A.M.P. Society.

Manawatu Herald, 19 May 1904, Page 3

A.M.P. Society.

Mr A. de B. Brandon (New Zealand) who represented the New Zealand branch of thesocietv at the last meeting of the Board of Directors held in Sydney said he had the pleasure to add one more to a series of good reports. Our business continues to be prosperous, and it will not be long, I hope, before the A.M.P. Society in New Zealand distances its formidable competitor, the Government Life Insurance Department. Our position may well be looked at with pride, since the returns made at the end of the year 1902 show that there were eleven life offices, including the Government Life Insurance De partment, doing business in the colony, and excluding industrial insurance the total number of policies in existence and issued by the eleven offices was 99,908, assuring £24,697,807, with an annual premium income ot £789,925. Of these policies 291 per cent were issued by the A.M.P. Society. Of the total sum assured by the eleven offices 32} per cent is written by the A.M.P. Society, and of the total premium income payable to the eleven offices per cent is payable to the A.M.P. Society. During the year just closed we in New Zealand issued 2466 polices, assuring £"636,375, the annual premiums amounting to £22,518 12s 6d. The addition of the single premiums for the year, 23 2d, makes our revenue in respect of new business for 1903 £28,509 14s Sd. The growth of the business can only be gauged by comparison with former years, and in this relation it will be ol interest to you to learn that during the last five years, that is, since our jubilee year, the annual incoine of the New Zealand branch has increased by nearly £70,000. while during the tirhe I have had the honour of being on the local Board the increase has amounted to £216.967 6s sd. New Zealand generally is prosperous, and still affords an excellent field for the safe investment of the society’s funds. Our loans on mortgage of freehold properties amounted at the end of the year to £2,246,1971 snd_ on December 31, 1903, there was no interest in arrear. Bearing in mind the large sum I have just quoted, this last fact speaks well both for the stability of the society’s investments and for the satisfactory condition of the affairs in the colony. The establishment of an industrial branch will, I believe, be followed by success, for the very high n umber of policies in force in New Zealand indicates that the advantages of life insurance are appreciated by a very large majority of those who are able to take the benefit of existing conditions, and to those who have hitherto been unable to follow the example of their more prosperous neighbours the industrial insurance will amply justify the motto of our society, “ Amicus certus in re incerta.” (Hear, hear.) The report was agreed to.