistance ... 444 6 o Medical fees ... ... 2,680 13 2 Travelling expenses, Agents 739 18 11 „ Others 218 6 8 Advertising ... ... 177 9 11 Printing and stationery ... 358 16 5 Bent ... ... ... 350 o o Postage ... ... 475 o o Telegrams ... ... 94 12 o Exchange ... ... 53 o o Office furniture, depreciation ... ... ... 92 o o General expenses ... 128 10 5 Eee for special audit ... 100 o o —— 13,690 12 1 Amount of funds on 30th June, 1880 ... 459,335 17 c £5*8,095 1 2 £5*8,095 i 2