THE PROVIDENT LIFE ASSURANCE COMPANY, LIMITED.

Auckland Star, Volume LXVIII, Issue 68, 22 March 1937, Page 4

THE PROVIDENT LIFE ASSURANCE COMPANY, LIMITED.

ANNUAL MEETING.

The Annual Meeting of The Provident Life Assurance Company, Limited, was held at the Head Office of the Company, Dunedin, on Tuesday, March 16, 1937, Dr. W. S. Roberts being in the chair. The Report showed that Policies for £1,345,450 had been written during the year and that the net income had increased by £20,721 15/8, and now amounted to £332,887 1/10. The sum of £115,593 12/6 had been paid in claims during the year, and £105,072 5/7 ha<l been added to the Funde, making the total at the end of the year £1,477,791 16/6. The Report, Balance-Sheet, and Accounts having been taken as read, the chairman reviewed the figures for the year, which, he stated, were the best in the history of the Company. The. New Business in the Ordine— Branch again showed an increase of 10 per cent over the figures for the previous year, indicating that the excellent returns under the Bonus syetem were becoming more widely known; he announced that Reversionary Bonuses amounting to £2 16/ per cent per annum for Life Policies and £2 per cent per annum for Endowment Assurance Policies had been allotted to Policyholders whose Bonuses vested in 1936. In the Ordinary Branch, the New and Renewal Premiums had increased by £5714, and interest by £1672, the gross rate of interest showing a slight improvement. Claims and Surrenders were less by £4750, and the ratio of expenses to premiums was reduced by .5 per cent. An increase of £11.212 was made in Industrial Branch Premiums, but-the return from Net Rents was reduced owing to heavy expenses in connection with the buildings. The total payments for Claims and Surrendere were £4800 lees than in the previous year, while expenses were lower by £1280, and the ratio of expenses to premium income wae reduced to 35.89 per cent. The Report, Balance-Sheets, and Accounts were adopted, and, after the election of Directors and Auditors, the Meeting closed with a vote of thanks to the pirectors and Staff.—(Ad.)