INSURANCE COMPANIES.

Press, Volume XLVIII, Issue 7866, 18 May 1891, Page 3

INSURANCE COMPANIES.

ANNUAL REPORTS.

The annual general meeting of the Mutual Life Association of Australasia was held in Sydney on the 20th ult. The principal features of tbe annual report were as follow:—The new business for the year amounted to 2609 policies assuring £632,510 7s, and the total policies remaining in force at the close of the year numbered 16,792 for 4:4,290,254 14s 2d, producing an annual income of £147,100 14- 9d, which with the receipts from interest now brings the total yearly revenue to over £195,000. The Chairman, in moving the adoption of the annual report, said—" I will not ask you to listen to strings of figures which cannot be remembered at one hearing, but the progress of our annual income at quinquennial intervals is worth mentioning in round numbers. It was in 1870, £3000; 1875, £20,000; 1380, £70,000 ; 1885, £137,500; and in 1890 it is, as you will see, £195,000." He went on to S])eak as follows, after quoting from a commendatory review of the the position of the Society from the "Australasian Insurance and Banking Record":— " Just as this report was before the Board for signature the news reached us by wire of the death of a valued colleague, the Hon. William Reeves, who had been Chairman of our Christchurch Board ever since its establishment, and was a sound adviser and warm friend to the Association. It is proper we should thus record our regret at the sad event. Advantage was taken of the change of the annual balance from June to December, and that being agreed to, the DeputyChairman promised that we would make a bonus declaration as at December 31st, 1891, that is, two and a-half years, or, say, half a quinquennium after the last. That promise will be kept; and if hard work on the part of our principal office staff, and especially the actuarial department, can do it. the bonus certificates will be i-eady for issue when we meet you about this day twelvemonths."

Speaking at the meeting, Mr R__crxoTOX, the General Manager, stated that in addition to the .£69,000, they had distributed in bonuses to their members or their representatives .£17,500, so that really the total surplus for the year was .£36,500.

The annual report of the above Society, for presentation at the annual meeting of shareholders, has been issued. From this it appears that the new business of the year 1890 is, with one exception, the largest ever transacted by the Society in a single year. During the twelve months ended 31st December, 1890, there have been received 16,186 proposals for sums amounting to £5,208,931, of which 4174 were declined, withdrawn, or not completed, amounting to £1,478,325, leaving 12,012 proposals accepted and completed, assuring £3,730,606 ; add for completions in respect of proposals received prior to Ist January, 1890, 260 policies assuring £67,050, making the total new business for the year 12,272 policies for £3,797,656. This business includes 121 non-participating policies assuring £27,610. The new premiums amount to £144,685 19s 4d, of which £16,006 Is lid represents single payments. The accumulated fund has been increased by £825,250 16s sd, and now amounts to _19,736,572 19s lOd- Tiie report of the Actuary disclosed a cash surplus of funds over liabilities of £678,893 9s lOd. Out of this surplus tbe Board resolved, in accordance with the recoimnendation of_ the Actuary, to allot the sum of £467,535 19s 2d for distribution among the members. This sum will provide reversionary bonuses amounting to about £967,000, and, with the amount of £2300 16s already paid for interim bonuses, provides a cash bonus equal to 42.7 per cent on the premiums received during the year. The percentage of expenses on the year's total receipts amounts to 940 " These figures," the Actuary says, "indicate a progress which I believe is unparalleled, and a success which is phenomenal " The statement also showed that the 75 per cent, of the total contributions made by members to the funds of the Society is Still 111 its possession. I" the valuation thP st'-incencv of the standard has been Smewkat°incLsed by the adoption of the rate of 4 percent, interest throughout. On previous occasions the non-participating endowments were valued at 5 per cent. Ths assurances in New Zealand amount to nearly £sj9Go,Cfla.