M.L.C., LTD. MOVE
Dividend To Be Reduced
(N.Z. Press Assn.— Copyright) SYDNEY, June 9.
Dividend from ordinary branch surplus of the M.L.C., Ltd., assurance subsidiary to be distributed to shareholders next year will be reduced to 24 per cent, the chairman (Mr J. H. Ashton) told the annual meeting today. It was reduced from 3 per cent to 2| per cent for the 1965 year. It was the intention to distribute a similar proportion, 21 per cent, from the ordinary branch surplus to shareholders for the current year. Policy Holders
For 1965, the proportion of surplus to ordinary branch policy holders was increased from 97 to 97} per cent. Mr Ashton said the continuing success of the operations of the life office had enabled this to be done while still maintaining ordinarydividend.
Mr Ashton said the writingoff of the H. G. Palmer Investment in the accounts of the assurance subsidiary was provided by transferring 5m dollars from general reserves and releasing 4,527,578 dollars from the additional reserve included in the actuarial liabilities under ordinary branch policies. Of the 5m dollars from general reserves 4m million dollars has come from the general branch and Im dollars from the ordinary branch.
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Press, Volume CVI, Issue 31082, 10 June 1966, Page 15
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199M.L.C., LTD. MOVE Press, Volume CVI, Issue 31082, 10 June 1966, Page 15
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