H.—B

1911 NEW ZEALAND.

ANNUAL REPORT OF THE GOVERNMENT INSURANCE COMMISSIONER FOR THE YEAR ENDED 31st DECEMBER, 1910.

Presented t» both Houses of the General Assembly pursuant to the provisions of the Government Lift Insurance Act, 1908.

Government Insurance Office, Wellington, 15th July. 1911. I have the honour to submit the following report upon the transactions of the Department for the year ended 31st December, 1910, and its position tit that date. The Revenue Account. Balance-sheet, and Statement of Business are appended. New Business, and Amount in Force. —During the year 1.177 proposals were dealt with for the assurance of £986,050, and the number of policies actually completed was 3,422, assuring £820,179. being an advance in the sums assured on the new business of the previous year 1 . The annual premiums on new policies amounted to £25,337. Twenty-six annuities were also granted, on which the purchasemonev was £16.110. The new business of the Department has shown a steady increase for some years past. The total business now in force is 48,561 policies, assuring £11,360,796 (and £1,226.002 bonuses) at death or maturity, together with 371 immediate and deferred annuities for £21,067 per annum ; t In- total business bearing an annual premium income of £342,881. In relation to the new business and amount in force the results are given hereunder for the past seven years : —

It will be seen that the i\ew business litis increased by £125.623. and the business in force by 4,738 policies and £1,101,234 sums assured. Income. —The total income of the year was £561,150 (tin increase of £14,584 on the previous year). made up us follows : — £ New premiums (including single premiums) .. .. .. .. 25,621 Renewal premiums . . .. .. .. .. .. 312,863 Purchase-money for annuities .. .„ .. .. .. 16,110 Interest .. . . .. .. .. .. .. .. 206.552 Fees .. .. .. .. .. .. 1 Total income for 1910 .. .. .. .. £561.150 The income from interest showed an increase <>l £5,225, and (lie average rate of interest earned mi the mean funds was £4 12s. 3d. per cent. In regard to the income from premiums and interest the past seven years results tire given, together with the accumulated funds, and the yearly rates of interest earned by them : —

Year. New Sum assured. r>„ii«:„„ ;„ Sums assured in Policies in • -c tj, Poroe i (excluding Bonuses). .904 .905 .906 907 .908 .909 910 £ 694.556 716,021 729,105 752.065 780.597 795,339 820.179 £ 44,194 10,259,562 45,137 10,468,316 45,981 10,667,591 16,946 10,855,153 47,033 10,955.749 48,016 11.151.091 48,932 11,360.796

Year. Premium Income (excluding Interest Income. Annuities). Total Income. I Accumulated Funds. Kate of Interest on Mean Funds. 1901 1905 1906 1907 190S 1909 1910 x. t 309,239 158,196 314,003 169,153 319,775 175,512 325,903 183,618 330,806 l9.-,.S7t) 330,927 201.327 338,487 206.552 i £ 480,71(1 190.925 507.070 526,713 534,441 546,566 561,150 e 3,665,583 3,822,577 3,991,599 4,147,411 4,264,685 4,405.141 4,554,730 £ s. (I. 4 8 2 4 10 4 4 9 LO 4 10 3 4 12 2 i 12 11 4 12 3