H.—27
The number of policies discontinued and the modes of discontinuance appear in the table below: —
At the close of the year the total sum assured in the Ordinary Branch, on 13,806 policies in force, was The year's revenue from all sources was 15 15s. 3d., being an increase of 4s. iod. on the revenue of the previous year. The accumulated fund amounted to 890 7s. gd., showing an increase of funds by the year's transactions of 15s. 1 id., notwithstanding the additional expenditure in reversionary and cash bonuses paid during the year.
INDUSTRIAL BRANCH. In accordance with the promise of the Government, expressed in Parliament last session, the Industrial Branch, which for some years was held in abeyance, has been reconstructed, and was placed in active operation on 13th March last. The result in the business accomplished, as shown by the experience of the last few months, has largely exceeded the expectations which were entertained at the outset. Up to 30th June last the new Industrial policies numbered 2,593. Of these, 1,690 were policies issued on the lives of infants, on which a weekly payment of twopence each is collected. These policies show an average amount assured at entry of about £6 10s. yd. each, which sum increases with every year the policy endures until the child attains the age of 12 years, when the amount assured becomes fixed at 2"2°- The Industrial policies issued on adult lives were 903, with an average amount assured of 7s. 6d., and an average weekly premium of BJd. The average sum assured, including both infantile and adult policies, is X"22 3s-> with a weekly premium of 4^d.; giving, approximately, a total sum assured by the new policies issued between 13th March and 30th June of producing an annual premium-revenue of The progress of this branch continues rapidly to increase, and gives promise of a wide development—the new policies issued from the Industrial Branch, down to the date of this Report, already exceeding five thousand.
GENERAL REMARKS. Taking together the new business for the year, in both Branches, the total amount of new assurances effected in the period is which is the largest sum assured in the Department in any one year since the establishment of the office. The experience of the year now entered upon appears to indicate a continued expansion. With the beginning of the now current financial year (Ist July) a new feature was introduced into the department, a special section being then opened for the insurance of the lives of total abstainers from intoxicating liquors. The tables of premiums for insurers in this section are the same as for others; but they are entered in a separate class, and the profits which may accrue are to be allocated solely amongst those insured therein, and who adhere in practice to the total abstinence principles they profess. Those who fail to fulfil this special condition of the contract, forfeit their right to any share in such profits, and are placed in a non-participating class. Numerous Temperance Societies have signified their satisfaction with the introduction of the experiment. Attention has been devoted to the work of liberalizing the departmental regulations and practice, with the view of offering to the assured the fullest advantages that careful management would warrant. To encourage early habits of thrift among the young, the tables of premiums have been extended, so as to include lives from age 15 upward; and the more liberal method of reckoning the '*' nearest" birthday, as the basis of the premium-rate for age at entry, has now been adopted in the Department in lieu of that of the " next" birthday, which is almost invariably used among Insurance Offices. Arrangements are in progress for increasing the opportunities for the revival of lapsed policies, and for enlarging the conditions under which such revivals may be secured. Further improvements will be effected as the growing experience of the life assurance system may suggest and justify. The Accounts for the year of both Branches, certified by the Audit Office, are appended to this Report. D. M. Luckie, Commissioner.
2
As: Pc iURANCE iLICIES. .ndowment Policies. Annuity Policies. Mode of Termination. Sum Annual Assured. Premiums. Amount of Annuity Annual per Premiums. Annum. No. Sum Assured. Annual Premium s. No. No. £ 35;°4° £ s. d. 1,195 T4 8 £ £ s. d. £ £ s.d, 5y death „ maturity ,, surrender „ lapse „ expiry, &c. „ reduction „ cancellation 83 136 897 55.6io 258,178 2,011 15 10 7,725 19 TO 424 16 7 3°4 9 7 12 3 o 3 3 1 300 400 100 20 14 8 24 6 1 3 '6 o 1 9,492 250 i Total decrease ... 358.57° 11,67419 6 800 48 16 9 1,117