A.M.P. SOCIETY.

Wairarapa Age, Volume XXXII, Issue 10037, 6 May 1910, Page 5

A.M.P. SOCIETY.

A SPLENDID YEAR'S RECURD

INCREASE IN BUSINESS—£I24,3O2.

Received May 5, 7 50 p.m

SYDNEY, May 5,

The 61st annual report of the Australian Mutual Provident Society shows the amount of new business transacted during the past year in tha department again constitutes a record, being m excess of the previous year by no less than £124.302. Policies to the number of 19,789 were issued in this department assuring £5,166,653, yielding annual premiums amounting to £168,730. The net s;ain in volume of business in force waa as much as £2,73,692. In the Industrial department 20,193 policies were issuer!, assuring £690,411, with annual premiums amounting to £43,077.

Claims by death iri the ordinary department amounted to £819,653, including £246,100 for bonus additions,, the experience in t:iis respect being once more extremely favourable. The usual searching investigation was made into mortgage securities, and a sum of £7,960 written off the value of foreclosed properties. The value of office premises was also reduced by £21,985. Reference is made to t l :e opening of the new district office ht Cairns, in Queensland, and the erection of new premises at Shepparton, Victoria, antf. Gi«borne, New Zealand. Regret is expressed at the death o? Mr K. B. Cameron, late secrt tary of the Society, after long and devoted service.

The report of the Actuary, Mr Richard Teece. F.1.A., F.F.A., indicates that the stringency of the valuation standard has been further increased, while at the same time the contingency reserve has also been increased, and the rate of bonus fully maintained.'

The amount of cash surplus available for division in the ordinary department is £771,492, which will provide reversionary bonuses amounting to abuut £1,370,000. The rate of expense shows a decrease upon the previous year, being at the exceedingly moderate figure of less than 9 per cent, of the year's receipts. The rate of interest earned shows a slight increase, and it now stands at the satisfactory amount of £4 9s 9d per cent. In the industrial department the valuation of policy liabilities is submit ted ior the first time, disclosing a sur • plus of £8,126. The report as a whoie reveals a condition of continued prosperity, which must be extremely gratifying to the numerous members of the Society throughout the world.