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H.—B

ACTUAKY'S EEPOET ON THE VALUATION OF THE GOVERNMENT INSURANCE DEPARTMENT AS AT 31st DEOEMBEB, 1923.

Presented to both Houses of the General Assembly pursuant to Section 40 of the Government Life Insurance Act, 1908.

Wellington, 16th April, 1924. In accordance with instructions received I 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 of 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 : —

The Consolidated Revenue 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 Revenue Account.

New Business of Triennium. In Force at End of Triennium. Triennium. I i Number of Sums Annual Number of Sums lieversionary Annual Policies. assured. j Premiums. Policies. assured. | Bonuses. Premiums. £ £ £ £ £ 1912-1914 .. 11,721 3-, 197,694 89,715 52,273 12,550,465 1,246,610 370,882 1915-1917 .. 10,129 2,709,163 90,017 53,058 12,884,531 1,304,243 387,377 1918-1920 .. 14,189 4,529,993 156,568 57,321 14,924,147 1,335,163 449,123 1921-1923 .. 13,537 4,499,581 139,620 60,545 16,549,451 1,357,161 501,321

Triennium ending 31st Dece: i tier, 1923. Previous Triennium. Triennium ending 31st Docei iber, 1923. Previous Triennium. Funds at beginning of triennium Renewal premiums New premiums Consideration for annuities Interest less taxes Defalcations recovered Transfer from Investment Fluctuation Reserve £ 5,542,552 1,291,437 131,178 31,772 894,419 267 75,788 £ • 5,199,320 1,110,162 136,633 56,651 783,201 Death claims Matured claims Annuities paid Surrenders Bonuses surrendered for oash Commission Expenses Marryatt Defalcation Aocount Funas at end of triennium.. £ 530,990 653,295 62,838 195,036 19,546 99,852 180,728 2,643 £ 725,004 543,621 59,521 148,158 14,853 94,829 157,369 6,222,485 5,542,552 Totals Totals £7,967,413 £7,285,967 £7,967,413 £7,285,967