H.—B

REPORT BY THE ACTUARY ON THE TBIENNIAL VALUATION, 31st December, 1899. Made under Section 45 of "The Government Insurance and Annuities Act, 1874," and Section 8 of "The Government Life Insurance Acts Amendment Act, 1890."

Wellington, 7th June, 1900. In accordance with instructions I have made a valuation of the Department's liabilities under its life assurance and annuity contracts as at the 31st December last, and I now beg to report the results. PROGRESS OF BUSINESS. The new business of the triennium showed a considerable improvement, and the following statement sets forth the business actually completed (exclusive of annuities) as compared with that of the preceding three years : —

New Business (exclusive of Annuities).

The increase in the total business in force is seen from the following figures:—

Total Business in Force (exclusive of Annuities).

The substantial increase to the business in force arose almost entirely from endowment assurances, whole-life assurances remaining nearly stationary. Including annuities, there were 39,366 policies for valuation, assuring the sum of £9,558,166, with reversionary bonus additions of £783,536 —making the total amount payable at death or maturity £10,341,702 —and £23,810 annuities per annum, immediate and deferred ; in respect of which ordinary premiums amounting to £280,684 are receivable annually. The Department also receives €3,833 per annum, representing additions to the tabular premiums, imposed when assurances are accepted on lives which are estimated to fall below the requisite standard for any reason; these extra premiums are held to cover the current extra risk, and are not brought into the valuation.

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Triennium. Number of Policies. Sums assured Annual Premiums. 10,126 £ 2,127,815 £ s. d. 69,263 1 9 1897-99 1894-96 8,927 1,943,047 61,602 13 9 Increase 1,199 £184,768 £7,660 8 0

Date. "a"* 0 ' Sum assured. £ 39,099 9,558,166 34,531 8,754,804 Beversionary Bonuses. £ 783,536 Annual Premiums. £ s. d. 284,438 9 1 31st December, 1899 31st December, 1896 660,889 258,757 10 9 Increase 4,568 £803,362 £122,647 £25,680 18 4