ll.—B

1920. NEW ZEAL AND

ANNUAL REPORT OF THE GOVERNMENT INSURANCE COMMISSIONER FOR THE YEAR ENDED 31st DECEMBER, 1919.

Presented to both Houses of the (feneral Assembly pursuant to the Provisions of the Government, Life Insurance Act, 1908.

Government Insurance Office, Wellington, 28th May, 1920. I have the honour to submit the following report upon the transactions of the Department for the year ended the 31st December, 1919, and its position at that dale. The' Revenue Account, Balance-sheet, and Statement of Business are; appended. New Business and Amontit in Force. --—During the year 5,721 proposals were de'.-ili with, for the' assurance of .£1,876,797. The' number of policies actually completed was 4,983, assuring £1,617,795, with annual premiums amounting to £58,569. These figures constitute a record for the Department. The facilities offereil by the Department's war-loan policies, enabling subscriptions to be made to war loans with the least possible inconvenience, were evidently appreciated by the public, as a large amount of business was done under them. Thirty-seven annuities were also granted, mi which the purchase-money was £20,265. The' total business now in force, including 438 immediate and deferred annuities for £23,195 per annum, is 55,770 policies, bearing an annual premium income of £423,065. The sum assureel, payable at death or maturity, is £14,123,728, to which arc attached reversionary bemuses amounting to £1,423,016. The total business on the boeiks thus amounts to £15,546,744. Income. —The total income of the Department was £701,423 —viz., premium income, £411,306; interest income (h'ss land and income tax), £26!),852; annuity purchase-money, £20,265. Out (jo. —During the- year 758 policies matured, for £180,102; and 648 policies became claims by the death of policyholders, the amounts payable' being £195,341. Of these, 115, for £24,656, represent deaths among the oversea forces through wounds anei sickness, and approximately 93, foi' £24,000, deaths from influenza; The death claims were less by 643 policies, representing £142,426, than in 1918, and in fact were smaller than in any year since' 1914, Accumulated Funds. —The total assurance, annuity, ami endowment funds, apart from a special investment reserve of £288,825, now stand at £5,354,904. The Balance-sheet. —On the 31st December, 1919, the' total assets of the Departmenl amounted to £5,728,681, and were invested as shown in the following statement, which also gives the distribution of the; assets at the end of the previous year for purpose's of comparison : —

As compared with the 1918 balance-sheet, the holdings of war-loan stock by the Life Branch show an increase of £424, 9(V, bringing the total up to £969,900-, in addition to £40,000 debentures under.' the Finance Act, 1915,

I— H. 8.

At 31st December, 1918. Class of Investmen*. , Percentage Amount. | , m „t , . ', .„ of Total Assets. At 31st December, 1919. . Amount. . V ?\ C ™^« ot I otal Assets. l_ ' & 3,038,552 53-6 per cent. Mortgages oil freehold property 13-0 „ Loans on policies 1,250,900 22-0 „ Government securities 211,711 3-7 ., Local bodies'debentures 134,864- 2-1 ., Landed and house property .. 128,593 2-3 „ Miscellaneous-assets .. 170,343 3-0 ,, Ca.sh in hand and em current account -t: 2.784,532 ! 48-6 per cent. 733,943 12-8 1,635.800 28-6 210,597 • 3-7 134,83! 2-3 130,179 2-3 98,799 1-7 5,672,981 100-0 per cent. Total 5,728,681 100-U per cent.