T. AND G. MUTUAL LIFE SOCIETY.

Ashburton Guardian, Volume 61, Issue 60, 20 December 1940, Page 8

T. AND G. MUTUAL LIFE SOCIETY.

CONTINUED PROCRESS. MELBOURNE, December 19. The Sixty-fourth Annual Meeting ot the T. and G. Mutual Life Society was held to-day * The Chairman Mr J • Thompson, announced that the i>eu Business completed in the Ordinary ant Industrial Departments consisted ot 153,710 policies assuring £l4,Ui.o,~°L all of which was obtained in Australia and New Zealand. The Accident Department issued 15,241 policies assuring £4,477,818 and further Accident Benefits assuring £1,793,413 were added to 12 902 Ordinary and Industrial lolicies. The Income for the year amounted to £6,474,834 and • the Policyholders Funds increased to £33, < 08,023 held against future liabilities under existing policies. Payments to Policyholders totalled £2,851,642. The rate of interest on the Mean Funds was £4 Us per cent. A large percentage of the Assets is invested in Government and Local Body Loans. Practically all the society’s Funds as they arise are now being invested either in Government Loans or under the Society’s Home P.u rch ase Scheme. The Actuarial Report disclosed a surplus of £939,727 of which £IOO,OOO has been set aside for Actuarial contingencies, £791,006 being distributed as Reversionary Bonuses to policyholders. After referring to other important features in the Report, the Chairman stated that the results achieved were most satisfactory and, in conclusion, expressed the Board’s appreciation, of the efficient and loyal services of both the Field and Indoor Staffs.