fi.-8

14

FOURTH SCHEDULE.

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 :— (I.) The total amount of profit made by the Department during the three years ending the 31st December, 192), including a balance of £20,998 carried forward three years ago, on the basis of a 3 per cent, valuation, was £335,560, of which amount has been paid as interim bonuses during the triennium. (2.) The amount of profit divided among the policyholders as at the 31st December, '1923, was £317,563, which has been converted into reversionary bonuses amounting to £476,958. The number of policies which participated was 53,878, assuring the sum of £14,113,101, or, including reversionary additions, £15,470,262. (3.) The following are specimens of the bonuses which have been allotted, for the three years ending the 31st December, 1923, to policies for £100 upon which all previously allotted bonuses had been allowed to remain

Whole Life (Temperance Section).

The cash values of the reversionary bonuses are computed by the H M Table of Mortality, with interest at per cent. Cecil Gostelow, F.LA., Actuary.

AGE AT ENTRY, AGE AT ENTRY, AGE AT ENTRY, AGE AT ENTRY, Number 20. 30. 40. 50. Number Years In ~ I Years in Force. Reversionary Cash Reversionary Cash Reversionary Cash "Reversionary Cash Force. Bonus. Value. Bonus. ' | Value. Bonus. Value. Bonus. Value. £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. 25 54° 209 540 2120 54° 355 54° 3 18 5 25 30 59° 282 590 3 1 10 59° 3 '5 5 590 4 7 8 3° 35 5 '9 » 2 ig 6 5 18 o 3 14 3 5 16 o 4 7 6 5 16 o 4 18 2 35 Endowment Assurance. —Term 20 Years (Temperance Section). 5 4120 296 4120I210314120 2 11 4 4120 2 14 6 5 10 4 17 0 3 3 10 4 17 0 3 4 4 j 4 r 7 0 3 5 io 4 J 7 ° 3 7 3 i° 15 520 420 520 4251520 42 11 520 439 I 5 20 570 570 57° 57° 57° 57° 57° 57° 20