NATIONAL MUTUAL LIFE.

Shannon News, 17 January 1922, Page 1

NATIONAL MUTUAL LIFE.

YEAR OF UUOD PROGRESS

“Very good progress for the year” was-the report made to the member* of the National Mutual Lile Association of Australasia, Limited, ■at die 52nd annual general meeting, which was held in the National JVlutuai Buildings, Melbourne, on 21st December. The chairman of directors (Mr Andrew Newell], wno presided, said, in moving the adoption of the annual report and balance-sheet: “Although conditions during our last financial year, which ended on 30th September, were not altogether favourable, theV report before us to-day shows that the Association has- made very good progress since our last annual meeting. But there are some significant facts which do not appear on the surface and to which I will direct your attention to enable you to (appreciate the progress we have made before f ask. you to adopt the report. >We issued during the year new policies assuring a litle more than five and a half millions. This amount is an unusually large proportion of the business in force for an office of the age of the National Mutual, and it has been exceeded only, twice in its history. It consists entirely of .what is known as ordinary, as distinguished liom industrial business. We do not transact the latter class of business. INCOME. Our income- from and interest amounted to £2,518,202, and this is £176,148 greater than the previous year’s income. The amount of interest received is. equal to £5 4s 5d per cent, of the mean funds. The death claims under policies, £339,124, were £17,970 more than the 1920 total, but as the average amoun tat risk was increased by three and a half millions they represent a lower rate* of mortality, 8.12 per thousand, -which is the lowest we nave experienced since 1913. Indeed, excepting 1920, the amount o| claims is actually less than in any year since 1915, notwithstanding that the amount of risk is now more than fifteen millions greater than it was in that year. The other payments to policy holders for endowments matured, etc. amounted to £513,197, or £62,174 more than, the previous year’s payments. The expenses of all kinds were £11,921 less than in 1920, although the income was £176,148 greater. The nt 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 PROUD POSITION. “These facts justify the statement that we have made very good progress during the year. The principal changes on the assets side of the balancesheet are increases of £136,076 in Government securities, representing amounts contributed to Commonwealth loans—this .item now stands at £6,079,332—0f £170,579 in loans to po-licy-holders on the security of their policies, and £312,597 in cash in hand and on deposit, due to the receipt of some large amounts shortly before the close of the books. The total amount available has since been permanently -invested. On the other qide of the ba-lance-sheet the principal change is the reduction of the amount due on war bonds from £885,000 to £413,000. The comparisons submitted 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., and our assurance fund has been increased by £4,973,000. “I hope the mass of figures I have put before you will not be confusing. They seemed to me necessary to convey a proper idea of the> development of the Association. After you have digested therii you will find they contain proof of the remarkable growth, not only in the size, but also in the strength of our institution.” The motion was carried unanimously having been seconded by Mr Walter 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 W. Madden, E. Trenchard and G. Swinburne were elected to the directorate and Messrs H. C. Tudehope and W. M. Jarvie to the position of auditors. The District inspector for the National Mutual Life Association is Mr W. Grey, and the District Agent, Mr J. B. Tustin.