Australian Mutual Provident Society.

Manawatu Herald, 12 May 1898, Page 2

Australian Mutual Provident Society.

A precis of the ! annual report of the above Society shows that during the twelve months ended 31st December; 1897, 12,287 proposals were accepted and completed, assuring ** £3,122,204 ; add for completions in respect of Proposals received prior to Ist January, 1897 — 155 Policies assuring £84,200, making the total new business for the year 12,442 Policies for J68.157.404. Thi« business includes 287 non participating Policies, assuring £34,84^. The new Premiums amount to jfl 59,426 13s 9d, of which £52,164 83 lOd represents single payments. The following is a summary of the business effected for Assurance, En* dowment- Assurance, Endowment and Annuity, amounting to £159,426 18s 9d. I Claims amounting to £498,874 18?, including £188,638 18a for . Bonus additions, have arisen under 902 Life Policies, by the death of 873 members. Four hundred and thirty three Endowment Assurances have also matured, amounting to £190,669 6s, including £60,919 63 for Bonus additions. The Accumulated Fund has been increased by £761,098 10a 6d, ana

now amounts to £14,479,578 Is 7d, which includes a sum of £8,832 Os 7d in the Claims Investment Acconnfc. The Report of the Actuary, which is appended hereto, discloses a cash surplus of Funds over Liabilities 1 (including Special Reserves) of £467-' 698 98. Out of this Surplus the Board has resolved in accordance with the recommendation of the Actuary, to allow the sum of £445,---285 for distribution among the members. This sum will provide .Reversionary Bonuses amounting to about 4885,000. K The liabilities under all the par* ticipating policies have on this occasion been valued at 8£ per cent, interest. The additional annual reserve found necessary during the transition from the uee of 4 per o?nt. to that of 8£ per cent, will no longer be required, and the members may 'therefore reasonably anticipate increased bonuses in the future. As the result of the usual annual ► investigation of the Society's securities, the Board has. decided to set aside a further sum of £10,564 8s to provide against possible depreciation, to reduce the valuei of foreclosed properties by £14,289 17a lid, and to write a sum of £8,500 off the values of the office premises.