A.M.P. SOCIETY

Hawke's Bay Herald-Tribune, Issue 85, 27 April 1937, Page 12

A.M.P. SOCIETY

Features of 1936 Report ■The eigtty-oiglitli aunual report, of fclie directOrft of the Australian Mutual Provideftt Society sliows that the nef biisinOss coiiipletfed in the Ordinary department, including reassurances of £366,030 13/4, comprised 65,11'3 pOlicieg, asSuring £21,876,024, and 193 annuities for £44,913 9/8 per annum. In the industrial department 102,002 new policies were issued assuring £6,103,396 2/-. These sums assured represent an inerease over the cofresponding sums assured f°r 1935 Of £3,136,099 in the ordinary department and of £819,820 10/- in the industrial department. Claims by death in the ordinary department amouiited to £2,655,121 0/5, including £996, '404 16/8, for bonus additiofts. Policies assUring £5,018,863 12/11 and annuities amounting to £9,217 3/8 became void from other causes. Claims by death and maturity ifl. the industrial departmeiit amOuntfed to £1,024,221 19/3, The total of the aocumulated fundg of the ordinary and industrial departments has been incrfeased by £5,019,652 6/5, and now amounts to £103,186,254 18/4, whdch includes £14,311 14/10 in the claims investment account and £9556 7/5 in the disability fund. The Society' s investments in various loans to the CommonWealth and States of Australia, to New Zealand and other Dominions, to Great Bi'itain and to loeal govermnent and other public bodies in Australia, New Zealand and other Donanions amount in all to £60,631,341 14/7. The Actuary's report shows a siirplus of funds over liabilities in the ordinary department of £2,633,251 9/9, out o£ which £95,463

7 /5 is to be carried forward and £2,837,798 2/4 is to be allotted for distribution among the participating policy-holders . This will pro.vide reversionary honuses of about £4,870,000. The surplus in the industrial department, which is to be distributed among participating policyhoIders} is £310,646 2/-, providing reversionary bonuses amounting to, about £414,000. The rate of interest realised on the mean funds (including the Fidelity Guarantee Fund, the Investment and Contingencies Reserve Funds and the prevision for accrued taxation) was £4 7/4 per cent. Taxation paid during the year in the. two departments combined amounted to £280,248 11/1.