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New Zealand Gazette – 1881 – No. 10

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✨ Insurance Report Tables

166

THE NEW ZEALAND GAZETTE.

[No. 10

III. POLICIES DISCONTINUED.

The policies discontinued during the year, with the causes of discontinuance, are set forth in the annexed table :-

Mode of Termination.	No. of Policies.	ASSURANCE POLICIES.		No. of Policies.	ENDOWMENT POLICIES.		No. of Policies.	ANNUITY POLICIES.		No. of Policies.
		Sum Assured.	Annual Premiums.		Sum Assured.	Annual Premiums.	Amount of Annuity.	Annual Premiums.	Sum Assured.	Annual Premiums.
By death	78	£ 32,500	£ s. d. 1,200 II 6	...
,, maturity	1	100	12 15 4 2	1	300	£ s. d. 20 0 0	...
,, surrender	100	42,340	1,399 8 0 4	500	21 9 6	...
,, lapse	636	191,640	5,700 6 2 13	1,650	109 2 4	2	168 6	£ s. d. 3 18 0
,, expiry	12	8,850	157 12 5	...		3	300
,, reduction		9,663	282 14 11
,, cancellation...	3	3,800	92 15 8
,, transfer to or- dinary branch		...	...
Total decrease	830	288,893	8,846 4 19	2,450	150 11 10	4	350	25	2,798 14 0	114 12 4
								28	3,073 4 0	125 0 4

IV. TOTAL BUSINESS.

Since the establishment of the department in 1870 it has issued 15,170 policies, assuring £5,259,029.
By lapse, surrender, or death of the assured, 3,463 of these have been discontinued, leaving at the end of
the year 11,707 existing policies, representing an assured sum of £4,175,890.

V. ACCOUNTS AND ACCUMULATED FUNDS.

The usual accounts presented with this report show the year's income from all sources (including
£247 6s. 10d. in the Industrial Branch) to be £146,452 11s. 3d., being an increase as compared with
the previous year of £13,379 16s. 5d. The amount of the accumulated fund of the department at the
end of the year (including £722 14s. 6d. standing at the credit of the Industrial Branch) was £460,058
11s. 6d., showing an additional accumulation during the year of £87,403 17s. 1d.

The investigation into the financial condition of the department, and the periodical valuation with a
view to a declaration and division of surplus profits, as provided by the Act of Parliament, are now in
progress; and two eminent London actuaries, Messrs. Bailey and Hardy, have been appointed by the
Governor to make an independent valuation, and to report their opinion as to the surplus profits and the
amount for division among policy-holders. This report will, in accordance with the requirements of
the Act, be laid before Parliament.

D. M. LUCKIE,
Commissioner.

REVENUE ACCOUNT of the GOVERNMENT INSURANCE DEPARTMENT (Ordinary Branch) for the Year
ended 30th June, 1880.

	£ s. d.		£ s. d.
Amount of funds on 1st July, 1879	371,889 16 9	Claims under policies, Assurance	32,500 0 0
Renewal premiums - Assurance, Annuity,	109,991 11 7	Endowments matured	400 0 0
and Endowment		Annuities	2,212 17 1
New premiums on 2,274 policies, assuring		Surrenders	3,975 7 3
£725,254, and yielding an annual revenue		Commission, New	£4,994 7 11
of £23,210 17s. 8d.	10,621 11 9	Renewal	985 19 10
Single premiums-Assurance and Endow-			5,980 7 9
ment	1,203 5 3	Expenses of Management—
Consideration for Annuities granted	3,259 11 0	Salaries, Head Office	5,931 5 3
Interest	21,097 11 4	Branch Offices and
Fees	31 13 6	Agents	1,846 13 4
		Extra clerical as-
		sistance	444 6 0
		Medical fees	2,680 13 2
		Travelling expenses, Agents	739 18 11
		Others	218 6 8
		Advertising	177 9 11
		Printing and stationery	358 16 5
		Rent	350 0 0
		Postage	475 0 0
		Telegrams	94 12 0
		Exchange	53 0 0
		Office furniture, deprecia-
		tion ...	92 0 0
		General expenses	128 10 5
		Fee for special audit	100 0 0
£518,095 1 2	Amount of funds on 30th June, 1880	459,335 17 0
		£518,095 1 2

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New Zealand Gazette – 1881 – No. 10

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💰 Annual Report of the Government Insurance Commissioner (Sections III, IV, V and Revenue Account) (continued from previous page)

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