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4

Claims under Policies. —Death claims arose under 209 policies through the deaths of 191 policy-holders, representing (after deduction of contingent debts) a total sum assured, including bonus additions, of £"64,030. This amount is exceedingly favourable, being a decrease of more than £"20,000 as compared with the death claims of 1891 or 1892. Matured endowment assurances and children's endowments and investments amounted to £"31,843. Expenses of Management. —The expenses of management (including commission £"14,827, and land- and income-tax £"5,783) amounted to £"54,071. Although a much larger volume of new business was secured during the year, the ratio of expenses to premium income has declined, and now stands lower than for many years. Accumulated Funds. —A sum of £"18,000 was set aside to increase the investment reserve already in existence ; but, notwithstanding this step, the funds have increased by £"148,292, and at the end of the year amounted to £"2,128,590. Triennial Investigation. —The year 1893 being the last of the triennium, a valuation of the liabilities was made upon principles approved by the London Actuaries—Messrs. Bailey, Hardy, and King. The valuation showed a surplus of £"190,000, of which £'50,000 was reserved, and £"140,000 was converted into reversionary additions to participating policies. The valuation report shows that the Department has never been in a stronger financial position than at the present time. It might be mentioned that the Actuary and his staff have been most assiduous in pushing on the completion of the valuation, the result having been reported as early as the 21st March. The work of allotting the individual bonuses was completed and the bonus certificates despatched from the Head 'Office by the end of April, being several months earlier than has been the case on any previous occasion. General Remarks. —The year 1893 has been one of solid progress for the Department, notwithstanding the depression in trade which has been felt more or less throughout all the colonies. The accounts which accompany this report will show that in essential particulars the office has more than held its own. Whilst the rate of interest earned has remained practically constant, the mortality has been exceptionally light, and the rate of expenses shows a still further decline ; in addition to which the new business shows an increase of nearly £"100,000, and the net increase of the office is greater than at any time during the past eight years. JOSEPHUS H. RICHARDSQN, Commissioner.

Ebvenub Account of the Government Life Insurance Department for the Year ended 31st December, 1893. & a. d. | £ s. d. Amount of Funds at 31st December, 1892 1,980,297 IS 2 Death claims under policies, Assurance, Renewal premiums — Assurance, An- including bonus additions .. .. 64,029 11 0 nuity, and Endowment .. .. 214,383 3 0 Endowment Assurances matured, includNew premiums on 3,237 policies, assur- ing bonus additions .. .. 30,372 13 0 ing £740,428, and yielding an annual Endowments matured .. .. 1,470 15 11 revenue of £22,601 4s. 2d. (including Premiums returned on endowments .. 75 11 5 instalments of first year's premiums Bonuses surrendered for cash .. .. 2,041 17 7 falling due in the year) .. .. 20,352 18 5 Annuities .. .. .. .. 6,580 510 Single premiums—Assurance and En- Surrenders .. .. .. .. 18,965 3 6 dowment.. .. .. .. 2,736 1 3 Loans released by surrender .. .. 17,785 1 7 Consideration for annuities .. .. 16,102 511 Commission, new .. £13,286 1 6 Interest .. .. .. .. 108,097 11 8 „ renewal.. 1,540 9 5 Fees .. .. .. .. 11 16 3 14,826 10 11 Land-and income-tax .. .. 5,782 12 11 Expenses of management— Salaries—Head Office £9,821 1 3 „ Branch Offices and Agents 5,146 12 7 Extra clerical assistance 1,642 6 0 Medical fees and expenses 4,891 4 0 Travelling-expenses 1,460 15 8 Advertising .. 988 11 9 Printing and stationery 1,403 910 Rent .. .. 1,661 8 3 Postage .. .. 1,488 19 1 Telegrams .. .. 498 18 2 Exchange .. .. 129 9 2 Office furniture depreciation .. .. 463 0 11 General expenses .. 2,222 3 9 Triennial expenses .. 1,436 10 0 Compensation for loss of office .. .. 206 17 7 33,461 8 0 Reserve for possible depreciation in freehold and mortgage securities .. 18,000 0 0 Amount of funds at 31st December, 1893 .. .. .. 2,128,589 18 0 £2,341,981 9 8 £2,341,981 9 8