A.M.P. Society

Manawatu Herald, 23 May 1903, Page 2

A.M.P. Society

The fifty-fourth annual report of the A M.P. Society, for presentation at the annual meeting of members on the 29bh inat, has been issued The amount of new business is once more of a highly satisfactory nature, especially considering the bad times which have been experienced in several States, owing to the drought. Kew policies have been issued to the number of 15,591, assuring £3,702,476, and yielding an annual premium revenue of £128,871 2s sd, the net gain to the volumn of buisness inworce being no less that £l,397,024:. Claims by death fell short of last year’s total by £34,500, an experience in this respect'well within expectation. The usual searching investigation has been made into mortgage securities, and, as a result a further sum of £I0;811 has been added to existing reserves-* for depreciation, which now stands, at £357,040, besides writing the sum of £B,BOO of the value office premises. On other hand, the profit of £5,322’ ss, has resulted from > the sales of foreclosed, properties during the past year. From the report of the Actuary, Mr Richard Teece, F.I A., F.F.A, it appears that that the whole of the liabilities (with the exception of a few nonparticipating policies) have, as usual, been valued at per cent, interest, and, it is announced that all participating poicies issued after Ist January, 1903, will be valued at 3 per cent. This Will still further strengthen the present high standard of valuation. The amount of cash surplus available for division is £558,868, a considerably greater amount that has every been distributed by the Society in a single year. This will provide reversionary additions to policies of members aggregating over £1,00), 000 sterling The rate of expenses is again on an extremely moderate scaie, being only 8| per cent on the total receipts of the year. The rate of interest earned during the year stands at the highly satisfactory figure of £4.9s 2d per cent.