NORWICH UNION (MUTUAL) LIFE INSURANCE SOCIETY.

Auckland Star, Volume LIII, Issue 160, 8 July 1922, Page 11

NORWICH UNION (MUTUAL) LIFE INSURANCE SOCIETY.

(Published by Arrangement.)

MOST PROSPEROUS YEAR. The 114 th annual general meeting of the Norwich Union (Mutual) Life Insurance Society was held at Norwich, England, on May 0, when the president (Mr. Haynes S. Robinson) submitted the report and accounts for 1921. These showed that the net new business for the year amounted to £7.512,333, and the premium income for the year had risen from £2,268,050, to £2,446,513 and the funds at the close of the year amounted to £18,557,331, having increased during the year by £1,491,760. Interest, dividends, etc., amounted to £832,290. The Death Claims for the year amounted to £508,227, being only G4 per cent of expectation, and £114,766 loss than those of 1920.

The president, in the course of his remarks, said: "We are able to meet you to-day with a feeding of unreserved satisfaction regarding every aspect of the report and accounts submitted to you, and, I think you will agTee with mc, that I am fully justified in describing the year 1921 as the most prosperous year the society has ever experienced during the 114 years of its existence. Our interest yield was £4 15/8 per cent after deduction of income tax. As a board, also, we have devoted unremitting care to the most important branch of the trust you have committed to our keeping and since attention has of late been drawn to the subject of insurance investments through the disaster that has overtaken a little croup of interests, in no way connected with the business of life insurance, it is perhaps appropriate that I should explain that each investment or mortgage proposal regarded by our management as worthy of consideration by directors is thrashed out, in the first instance most exhaustively by the five members of our finance committee, and Is then discussed by the full board should there bo practical unanimity on the part of the committee a3 to its juitability. I need hardly say that should there not be the practical unanimity the proposal goes no further."

After referring to the excellent and steady flow of business from areas outside the United Kingdom and to th ■ general appreciation there is at home of the directors' watchword, "Safety and Strength of Reserves First," the president said, inter alia, "Our results for 1921 were go obviously satisfactory as to justify us last January in announcing without hesitation, in connection with death claims and matured endowments, interim cash bonuses the same as at the last pre-war valuation."

The president concluded his remarks with a eulogy on the benefit of mutual principles, remarking to the members present that they can confidently r> commend their friends that they will be 'veil advised to follow their example and select mutuality in connection with any important, investment for a lifetime, or for a long term of years which they may have under consideration.

Thr general manager and actuary, Mr. Davidson Walker, on his acknowledgment, of a vote of thanks to the staff, nroposed by Major F. A. Cubitt, gave a highly interesting dissertation on the position of life offices to-day and in the past.

The results of business in New Zealand for the yeaT are very gratifying and constitute a record in volume while the society's investments in the ■Dominion increase steadily, the whole of the funds earned being locally invested. The New Zealand business is under the care of Messrs. A. E. Kernot, Ltd., managers and attorneys, at Norwich Chambers, Wellington, and Mr. Percy M. Thomson, 205, Victoria Arcade, is district manager for Auckland province.