A.M.P. SOCIETY

Wairarapa Times-Age, 6 May 1939, Page 3

A.M.P. SOCIETY

BUSINESS IN NEW ZEALAND. CONTINUED PROGRESS RECORDED. Speaking at the ninetieth annual meeting of the A.M.P. Society in Sydney yesterday, the New Zealand delegate, Sir Alexander Roberts, congratulated. the society upon the presentation of a report which, in all circumstances, was so highly satisfactory. Referring to the society’s business in New Zealand, Sir Alexander said the branch had given a good account of itself by completing over £4,750,000 of new assurances in the Ordinary Department of which 44 per cent represented further assurances on the lives of existing policyholders—without doubt one of the best advertisements the society could have. In the Industrial Department the year was one of continued progress, and by the addition of new assurances totalling over £900,000 the business in force in that department was raised to over £6,000,000, truly indicative of the sturdy growth of this important side of their operations. “Perhaps the most important function of a Life Office,” said Sir Alexander Roberts, “lies in the settlement of the claims made under its policies, and in this connection it is interesting to note that the payments actually disbursed to widows and others in respect of death claims and maturing policies on the New Zealand bocks during 1938 totalled over £1,550,000—-repres-enting an average weekly payment of nearly £30,000. The society has over 200,000 policies on its books in New Zealand and, allowing for dependents of married members for whose protection policies were effected, it may be said that of the total population of the • Dominion probably one-third is interested either directly or indirectly in our welfare.”

Sir Alexander Roberts proceeded to refer to proposed extensions to meet future needs by additions to the Wellington building and the erection of new buildings in Auckland and Gisborne. The -society's investments in New Zealand.totalled over £19,000,000. Unfortunately, during the year there was a sharp decline in the primary production of the Dominion due to seasonal difficulties, fall in export prices, and other factors, but it was hoped that more favourable conditions would be experienced in the future. Appreciation was expressed of the services of the indoor staff and field representatives.