13

H.—B

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 page 12. 2. The net liabilities and assets of the Department, with the amount of surplus, are shown in the Valuation Balance-sheet given on page 11. 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, except in the case of short-term doubleendowment policies, 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, 1920, including a balance of £11,421 Is. Od. carried forward three years ago, on the basis of a 3| per cent, valuation for assurances, was £257,024, of which amount £18,320 has been paid as interim bonuses during the triennium. (2.) The amount of profit divided among the policyholders as at the 31st December, 1920, was £217,706, which has been converted into reversionary bonuses amounting to £339,388. The number of policies which participated was 50,177, assuring the sum of £12,821,412, or, including reversionary additions, £14,156,570. (3.) The following are specimens of the bonuses which have been allotted, for the three years ending the 31st December, 1920, to policies for £100 upon which all previously allotted bonuses had been allowed to remain:—

Whole Life (General Section).

The cash values of the reversionary bonuses are computed by the H M Table of Mortality, with interest at 4|- per cent. Percy Muter, Actuary.

AGE AT ENTRY, AGE AT ENTRY, AGE AT ENTRY, 40. AGE AT ENTRY, 50. Number of Years in Force. 20. 30. Number of Years in Force. Reversionary Cash Bonus. Value. Reversionary Cash Bonus. Value. Reversionary Bonus. Cash Value. Reversionary Bonus. Cash Value. 25 30 35 40 £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. 3 15 o 19 5 3 T 4 ° 1 17 o 3 14 o 267 3 14 o 2 15 10 400 1 15 4 3190 249 3180 2140 3180 329 470 236 44° 21210 44° 334 43° 3 io 3 4100 2110 490 317 480 3109 480 3 17 8 25 3° 35 40 5 10 IS 20 Endowment Assurance.—Term 20 Years (General Section). 310 11210 310 1 13 4 310 1140 310 1 16 1 340 221 340 225 340 235 340 244 380 2 14 8 380 2 14 11 380 2 15 3 380 21510 3 11 o 3 11 o 3 11 o 3 11 o 3 11 o 3 11 o 3 11 o 3 11 o 5 10 '5 20