AUSTRALIAN MUTUAL PRDVIDENT SOCIETY.

Te Aroha News, Volume VII, Issue 476, 31 May 1890, Page 3

AUSTRALIAN MUTUAL PRDVIDENT SOCIETY.

We have before us the forty-first annual report and balance-sheet of the above very successful colonial institution, as published in this day’s issue, which disclose the gratifying fact that the new business for the year” 1889, far from showing any signs of diminution, is one of the best on record, attaining the enormous total of 11,664 policies, assuring £5,679,459, with new premiums amounting to £135,411, a remarkable result in these days of excessive competition. The following comparative statement of new businoss effected during the last quinquennium will doubtless prove interesting : —ln 1885 the new assurances totalled, £4,016,211 1886 3,693,324 1887 3,223,345 1888 3,047,541 1889 3,679,459 being, with two exceptions, the largest amount ever transacted by the Society in a single year. The cash bonus for the year in like manner fully maintains its former phenomenal standard. Hore is the comparison : In 1887, the cash bonus was equal to 40 0 per cent, on the premiums received during the year; 18S8, 41‘3; 18S9, 41’5. The accumulated funds now amount to £9,000,000 sterling, having been increased by £742,311 Ss 2d during the year, as against £726,064 in 1888. The rate of interest realised on the invested funds was £6 0s Id per cent, as against £5 19s 4d at the end of 1888. Claims have arisen under 735 life polices by the deaths of 649 members amounting to £380,025 17s, whilst the number which might have been expected by the Institute of Actuaries’ H.IVL table of mortality was 1,143 for an aggregate of £438,976. The actual experience was therefore only 64$ per cent, of the expectation. The cash bonus to be divided for the year is £426,494 3s 6d as against £400,893 6s lid in ISBB. V) o must nob omit to notice that out of 141,907 policies assuring £49,417,717 issued by the Society since its foundation in 1849, there remained in force on the 31st December, 1889, no less than 94,098 policies, assuring £32,800,395 ; in other words, at the end of 41 years the Society had on its books in full force, 66‘3 per cent, of the total policies and 66 '4 per cent, of the sums assured, a splendid result, and one probably unique in the history of life assurance. With a total annual income of £1,625,184 17s, the A. M.P. may well claim to be a power in the life insurance world.