A.M.P. SOCIETY

Wairarapa Times-Age, 3 July 1942, Page 4

A.M.P. SOCIETY

— ANOTHER OUTSTANDING YEAR. It is disclosed by the 93rd annual report of the Australian Mutual Provident (A.M.P.) Society for the year 1941 that public confidence in this well known institution has been fully maintained and the figures published are a striking tribute to this, the largest mutual life office in the British Empire. In spite of large depletions of both indoor and outdoor male staff owing to war service, the new business written during the year, £27.939,047, represented an increase of nearly £5,000,000 over the figures for 1940. Business in force (original sums assured and bonuses) has increased from £385,995,742 to £402,076,255, and assets frem £128,645,170 to £135,131,279 with a combined premium revenue exceeding £11,000,000 per annum. In pursuance of the management’s policy of recognising a responsibility to ensure that the society’s great resources should effectively assist the national war effort, the society has, since the outbreak of war, contributed nearly £20,000,000 to national loans in Australia and New Zealand by way of cash and conversion.

Never before in the history of life assurance have the benefits of life assurance been made manifest and never before have such problems and unforeseen contingencies had to be faced as under present abnormal conditions. Concrete evidence of such benefits is illustrated by the fact that the society has already paid to soldiers’ dependents by way of claims during this war the impressive total of £850,000. With total special reserves for contingencies amounting to over £8,000,000 which amount, of course, is earning Interest for the benefit of policyholders generally, it is comforting for its members to realise that the society is in a stronger position to meet any eventuality than ever before at any time in its history. In spite of all adverse conditions the society is in a position, to distribute a cash surplus of £1,079.816 in the ordinary department and £192,514 in the industrial department —a total of £1,272,330.