T. And G, Society Maintains Great Progress

Chronicle (Levin), 23 December 1949, Page 5

T. And G, Society Maintains Great Progress

\ •• MILBOURNE, Dec. 22. The 73rd annual meeting pf the T. and G. Mdtual Life Society was held today. The chairman, Mr. J. T. Thompson, said: "It is very . gratifying to report an excellept volume of new business in the life department, comprising 117,052 polfcies assuring £28,690,514. The accident department issued 12,715 policies assuring £4,539,320 and accident benefits assuring £7,(390,712 were added to life policies. The whole of the new business was derived from Australia and New Zealand. An even greater i percentage of the new business was obtained from group assurance, which helps to promote goodwill and to ensure the loyalty of employees. Employers are taking an increasing interest in the welfare of their staffs and many are making substantial contributions to the premiums payable under superannuation schemes entrusted to the society. "Income increased by £813,287 to £11,516,017. Payments to policy holders amounted to £4,393,451. The funds, which show a record I increase of £4,811,954 to £63,635,665, represent the accumulated savings of policy holders and are held in trust entirely for the benefit of policy holders, The soqiety's cooperative system enables the holders of the smallest policies to enjoy the advantages attaching to Uarge investments. Your directors are firmjy resolved to place the safety of the funds above any I other consideration and no inI vestment risk will be acceptable I which is likely to jeopardize • the security of thb policy holders' I savings. The amount invested in Government and public body loans plays a ' large part in the develop* I ment of your eountry's resources Land the society's home purchase system- has enabled a large num* ber of policy holders to aequire their own homes.

"Life assurance under the pres* ent voluntary system is also hene--ficial to the social structure. The individual may select the life offi.ee to which he desires to belong and as there are several competi* tive offices all striving to improve the effieiency of " their services, there are 'beneficial results to all concerned. Mutual assurance is undoubtedly the best of all volun* tary systems. Contributors to the j fund come frorp. all ranks of the community and whether the member's contributipns be large or small, or whether payments are made weekly or at other intervals the same rate of interest is ap* plicable to all, # There are no shareholders in a mutual society-, which is condueted by the directors, who are policy. holders, solely I for the benefit of the policy hold--ers. The liabilities of the life companies under their policy com I tracts have lifted a heavy burden of responsibility from the State. "Your society eontihues to enjoy a high degree bf public confi'dence. J AssurahQes in force, £195,821,018, I are more than double the total. in j 1939. The income and growth of funds are record figures, The accident department continues to make exceptjonal progress, the in* come being. £274, 154. The surplUS of £1,246,703 in the life depart* I ment provides for bonuses on a I slightly lower scale in the ordinary department and for a conr tinuance of the present scale in the industrial department. "I wish to pay a special tribute to the v magnificent services ren*dered by all members of the field land indoor staffs. I cannot speak • too higbly of . their flfforts."*