T. & G. MUTUAL LIFE SOCIETY

Hawke's Bay Herald-Tribune, Volume 81, Issue 67, 11 December 1937, Page 7

T. & G. MUTUAL LIFE SOCIETY

Sixty-First Annual Meeting GREAT PROGRESS AND . EXPANSION The sixty-firsfc annual meeting of the T. and G. Life Assurance Society was held to-day. The cbairman, Mr. J. T. Thompson, announced tliat tlie new business in the Ordinary and Industrial Departmeuts coinprised 18i,668 policies? assuring £16,929,046. Tlxe wliole of this new business was secured in Australia and New Zealand and greatly exceeded the new business completions for the previous year. The Accident Departmenb issued 24,558 policies, assuring £6,952,671, and in addition 8860 policies in the ordinary department were endorsed witli accident heneflts. The total income amounted to £5,424,878. The policy-hoMers' funds increased by £2,240,621, a record iucreasc in oue year, and now amount to £26,867,974. Payments to policy-hold-ers amounted to no less tlian £1,950,359. Tlie rate o£ interest eanied on the mean funds increased to £4 11/9 per eent. Of the total assets 62.2 per cent. had bcen invested in GoVerninent, municipal and other public body securities. The actuarial report disclosed a surplus of £848,069, whicli, after reserving £50,000 for actuarial contingencies and certain other benefits, is to be distributed in the usual way as reversionary bonus additiobs to the sums assured. After refeting to several other interesting features of the report, the chairiuan said thnt the board was gratiiied that its elforts on belialf of the policyholders had been rewarded in tlie shape of a new business record for the year, and, in conclusion, expressed the board's tlianks to the field and indoor staffs for their loyalty and valued services.