H.—B

16

FOURTH SCHEDULE. 2. The net liabilities and assets of the Department, with the amount of surplus, are shown in the Valuation Balance-sheet given on page 13. VIII. All participating policies in force at the date of the valuation share in the profits. The profits are allotted in the form of compound reversionary bonuses which vest immediately and are payable with the sum assured in the event of a claim ; but, except in the case of short-term double-endowment, 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 year ending the 31st December, 1929, including a balance of £12,232 carried forward from 1928, on the basis of a 3-per-cent. valuation, was £225,806, of which amount £3,266 has been paid as interim bonuses during the year. (2) The amount of profit divided among the policyholders as at the 31st December, 1929, was £214,188, which has been converted into reversionary bonuses amounting to £352,346. The number of policies which participated was 63,445, assuring the sum of £18,143,789, or, including reversionary additions, £20,409,328. (3) The following are specimens of the bonuses which have been allotted for the year ending the 31st December, 1929, to policies for £100 issued under the present premium tables and upon which all previously allotted bonuses had been allowed to remain : — , | _ : 1

Endowment Assurances Maturing at Age 80.

AGE AT ENTRY, AGE AT ENTRY, AGE AT ENTRY, AGE AT ENTRY, Number 20. 30. 40. 50. Number Years in , j ~ Years in Force. Reversionary Cash Reversionary Cash Reversionary Cash Reversionary Cash Force. Bonus. Value. Bonus. Value. Bonus. j Value. Bonus. Value. j £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. 5j250 OIOII 250 01310 250 01710 250 133 5 10 [280 0130 280 o 16 10 280 11 10 280 180 10 15 2 11 o o 15 8 2 11 o 102 2 11 o 164 2 11 o 1 13 7 15 20 ! 2 13 o o 18 7 2 13 o 141 2 13 o 1 10 11 2 13 o 1 19 1 20 25 | 2 16 o 122 2 16 o i 8 11 2 1(5 o 1 16 10 2 16 o 2 6 11 25 30 | 2 ig o 169 2 19 o 1 14 5 2 19 o 237 2 19 0 2 19 o 30 Endowment Assurances. —Term 20 Years. 5 210 121 2 I o 125 210 12 II 2IO I 4 3 j 5 10 230 184 230 186 230 192 230 1 9 10 ; io 15 260 1170 260 1 17 2 260 1 17 5 260 1 17 9 15 20 2 80 280 280 280 280 280 280 280 20 I I I The cash values of the reversionary bonuses are computed by the Hm Table of Mortality, with interest at per cent. G. W. Melville, F.F.A., Actuary.