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ACTUARY'S REPORT ON THE VALUATION OF THE GOVERNMENT INSURANCE DEPARTMENT « AS AT 31st DECEMBEE, 1920. Presented to both Houses of the General Assembly pursuant to Section 40 of the Government Life Insurance Act, 1908.

Wellington, 27th April, 1921. In accordance with instructions received 1 have made a valuation as at the 31st December last of the actuarial liabilities of the Department, with the object of ascertaining the net surplus available for division amongst the policyholders, and in compliance with section 40 of the Government Life Insurance Act, 1908, I have now the honour to report the results of the investigation. , Progress op the Department. The progress of the Department during the last three years when compared with the three previous trienniums, in respect of new business and total business in force, is as follows : —

From the above it will be seen that there has been a considerable increase in the amount of new business. The Consolidated Eevenue Account, given below, shows the total income and expenditure for the last three years, and the growth of the funds of the Department during the triennium. Consolidated Eevenue Account.

New Business of Trie: inium. In Force at Kn< of Triennium. Triennium. Number of : Sums Policies. assured. Annual Premiums. Number of Policies. Sums assured. Beversionary Annual Bonuses. Premiums. 1909-1911 1912-1914 1915-1917 1918-1920 £ 10,476 2,487,472 11,721 3,197,694 10,129 2,709,163 14,189 4,529,993 £ 77,477 89,715 90,017 156,568 49,376 52,273 53,05S 57,321 £ 11,514,657 12,550,465 12,884,531 14,924,147 £ £ 1,168,620 348,285 1,246,610 370,882 1,304,243 387,377 1,335,163 449,123

Triennium ending 31st Decet iber, 1920. Previous Triennium. Triennium onding 31st Decei nber, 1920. Previous Triennium. Funds at beginning of triennium Renewal premiums New premiums Consideration for annuities Interest Fees £ 5,199,320 £ 5,033,884 Death claims Matured claims Annuities paid Surrenders Bonuses surrendered for oash Commission Taxes Expenses Investment reserves Funds at end of triennium.. £ 725,064 543,621 59,521 148,158 14,853 94,829 40,993 157,369 £ 722,586 486,537 56,421 156,280 17,394 06,583 49,013 124,462 99,704 5,199,320 1,110,162 136,633 56,651 824,194 1,050,081 84,273 35,580 774,482 Totals 5,542,552 £7,326,960 £6,978,300 Totals £7,326,960 £6,978,300