T. AND G. MUTUAL LIFE SOCIETY.

Auckland Star, Volume LIV, Issue 293, 8 December 1923, Page 13

T. AND G. MUTUAL LIFE SOCIETY.

.Fnblished By Arrangement..

ANNUAL -MEETTXC. i RAPID EXPANSION. ; I MELBOURNE. December .. j The annual meeting of the Austral-j asian Temperance and General Mutual | Life Assurance Society was held to-day. The chairman I Mr. .1. T. Thompson) reported that the phenomenal growth o the society in recent years bad been 1 ell maintained. New business for the 1 ear amounted to 119,202 policies, uaining £BQ'8 Q '" > 1 469, a record in the history of the society. Tbis business was fairly evenly divided between the ordinary and industrial departments. The society had not set itself out to acquire a large volume of business, irrespective of cost. The business obtained bad been written at a moderate rate of expense, and great care bad been taken in the selection of risks. The total income for the year was j £1889 O°S. Comparing this with the. income ten years ago. which was below half a million, it could he realised what gigantic strides tbe society had made. In the industrial department at the close j of the year the premiums payable j exceeded -20.000 weekly. j The claims had increased with the | growth of the society, hut were well within the actuarial estimates. The mortality experience continued to be in every way satisfactory. The accumulated assurance funds amounted to £-.443,82:.. an increase for the year of £9S."i.lf»C. The assets held l against all liabilities totalled £6.708.04,1. ! The directors had continued their policy of investing freely ill Government and municipal securities, and nearly 78 per cent of ihe assets were now invested in securities of this class. The society's freehold premises had been added to during the year. Tlie chairman said that the rapid expansion of the society's operations resulted in an ever-increasing demand for further staff accommodation, and that for this reason it was necessary to look well ahead and secure suitable premises which will provide, in the future, the accommodation needed, but that in doing so it would always be borne in mind that the interest, return on the capital invested must be one of the main factors to be considered. Building sites bad been acquired at Auckland and Christchurch (New Zealand), and the erection of an eightstorey building for tbe society in Bris bane"was bo far advanced that it was anticipated it would be ready for occupation early in the New Year. It was the board's intention to proceed also with the erection, at an early date, of a building, which will be suitable and worthy of the society, at the corner of King William and Gr'eiifell Streets, Adelaide, on a site purchased some years ago at a low figure. Attention was also drawn to tbe fact that in making provision for the payment of liabilities no credit had been taken in the list of assets for cither office furniture or agents' plant: neither had any overdue interest been included. There were no intangible assets of any sorl appearing in the balance-shi'et. The rate of interest ior the year was £.*> 7/6 per cent on the mean funds, an excellent rate, considering the large amount invested in securities of a giltedged nature. The actuarial reporl disclosed a. surplus of £197,648. The society was now on a net premium valuation in both departments, with an assumption of 'A per cent for all risk tables in the ordinary department and 3". per cent throughout in the 'Industrial Department. Comparing the assumed rate of interest with that actually earned on the society's funds, it could be seen that the society was well protected with ample reserves. The chairman claimed that there wae no stronger life assurance society in Australia to-day and that policy-holders could look forward to the future with every confidence, both as regards payment of their claims and bonus additions. Further increased bonuses bad been allotted in the ordinary department and also in the industrial department on policies over twenty years in force. The nursing service bad been further extended, and tbe society's nurses were now paying over 10,000 visits a year in the capital cities of the Commonwealth. This service had been of immense benefit to policy holders, and had also been the direct means of reducing the society's rate of mortality. With the same idea in view of preventing sickness where possible and of improving the mortality rate, the board had decided to offer to all policy holders of £500 or over in theordinary department the privilege of a free periodical medical examination. This offer had already been announced to the policy holders through Ihe press during the recent Health campaigns, and the society had received numerous letters of congratulation on its progressive spirit and far-sightedness in granting this further benefit to its policy holders. The board was «f the opinion that the expense incurred would be more than recompensed by the saving or postponement of claims, and it was hoped later on to be able to consider a further extension of the scheme. In conclusion the chairman said that iii the report there were many features for congratulation and that lie was proud to have been able to place before policy holders such an excellent result of ihe year's operations, tbe figures in every direction hav.n** exceeded anything previously recorded. Appreciation was also expressed of the services renrleredrby the staff and a cents throughout Australia and New Zealand. Tbe motion for the adoption of the annual report, balance sheet and actuarial report was carried unanimously.