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Session 11. 1921. NEW ZEALAND.

ANNUAL REPORT OF THE GOVERNMENT INSURANCE COMMISSIONER FOR THE YEAR ENDED 31st DECEMBER, 1920.

Presented to both Houses of the General Assembly pursuant to the Provisions of the Government Life Insurance Act, 1908.

Government Insurance Office, Wellington, 30th June, 1921. I have the honour to submit the following report upon the transactions of the Department for the year ended the 31st December, 1920, and its position at that date. The Revenue Account, Balance-sheet, and Statement of Business are appended. New Business and Amount in Force. —During the year 5,703 proposals were dealt with, for the assurance of £1,956,375. The number of policies actually completed was 4,872, assuring £1,659,660, with annual premiums amounting to £51,221. This is the largest new sum assured ever obtained by the Department in a single year. Thirty-four annuities were also granted, on which the purchasemoney was £24,980. The total business now in force, including 444 immediate and deferred annuities for £24,159 per annum, is 57,321 policies, bearing an annual premium income of £449,123. The sum assured, payable at death or maturity, is £14,924,147, to which are attached reversionary bonuses amounting to £1,335,163. The total business on the books thus amounts to £16,259,310. Income. —The total income of the Department was £730,908 —viz., premium income, £435,816 ; interest income (less land and income tax), £270,112 ; annuity purchase-money, £24,980. Each of these items of income, as well as the total, constitutes a record in the Department's history. The total income for the year is greater than that of last year by £29,485. Outgo. —During the year 783 policies matured, for £186,319, and 567 policies became claims by the death of policyholders, the amounts payable being £190,809. The outgo for death claims is smaller than for any year since 191.4, and represents an approximation to normal conditions. Accumulated Funds. —The total assurance, annuity, and endowment funds, apart from a special investment reserve of £288,686, now stand at £5,542,552, an increase of £187,648. The Balance-sheet. —On the 31st December, 1920, the total assets of the Department amounted to £5,927,557, and were invested as shown in the following statement, which also gives the distribution of the assets at the end of the previous year for purposes of comparison : —

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At 31st December, 1919. At 31st lecember, 1920. , , Peroentage Amount. o£ Total Class of Investment. Amount. Percentage of Total Assets. £ 2,784,532 733,943 1,635,800 210,597 134,831 130,179 98,799 48-6 per cent. 12-8 28-6 „ . 3-7 2-3 2-3 1-7 Mortgages on freehold propertyLoans on policies Government securities Local bodies' debentures Landed and house propertyMiscellaneous assets Cash in hand and on current account £ 2,750,026 735,739 1,869,800 210,241 134,799 124,337 102,615 46-4 per cent. 12-4 31-6 3-5 2-3 2-1 1-7 5,728,681 100*0 per cent. Total 5,927,557 100-0 per cent.