INSURANCE COMPANIES

Taranaki Daily News, Volume LIII, Issue 299, 12 May 1911, Page 5

INSURANCE COMPANIES

THE COLONIAL MUTUAL. By Cable —Press Association—Copyright. Received 11. 7.40 p.m. Melbourne, May 11. The annual meeting of the Colonial Mutual Life Society report showed new business in the ordinary branch 10,398 policies, assuring £2,620,247, and in the industrial branch' 07,993 policies were issued for £1,865.212. The accident branch also did considerable business, the three branches altogether assuring £5,554,137. The new business was ob tained at smaller rates of cost than in any previous year. An uniform reversionary bonus of 25s per cent, was announced.

THE A.M'.P. SOCIETY. Received 11, 5.5 p.m. Sydney, May 11. According to the sixty-second annual report of the Australian Mutual Provident Society, which has just been issued, the amount of new business transacted during the past year in the ordinary department constitutes a record, being in excess of the previous year by £323,373. In this department 19,500 policies were issued, assuring £5,490,026, and yielding annual premiums amduntijig, to £170,570, the net gain of business in force being £2,901,640. In the industrial department 21,751 policies were issued, assuring £777,740, with annual premiums of £48,410. Claims by death in the ordinary department amounted to £779,820, including £251,968 for bonus additions, the experience in this respect being again extremely favorable. The usual searching investigation was made into tlft> mortgage securities, and the sum of £9096 written off the value of foreclosed properties, the values of office premises being also" reduced by £19,693. Reference was made to the opening of new district offices at Shepparton (Victoria) and Gisborne (New Zealand), and also the passing of the Society's Consolidating Act and an amended code of by-laws.

The report of the actuary, Mr. Richard Tcece, indicates that the policy of gradually strengthening the reserves for liabilities has been fully maintained, and that (he reserve of undivided "profits had been increased to £-200,000. The cash surplus available for distribution in the ordinary department amounts to £839,602, which will provide reversionary bonuses amounting to ahout £1,500,000. The rate of expenses inSthis department shows a decrease upon the previous year, being 8.30 per cent, of the year's receipts. The rate.p.f interest earned upon funds remains satisfactory, and now stands at £4 9s 8d per cent. In the industrial department the valuation of policy liabilities discloses a surplus cf £17.841. and it is announced that a bonus will be allotted to some of the industrial policies at the close of 1911.