THE DOMINION LIFE ASSURANCE
OFFICE OF NEW ZEALAND.
LIMITED
ANNUAL GENERAL MEETING In the course of his address to shareholders at the Annual General Meeting of The Dominion Life Assurance Office of New Zealand, Ltd., held on December 18, 1951, the chairman, Mr D. R. Hoggard, said:— During the year the Company has invested more than has been usual on Government securities. Early in the year an opportunity arose to purchase a large block of 1952-55 4 per cent, stock at an attractive price. Mortgage investments have been made upon a sound basis. The aggregate market value of shares held at balance date was well above the book value of £108,336. It can be seen from the Annual Accounts how great has been the growth of the Company during the year' ended September 30, 1951. To get a broader picture it is necessary to go back a few years. In 1948 the New Business written was £1.333.569. In 1951 it was £2,544,918. In the triennium the income from annual premiums increased from £307,703 to £472.303: the income from interest Increased from £68,391 to £97,862; and the Gross Assets of the Company from £1,925,842 to £2,746.994.
There has been a substantial and continuous fall In our expense rates analysed according to the Stone and Cox formula. This fall is due inainly to the expansion of the premium income, but increased efficiency has been a material factor. Thanks are due both to the office staff and to the field staff for the excellent results achieved. The year’s operations have resulted in a gratifying surplus, which has enabled the Directors to allot bonuses at increased rates on most tables. Besides increasing bonuses to policyholders the Directors have transferred £5OOO to General Reserve from Profit and Loss Account, and another £5OOO out of Actuarial Surplus for the year.
Notwithstanding the increased allotment of bonuses to policyholders, and the transfer to Reserve, the Carry Forward in the valuation is increased from £9076 to £16,090. —Advt.
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Bibliographic details
Press, Volume LXXXVIII, Issue 26628, 14 January 1952, Page 3
Word Count
330THE DOMINION LIFE ASSURANCE Press, Volume LXXXVIII, Issue 26628, 14 January 1952, Page 3
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