H.—B.

1889. NEW ZEALAND.

ANNUAL REPORT OF THE GOVERNMENT INSURANCE COMMISSIONER FOR THE YEAR ENDED 31st DECEMBER, 1888.

Presented to both Houses of the General Assembly pursuant to the Provisions of " The Government Insurance Amendment Act, 1874," "The Public Revenues Act, 1882," and " The Neiu Zealand Government Life Insurance Act, 1886."

Government Life Insurance Office, Wellington, Ist July, 1889. In compliance with statutory provisions, I have the honour to submit the accounts of this department for the year ended the 31st December, 1888. Attached to the accounts are tabular statements, containing particulars of the policies issued and discontinued during the year, and also figures showing the progress of the department since its commencement, and the present position of its business. New Business. The proposals received and dealt with during the year numbered 3,933, representing the sum of £1,085,946 19s. Bd. The proposals which were completed and became policies were 2,957, insuring £785,092 155., being £18,140 12s. Bd. in excess of the amount insured in 1887. Three hundred proposals were declined or deferred. The others failed of completion. The policies issued were classified thus : In the General Section, 2,546 assurance policies, amounting to £691,786 155., and 15 endowment policies for £1,572; in the Temperance Section, 383 assurance policies, representing £91,734. Among the policies issued were 13 contracts for annuities, the consideration received for which was £2,795 13s. 7d., and the annual payments under them £312 10s. Bd. The new annual premiums payable under the assurance policies amounted to £21,853 15s. Id. There was also the sum of £6,889 17s. Id. received as single premiums and as the price of the annuities above specified. During the year 1,793 policies for £524,830 were added to the Tontine Savings Fund Section, to the inauguration of which reference was made in my last annual report as giving promise of marked success. The number of Tontme policies existing at the end of the year was 2,182, assuring £656,230. These figures show that the popularity expected to attach to this method of insurance, under which the policies of longest duration will secure fullest benefits, has been fully realised. I may remark here that to the energy of the Inspector and Superintendent of branches, and of various active agents under his supervision, a large measure of the success attending the procuring of new business is attributable. Mortality and Claims. Death-claims arose under 216 policies through the decease of-196 insured persons, representing a sum assured, including bonus additions, of £69,435 Bs. 4d. Claims on endowment assurances which had reached maturity numbered 24, and the amount payable, including bonus additions, was £6,612 4s. The number of children's endowments and investments matured was 16, covering the sum of £1,193 Is. sd. Five annuitants, the annual payments to whom were £299 18s. 10d., died during the year. The amount paid as cash-value for reversionary bonuses surrendered was £2,697 10s. 4d. Accidental deaths of assured persons were 33, equal to nearly 17 per cent, of the total mortality experienced, and representing £14,865, exclusive of bonuses, or nearly 23 per cent, of the total amount of sum assured paid for death-claims. This sum is, of course, included in the gross amount specified in the last-preceding paragraph. Of the 33 accidental deaths, 9 were caused by drowning and 5 by suicide. Annual Income and Interest. The accounts, which are certified by the Controller and Auditor-General, show that the total income for the year was £2825200 15s. Id., which is an increase, as compared with the income of the preceding year, of £13,828 Bs. Bd. Interest on funds invested amounted to £73,421 os. 7d., which is £7,040 19s. 6d. more than the interest for the previous year. The average rate of interest on the funds is £5 ss. 7d. per cent., showing an advance on the rate realised in the previous year, and an increase of ss. lOd. on the percentage obtained in 1886.