A.M.P. SOCIETY

Taranaki Daily News, Volume LIV, Issue 200, 3 May 1912, Page 5

A.M.P. SOCIETY

A SUCCESSFUL YEAR. By Telegraph—Press Association. Wellington, Last Night. 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 £0,323,479 and yielding annual premiums amounting to £201,791, the net gain in the amount of business in force being £3,681,410. In the industrial department 27,084 policies were issued, assuring £989,568, with annual premiums of £62,880. Claims by deatl} in the ordinary department amounted to £873,948, including £261,753 for bonus additions, experience in this Tespect being again extremely favorable. The usual searching investigation was made into mortgage securities, and it was only found necessary to write off a sum of £1722 from the value of the foreclosed properties. The value of office premises is to be written down by £12,556. Reference is made to the losses by death during the year of Sir William Zeal, chairman of the Victoria Loral Board, and Mr. John Forrest, of the Queensland Local Board. The report of the actuary, Mr. Richard Tcpcp, 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 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 M 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 be applied in allotment .of bonuses to policies over five years in force. The report as a whole is of a highly satisfactory character, and reveals a condition of continued prosperity of a most gratifying nature.