H.—B

Revenue Account of the Government Life Insurance Department for the Year ended 31st December, 1944 £ £ Amount of funds at Ist January, 1944 .. 12,664,713 Death claims under assurance policies, Renewal premiums: Assurance, annuity, including bonus additions . .. 343,919 and endowment, less reinsurance premiums 802,546 Endowment assurances matured, including New premiums (including instalments of first bonus additions .. .. .. 386,216 year's premiums falling due in the year), Endowments matured . . . . .. 11,858 'less reinsurance premiums .. .. 79,352 Premiums returned on endowments .. 561 Single premiums : Assurance and endowment 42,131 Bonuses surrendered for cash .. .. 3,659 Consideration for annuities .. .. J9,062 Annuities .. .. .. . • 35,753 £ Surrenders .. .. .. .. 30,318 Interest, rent, and other income .. 560,424 Loans released by surrender .. .. 49,689 Less property expenses .. 13,849 £ 546,575 Commission, new .. .. 53,104 Commission, renewal .. .. 6,788 59,892 Contribution to Public Service Superannuation Fund .. ■.. .. .. 585 Land and income tax .. .. .. 3,378 A gent's retiring-allowances .. .. 2, 036 Expenses of management .. .. 68, 220 War-damage-insurance premiums .. 1,904 Property depreciation .. .. . • 6,673 Transfer to Investment Reserve .. .. 20,000 Amount of funds, 31st December, 1944 .. 13,129,718 £14,154,379 £14,154,379 Balance-sheet of the Government Life Insurance Department on 31st December, 1944 Liabilities £ Assets £ Total assurance, annuity, and endowment Loans on policies .. .. .. 908,623 funds (as per Revenue Account) .. 13,129,718 New Zealand Government securities .. 4,083,166 Claims admitted, proofs not yet completed 135,120 Loans to local bodies .. .. .. 3,051,911 Annuities .. .. .. •• *'23 Landed and house property .. .. 492,599 Medical fees " .. .. 467 Mortgages on property .. .. .. 4,708,947 Premium and other deposits .. .. 20,551 Properties acquired by foreclosure .. 23,250 Sundry creditors .. .. ■■ 11,174 Overdue premiums on policies in £ Accident and Fidelity Fund .. .. 5,000 force .. .. .. 1,993 Investment Reserve Account .. .. 365,659 Outstanding premiums due but not £ overdue .. .. .. 67,827 Sinking funds on local-body loans.. 2, 929 Interest accrued thereon .. 36 Overdue interest .. .. 2,67,) 2,965 Outstanding interest due but not overdue .. ■■ 14,961 Interest accrued but not due .. 120,440 138,076 Sundry debtors .. .. .. 5,321 Office furniture and fittings .. .. 1, 500 Cash in hand and on current account .. 188,064 £13,671,277 £13,671,277 J. W. Macdonald, Commissioner. H. L. Ryan, Secretary. Government Life Insurance Department, 12th March, 1945. The Audit Office, having examined the Revenue Account and Balance-sheet and compared them with the relative books, documents, and securities, hereby certifies them to be in accordance therewith.— Cyril G. Collins, Controller and Auditor-General.

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