The A.M.P. Society.

Manawatu Herald, 20 May 1902, Page 2

The A.M.P. Society.

ANNUAL REPORT TO SHAREHOLDERS. The annual report of the Australian Mutual Provident Society, to ba submitted to members on the 28rd inst., shows the amount of new business is again of a satisfactory nature, consisting of 14,857 policies, assuring £3,768,064, and yielding an annual premium revenue of £180,910 Os 2d, the net gain to the volume of business in force being no less than £1,659,800. The claims by death were considerably heavier than ip the previous year, but notwithstanding this fact, the mortality experience was well within the expectation. The usual searching investigation was made into the mortgagev securities, and as a result a further sum of £14,285 was added to the existing reserve for depreciation, which now stands at £247,735, besides .writing‘a sum of £8,900 off the values of office premises. On the other hand, a reserve of £11,618, which was held last year in respect of properties, which have either been sold or foreclosed, is now released, being no longer required; and a net profit of £20,178 has resulted from sales of foreclosed properties. It is also announced that the Board, bein?* impressed with the necessity for increased powers of investment, proposes shortly to apply to Parliament for the required authority. From* the report of the Actuary, Mr Richard Teece, P.1.A., P.P.A.,it appears that the whole of the liabilities (with the exception of a few non-participating policies) have, as usual, been valued at percent, interest, the amount of cash surplus available lor division being £588,725, an amount greater than has ever been distributed by the society in a single year. This will provide reversionary additions to the policies of the members aggregating about one million sterling. The rate of expenses again shows a considerable decrease, being only 8J per cent on the total receipts for the year. The effective rate of interest earned daring the year stands at the highly satisfactory figure of £4 9s 6d per cent. The report, as a whole, is of a gratifying character, and the society is congratulated on the splendid results which have attended the year’s operations.