NOTABLE PROGRESS

Wairarapa Times-Age, 22 December 1939, Page 3

NOTABLE PROGRESS

T. & G. MUTUAL LIFE SOCIETY. SIXTY-THIRD ANNUAL MEETING. The Sixty-third annual meeting of the Australasian T. and G. Mutual' Life Society was held in Melbourne yesterday. The chairman, Mr J. T. Thompson, announced that the new business in the Ordinary and Industrial Departments comprised 150,384 policies, assuring £14,055.357. The whole of this new business was obtained in Australia and New Zealand, and must be regarded as most satisfactory considering both world-wide and local disturbances during the year. The Accident Department issued 17,673 policies, assuring £5,123,481. and, in addition. 6406 policies in the Ordinary Department were endorsed with accident benefits. I

The total income for the year amounted to £6.149,931, and the Policy-holders’ Funds increased to £31,593,453, held against future liabilities under existing policies. Payments to policyholders totalled £2.476,694. The rate of interest earned on the mean funds increased to £4 12s 6d per cent. Of the total assets, a large percentage was invested in Government and Local Body loans, and an increased percentage in mortgages, particularly for the purchase by policyholders of their own homes. The Actuarial report, disclosed a surplus of £934.843, of which £50,000 was set aside for actuarial contingencies, £706,255 was distributed among policyholders and the balance of £178.588 was carried forward against possible war contingencies. After referring to other important features in the accounts, the chairman said that policyholders would agree that the results for the past year had been exceedingly good, and, in conclusion, expressed the Board's appreciation of the efficient and loyal service of both the Field and Indoor Staffs.