T. & G. MUTUAL LIFE SOCIETY

Hawke's Bay Tribune, Volume XVII, 10 December 1927, Page 7

T. & G. MUTUAL LIFE SOCIETY

ANNUAL MEETINC.

Melbourne, Dec. 9. At the fifty-first annual meeting of the T. and G. Mutual Life Society held to-day (Friday, 9th December. 1927), the chairman, Mr. J, T. Thompson, said that record progress had been made in practically every department of the Society’s business. New business comprised 149,290 policies, assuring £11,483,563, an increase of £1,012,241 over the previous year's total. The total income had increased to £3,023,678. No less than £885,901 was paid to policyholders. .Death claims were well within actuarial expectations. The assurance funds had a record increase of £1,364,718. The assets amounted to £11,682,966, of which 75 per cent, was invested in Government and Municipal securities. The Society’s mortgage connection had been extended, and great progress had been made with tlie erection of new premises for the Society in Melbourne and Wellington. These premises are erected primarily for the housing of the Society’s growing staffs, hut would prove remunerative from an investment point of view, particularly as the building sites were purchased originally at prices well below present market values.

The rate of interest on the mean funds had increased to £5 13/3 per cent. The actuary’s report showed a record surplus of £401,666. The bonus scale in the ordinary department had been increased and other benefits and concessions in both ordinary and industrial departments were granted to policyholders.

These wonderful results in the face of many difficulties reflected great credit on the staff, whose loyalty and enthusiasm were deeply appreciated by the Hoard. In conclusion, the managing director said that the Society existed to serve its policyholders. The board was justified in believing that the Society's popularity and success were in a large measure due to the general appreciation of the Society’s methods and to the consideration always extended to its members.