H.—B

Revenue Account of the Government Life Insurance Department for the Year ended 31st December, 1941. £ Amount of funds at Ist January, 1941 .. 11,417,522 Death claims under assurance policies includ- £ Renewal premiums: Assurance, annuity, ing bonus additions .. .. .. 260,005 and endowment, lest reinsurance premiums 742,900 Endowment assurances matured, including New premiums (including instalments of first bonus additions .. .. .. 348,829 year's premiums falling due in the year), Endowments matured .. .. .. 12,565 less reinsurance premiums .. .. 46,356 Premiums returned on endowments .. 569 Single premiums : Assurance and endowment 33,792 Bonuses surrendered for cash .. .. 6,428 Consideration for annuities .. .. 26,370 Annuities .. .. .. .. 34,487 £ Surrenders .. .. .. .. 32,557 Interest, rent, and other income .. 521,648 Loans released by surrender .. .. 47,739 Less property expenses .. 11,010 £ 510,638 Commission, new .. .. 41,029 Commission, renewal .. .. 6,165 47,194 Contribution to Public Service Superannuation Fund .. .. .. .. 619 Land and income tax .. .. .. 45,986 Agents' retiring-allowances .. .. 1,329 Expenses of management .. .. 63,432 War-damage-insurance premiums .. 4,701 Property depreciation .. .. .. 6,884 Transfer to Investment Reserve Account .. 10,000 Amount of funds, 31st December, 1941 .. 11,854,254 £12,777,578 £12,777,578 Balance-sheet of the Government Life Insurance Department on 31st December, 1941. Liabilities. Assets. £ Total assurance, annuity, and endowment £ Loans on policies .. .. .. 1,165,772 funds (as per Revenue Account) .. 11,854,254 New Zealand Government securities .. 2,929,772 Claims admitted, proofs not yet completed .. 76,720 Loans to local bodies .. .. .. 2,129,764 Annuities .. .. .. .. 560 Landed and house property .. .. 512,401 Medical fees .. .. .. .. 287 Landed and house property (leasehold) .. 515 Premium and other deposits .. .. 30,943 Mortgages on property .. .. .. 5,061,755 Sundry creditors .. .. .. 4,083 Properties acquired by foreclosure .. 23,857 Accident and Fidelity Fund .. .. 5,000 Overdue premiums on policies in £ Investment Reserve Account .. .. 377,154 force .. .. .. 2,950 £ Outstanding premiums due but not Sinking funds on local-body loans .. 2,257 overdue .. .. .. 73,079 Interest accrued thereon .. 28 — 76,029 2,285 Overdue interest .. .. 3,525 Outstanding interest due but not overdue .. .. .. 12,050 Interest accrued but not due .. 106,630 122,205 Sundry debtors .. .. .. 1,350 Inoome-tax paid in advance .. .. 40, 000 Office furniture and fittings .. .. 3,000 Cash in hand and on Current Account .. 284,866 £12,351,286 £12,351,286 W. E. Arnold, Commissioner. J. W. Macdonald, Secretary. Government Life Insurance Department, 14th April, 1942. 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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