PROVIDENT LIFE ASSURANCE COMPANY.

Waikato Times, Volume 107, Issue 17973, 19 March 1930, Page 2

PROVIDENT LIFE ASSURANCE COMPANY.

annual general meetingThe Annual Meeting- or the Provident Life Assurance Company was held ‘ rie Head Oiflce or the Company, Dunedin, on Friday, March Li. The Report showed the New Business completed tin the Ordinary Branch to be £331,05!, and in the industrial Brandi £704,240, making- a total issue ol £1 035 292; the Total Premiums received amounted to £208,076/1/8, an increase ot £ll 4 40/2/2, while the total Income, including- annuity consideration, amounted to £200,152 /7/2, 'an increase ot £ 1 0,5.»v 15/3 The sum or £55,560/2/0 was paid in claims during the year while £90,203 4/7 was added to the Funds, making then total £353,782/14/4. 'l'lie Chairman (Dr. W. S. Roberts), in the course or Ms remarks, said that, considering the very iltmcuU conditions, particularly in Australia, they had every reason to be well satistled with the results. In New Zealand alone, the New Business had never been exceeded. In his opinion, Lire Assurance snould not be adversely affected in times or depression, since a Policy was a gilt-edged security which did not depreciate in value. Dealing with the figures in the Revenue Account in detail, the Income from the Ordinary Branch had increased by £O7OO, and the Funds had yielded the satisfactory rate of £5/10 /3 per cent. Claims were lower —those arising through death being nearly £3OOO less than In 1928. The expense ratio remained unaltered, and me cost of procuring the business worked out at the extremely low rate ot £2/7/4 per £IOO. In the -Accident Branch, the Premium Income had increased by £lßo°, and the claims by £6OO. Arter making liberal provision for unexpired risks, the Branch showed a profit. The New Business in the Industrial Branch was £24,000 greater than in the previous year, and the Debit Increase had only once been exceeded. The increase in the income was £9OOO, and the Hinds showed a return or £5/13/5 per cent. Death claims showed a reduction or £2500 In the Sums Assured, while Maturities were only £2OO more than in 1928. The Chairman concluded his remarks by eulogising- the loyalty and zeal or the staff at Head Oiflce and at the Branches. Mr Sidev in seconding the motion, said lie had visited several of the Company's Branches, and was most impressed hy the spirit ol' optimism. The Report was adoptrod, and the Meeting closed with a vote of thanks lo the Chairman.—Local Agent: W. Cheesman. King’s Buildings. o ' l