T. AND G. MUTUAL LIFE SOCIETY

Bay of Plenty Times, Volume LXXVII, Issue 14861, 24 December 1948, Page 4

T. AND G. MUTUAL LIFE SOCIETY

SPLENDID ACHIEVEMENT

Melbourne,

22nd December, 1948,

The 72nd Annual Meeting of the Society was held today. The Chairman, Mr J. T. Thompson said:- “New Business completed comprised 124,537 Policies in the Life Departments assuring £28,299,660, £1,649,692 more than last year and a record in the history of the Society. The result is a striking one considering that the business was derived from Australia and New Zealand only. The Accident Department issued 12,210 Policies assuring £4,315,975 and Accident Benefits assuring £7,460,774 were added to Life Policies. Although monetary conditions influenced the volume of new business, I believe that the increased business resulted mainly from the Society’s reputation for a high standard of service to Policyholders. This applies particularly to the Group Assurance Department. Group Assurance results were exceptional. Many more Group Schemes are now subsidised by employers, most of whom are realising that such schemes are indispensible for promotion of goodwill and retetntion of employees. Income was £10,702,730, £4,028,869 was paid to policyholders and the year’s addition to Assurance Funds was £4,480,408, all record figures for the Society. Life Assurance plays an important part in the development of the country and thereby benefits the whole community. In addition to the benefits to members and the community which are derived from Life Assurance generally, there are advantages in belonging to a purely mutual organisation. Members are voluntary partners in an enterprise whose purpose is to secure Life Assurance on most favourable terms. This is your Society and your Directors, who are policyholders are guided in their decisions by the principle of equity for all members while they are entrusted with looking after your interests. The Joint Actuaries report a surplus of £1,197,148 and recommend maintenance of the satisfactory Bonus scales of last year. Accident Department results v/ere very satisfactory, premium revenue in Australia and New Zealand increasing by £31,194 to £238,059, a figure higher than that of any other office. The Assets of £61,706.697 and Assurances in force covering more than 1,505,000 contracts have more than doubled in the last 10 years. The Society encourages the public to obtain protection for themselves and their dependents by voluntary Life Assurance instead of relying too much on Social Security Benefits which though valuable are inadequate for meeting the needs of every person. The success of Mutual Life Assurance is an outstanding example of co-operative enterprise. It has passed successfully through wars and periods of depression and is now more firmly entrenched in public favour, than ever. Members of both Fieid and Indoor Staffs have given of their best in the interests of Policyholdeis and I thank them for their loyal and valued services.” (Advt. >