THE A.M.P. SOCIETY.

Stratford Evening Post, Volume XXXIII, Issue 5, 3 May 1912, Page 4

THE A.M.P. SOCIETY.

A SUCCESSFUL YEAR. (Per Press Association ) Wellington, May 2. The sixty-third annual report of the Australian' Mutual Provident Society just issued states that the amount of new business transacted during the year in the ordinary department once more constitutes a record, being in excess of the previous year by no less than £833,453. Policies to the number of '21,783 were issued in this department, assuring £6,323,479, and yielding annual premiums amounting to £201,791, the net gain in the a mount of business in force being £3,681,410. In the industrial department 27,084 policies were issued, assuring £989.508, with annual premiums of £62,839. Claims by death in the ordinary department amounted to £873,948, including £261,753 for bonus additions, experience in this respect being again extremely favourable. The usual searching investigation was made into mortgage securities, and it was only found necessary to write oft a sum of £1722 from the value of the freehold properties. The value of office premises is to be written down by £12,65(5. Reference is made to the losses by death during the year of Sir William Zeal, chairman of the Victoria Local Board, and Mr. John Forrest, of the Queensland Local Board. The report of the actuary, Mr Richard Teece, indicates that the policy of gradually strengthening the reserves has been fully maintained and extended, and that the reserve of undivided profits amounts to £202,000. The cash surplus available for distribution in the ordinary department amounts to £879,141, which will provide reversionary bonuses amounting to about £1,550,000. The rate of expenses in this department is extremely moderate, being only 8.49 per cent. of the year's receipts. The effective rate of'interest earned by the funds stands at the very satisfactory figure of £4 lis 9d per cent. In the industrial department the valuation of policy liabilities discloses a surplus of £34,700, and it is announced that a portion of this will he applied in allotment of bonuses to policies over five years in force. The report as a whole is of as highly satisfactory character, and reveals a condition' of continued prosperity of a most gratifying nature.