NATIONAL MUTUAL LIFE.

Otaki Mail, 18 January 1922, Page 3

NATIONAL MUTUAL LIFE.

YEAR OF GOOD PROGRESS. “Very good progress for the year” * was the report made to the members of IL the National Mutual Life Association ' r vustralasia Limited at tho 52nd an--10 nual general meeting, which was held 10 in the National Mutual Buildings, Mel- *’ bourne, on 21st December. The chairman of directors (Mr Andrew Newell), ; 1- who presided, said, in moving tho adopr tion of the annual report and balance--0 sheet:—“Although conditions during our last financial year, which ended on y 30th September,- were not altogether s favourable, the report before us to-day *’ shows that the association has made very good progress ' since our last an--nual meeting. But there are some sig--1 l nificant facts which do not appear on r the surface to which I will direct your ‘ attention to enable you to appreciate the progress we have made before I ask you to adopt the report. We issued during tho year new policies assuring a little more than five and ahalf millions. This amount is an unusually largo proportion of the business in force for tin office of the age of the National Mutual, and it has been exe eeeded only on two occasions in its • history. It consists entirely of what ■ is known as ordinary, as distinguished 7 from industrial, business. AVe do not ’ transact the latter class of business. 1 3 INCOME. [ Our income from premiums and inter--.-.st amounted to £2,518,202, arid this is t .‘176,148 greater than the previous ■car’s income. The amount of interest received is equal to £5 4s od per cent. ’Jf the mean funds. The death claims i ruder policies," £330,124, were £l/,970 ' . lore than the 1920 total, but as the average amount at risk was increased , by three and a-half millions they represent a lower rate of mortality, 8.12 per thousand, which is the lowest wc have experienced since 1913. Indeed, excepting 1920, the amount of claims is ’ actually less than in any year since 1015, notwithstanding that the amount of risk is now more than fifteen millions greater than it was in that yeai. The other payments to policy holders for endowments matured, etc., amounted to £513,197, or £62,174 more than thep rovious year’s payments. The expenses of all kinds were £11,921 less than in '1920. although the income was £176,148 greater. The net result of the year’s transactions is an addition of £1,342,955 to the assurance fund, which ( now amounts to £15,101,355. The amount added is £108,924 greater than in ( any previous year. A PRO CD POSITION. i “These facts justify the statement i that we have made very .good progress during the year. The principal changes on the assets side of the balancesheet are increases of £436,076 in Government securities, representing amounts contributed to Commonwealth loans —this item now stands at £6,0/9,332—0 f £170,579 in loans to policy holders on the security of their policies, and £312,597 in cash in hand and on dc- . posit, due to the receipt of some large amounts shortly before the close of the ' books. The total amount available has 1 since been permanently invested. On ' the other side of the balance-sheet, the principal change is the reduction of the j ' amount due on war bonds from £BSS,- | 000 to £413,000. The comparisons sub- 1 mitted are principally with the year 1920, but to appreciate fully the.growth of the association we must take a longer view. Looking back over a period of five years we find that our annual income has been increased since 1916 by £847,000, or more than 50 per cent., 1 . and our assurance fund has been increased by £4,973,000. “I hope the mass of figures I have 1 put before you will not be confusing. 1 . They seemed to me necessary to convey i a proper idea of the development of 1 [ the association. After you havs digested them you will find they contain 1 > proof of the remarkable growth not r only in the size but also in the strength 1 ■ of our institution. ’ ’ The motion was carried unanimously, : having been seconded by Mr AValter Madden, who said that although the year financially had not been good the association had done well from an insurance point of view, as the figures showed. (Hear, hear). There being no other nominations, Messrs- AV. Madden, E. Trenchard, and , G. Swinburne were elected to the directorate, and Messrs H. C. Tudehope and . AV. M. Jarvis to the position of audi- ( tors. , The District. Agent for the National Mutual Life Association is Mr , J. B. Tustin.