H.—Hβ

5

FOURTH SCHEDULE.

VII. 1. The liabilities of the Department under life policies and annuities at the date of the valuation, showing the number of policies, the amount assured, and the amount of premiums payable annually under each class of policies, both with and without participation in profits, will be found in detail in the Valuation Summary, given on pages 6 and 7. 2. The net liabilities and assets of the Department, with the amount of surplus, are shown in the Valuation Balance-sheet given on page 4. VIII. All participating policies which were in force at the date of the valuation, however recently effected, share in the profits. The reversionary bonuses allotted to policies recently issued "follow the sum assured — i.e., they vest immediately, and are payable with the sum assured as a claim, however short the duration ; but they do not acquire a cash value for surrender purposes until the policies to which they belong have been two years in existence. IX. The results of the valuation are as follows : — (1.) The total amount of profit made by the Department during the three years ending the 31st December, 1902, was £177,708 6s. Bd., of which amount £9,300 has been paid as interim bonuses during the triennium. (2.) The amount of profit divided among the policyholders as at the 31st December, 1902, was £167,932 10s., which has been converted into reversionary bonuses amounting to €290,073 los. The number of policies which participated was 41,500, assuring the sum of £9,824,540, or, including reversionary additions, £10,662,622. (3.) The following are specimens of the bonuses which have been allotted, for the three years ending the 31st December, 1902, to ordinary whole-life policies for £100 in the General Section upon which all previously allotted bonuses had been allowed to remain :—

(Bonuses 5 per cent, less than the above have been allotted to similar policies 111 the Temperance Section.) The cash values of the reversionary bonuses are computed by the H M Table of Mortality, with interest at 4i per cent. Morris Fox, Actuary. 31st March, 1903.

AGE- AT ENTRY, 20. AGK AT ENTRY, AGE AT ENTRY, 40. AGE AT ENTRY, 50. Number of Years in Force. Number of Years in Force. 31 ). Keversiouary Cash Bonus. Value. Reversionary Bonus. Cash Value. Reversionary Bonus. Cash Value. tteversionary Bonus. Cash Value. 5 10 15 20 25 30 £ s. d. £ s. d. 310 o 14 6 350 o 17 4 3 10 o 113 3 18 0 168 3 17 o 1 10 2 3 17 o i 14 o £ ■■ d. 3 1 ° 3 4° 380 312 o 3 16 o 400 £ s. d. 0 18 6 1 in 1 6 8 £ s. d. / s. d. 310 1 3 11 340 183 380 1 14 o 3 II O I 2 O 3 3 15 o I 2 7 2 3 19 o ! 2 14 8 £ s. d. £ s. d. 310 1 10 6 3 4 o 1 16 3 380,229 3 10 o 2 8 5 3 15 o 2 16 7 3 16 o 311 5 10 15 20 25 30 1 11 10 1 18 0 2 5 4