A.M.P. SOCIETY.

Auckland Star, Volume LXVII, Issue 99, 28 April 1936, Page 8

A.M.P. SOCIETY.

INCREASED BUSINESS.

1935 FIGURES A RECORD.

The eighty-seventh annual report of the Australian Mutual Provident Society, for the year ending December 31. reveals continued progress. The total new business effected during the year was £18,730,025 in the ordinary department and £5,283,575 in the industrial department, an aggregate increase of £0,062,016 over the previous year. These figures constitute a record in the history of the society and furnish satisfactory evidence of the return to more prosperous times.

Payments totalling £7,530,164 were made in 1935 either to members or their representatives, making the amount paid since the establishment of the (society over £133,500,000. The cash allotted for bonus additions to policies for the year was £2,740,507 in the ordinary department and £297,574 in the industrial department, the reversionary bonus equivalent to these amounts being £4,700,000 and £400,000 respectively. These figures represent a cash increase of about £81,400 over the previous year's results, and in the ordinary department show a return to policyholders on the average of 44.4 per cent of the participating premium revenue received. The cash bonuses allotted by the since its inception now amount to £03,044,526 in the ordinary department and £3,006,260 in the industrial department.

The total assets of the society now amount to £101,869,045, and the business in force oil the books, inclusive of bonus additions, totals £294,864,963, a increase for the year's transactions of £15,563,951. The society estimates its liabilities under the whole of its policy contracts on the assumption that an interest rate of only 3 per cent per annum will be realised in the future As, however, a rate of £4 7/2 per cent has been realised for the past year, it is apparent that a very strong reserve is thus cieated. In addition, the society office premises, together with other assets, have been further written down, the book value showing at a figure far lower than the present market value of the securities.

The socicty lias over £18,250,000 invested in New Zealand and over 176.000 policies are now in force on its Dominion register. During the past year tlie society has completed over £24,000,000 of new business, and in the comparatively short period of 87 years which has elapsed since its foundation its assets have attained the huge total of £101,000,000. °