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1898. NEW ZEALAND.

ANNUAL REPORT OF THE GOVERNMENT INSURANCE COMMISSIONER FOR THE YEAR ENDED 31st DECEMBER, 1897.

Presented to both Houses of the General Assembly pursuant to the provisions of the Acts relating to Government Life Insurance.

Government Insurance Office, Wellington, 19th July, 1898. In accordance with the provisions of the Acts regulating the Department I have much pleasure in presenting the following report of the transactions of the Department for the year ending 31st December, 1897, and of its position at that date. New Business for the Year. —l am pleased to report that the new business shows a considerable increase upon the previous year. The number of proposals received was 4,351 for £933,488, of which 377 proposals, or nearly 9 per cent, of the total number, were deferred or declined. The number of policies actually completed was 3,136, insuring and the new annual premiums amounted to in addition to single premiums for £1,282. The new business was in advance of the previous year's, both General and Temperance Sections sharing in the increase. Twenty-four immediate annuities, for which the purchase-money amounted to were also granted, securing to their holders £822 per annum, and one deferred annuity was issued for us., the annual premium for which is £12 4s. The following short summary classifies the new business of the year in the usual way :—

The total amount of business now in force is 36,174 policies, insuring (and bonuses) at death or maturity, together with immediate or deferred annuities for ,£"19,486 per annum ; the whole bearing an annual premium income of £266,585.

* And deferred annuities securing £2,046 per annum. t And single premiums amounting to £8,852.

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Description of Policy. No. of Policies. Sum assured. Annual Premium. Whole-life and term assurances Endowment assurances Double-endowment assurances... Annuity assurances Children's endowments 895 1,972 194 44 3 1 £ 231,782 368,616 55.400 6,100* £ 6,211 13,086 1,827 325 142 4,000 Annuities 3.136 25 per annum £21,591 12 + Total policies ... 3,161