H.—B

1929. NEW ZEALAND.

ANNUAL REPORT OF THE GOVERNMENT INSURANCE COMMISSIONER FOR THE YEAR ENDED 31st DECEMBER, 1928.

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

Government Insurance Office, Wellington, 21st June, 1929. [ have the honour to submit my report regarding the position of the Department as at the 31st December, 1928, together with the Balance-sheet at that date, and the Revenue Account, and Statement of Business showing the operations of the Department during the year. The main features of the above-mentioned statements may be conveniently analysed and compared with those of previous years in the following manner : —- (1) Life Assurance Business :— 1926. 1927. 1928. £ £ £ (a) New sums assured .. .. .. 1,883,705 1,791,845 1,915,465 Annual premiums thereon .. .. 60,609 58,006 63,138 (b) Total sums assured (includingbonus additions) 20,218,404 21,277,350 22,084,471 Annual premiums thereon .. .. 575,420 595,780 617,642 (2) Annual Income: — £ £ £ Interest and rents .. ~ .. .. 383,739 401,697 419,592 Less land and income tax .. .. .. 11,965 15,235 22,194 Net interest and rents .. .. .. 371,774 386,462 397,398 Premium income including consideration for annuities .. .. .. .. 580,123 600,864 626,359 Total annual income .. .. £951,897 £987,326 £1,023,757 (3) Claims:—- £ £ £ Claims by death during year .. .. 179,988 198,130 197,620 Claims by maturity during year .. .. 237,267 275,069 315,077 Total claims during year .. £417,255 £473,199 £512,697 Total claims paid since inception of Department .. .. £11,244,750 (4) Funds: — £ £ £ Life-assurance funds .. .. .. 7,029,584 7,303,925 7,582,679 Investment-fluctuation Reserve and Accident and Fidelity Reserve .. .. .. 208,609 212,687 213,349 Total .. .. .. £7,238,193 £7,516,612 £7,796,028 The foregoing figures, which indicate the steady progress of the Department, do not call for any special comment except those relating to new business and income. In regard to the former, it will be observed that the slight falling-ofl in 1927 has been more than made up by the increase in last year's figures, which represent the largest amount of new business transacted in any one year in the history of the Department. I may mention, however, that, notwithstanding the fact that this business has been obtained at a reduced cost, it is not the policy of the Department to achieve mere " big figures," but rather to strive for net results —a point which was emphasized in my report of last year, and which is dealt with further at a later stage in this report. It will be noted that the annual income is now well over the million mark.