AUSTRALIAN MUTUAL PROVIDENT SOCIETY.

Kumara Times, Issue 2691, 7 May 1885, Page 2

AUSTRALIAN MUTUAL PROVIDENT SOCIETY.

The following is the report presented to the thirty-sixth annual meeting of the members, held at the Chamber of Commerce, Sydney Exchange, on Wednesday, the 29tb day of April, 1885, The thirty-sixth annual report, which the Directors have now the pleasure to present, may be said to mark a new era in the.history of the Society, inasmuch as it is the first issued since the inauguration of the system of an annual division of the profits. Under these circumstances it is highly gratifying to be able to announce that the new business of the year just closed is largely in excess of that of any previous year. The Directors accept this as an indication that the new departure is fully appreciated by the insuring public and that it has tended still further to increase the popularity of the Society. During the twelve months ended 31st December, 1884, there have been received 12,548 proposals for sums amounting to L 4,357,890, of which 3853 were declined, withdrawn, or not completed, amounting to L 1,450,750, leaving 8696 proposals accepted and completed, assuring L 2,907,140. Add for completions in respect of proposals received prior to Ist January, 1884-r-. 171 policies assuring L 55.262, making the total new business for the year 8866 1 olioies, for L 2.962 402 This business includes 211 non-participating policies assuring L§6,Bi3,

The new premia ms amount to L 106,364 4s 9d, of which L 4684 7s 3d represents single payments.

Claims have arisen under 498 life policies by the death of 439 members, amounting to L 268.129 7s lOd, including L 51,546 15s 4d for bonus

additions. Sixty-seven Endowment Assurances have also matured, amounting to L 33,924 9s 2d, including L 9174 9s 2d for bonus additions. The Accumulated Fund has been increased by L 446.753 Is 2d, and now amounts to L 5,371,466 10s lOd. The number of policies issued since the establishment of the Society to the 31st December, 1884, is 88,430 assuring L 31.757.836, of which 27,132, assuring L 9,595,387, have been discontinued, leaving 61,298 existing policies, assuring L 22,162,449. The annual income from Premiums amounts to L 738.999 2s 4d ; and from interest to L 335,952 18s 9d ; making the total annual revenue of the Society L 1,074,951 Is Id. The report of the Actuary, and which has been adopted by the Directors, shows that the surplus of funds over liabilities, at 31st December last, was L 411,847 6s lOd. The Directors have resolved, in accordance with the recommendation of Mr Black, to distribute as a cash bonus among the members the sum of L 262,434 18s sd. The distribution is now being proceeded with, and the bonus certificates will be issued with all possible despatch.