REPORT OF ANNUAL MEETING

Press, Volume C, Issue 29536, 10 June 1961, Page 17

REPORT OF ANNUAL MEETING

5 The Annual General Meet--1 ing of THE PROVIDENT 3 LIFE ASSURANCE COM- ■ PANY, LIMITED, was held at ■ the Registered Office, 114 , Rattray Street, Dunedin, on . Wednesday, 7th June, 1961, at 9.30 a.m. Mr R. C. B. Green- ■ slade was in the chair. The 57th Annual Report again shows excellent results. New Life Assurance policies written in the Ordinary and Industrial Branches aggregated sums assured of £5,867,813. The Premium income in the Life Branches increased by £83,645 to £1.001.256, and total premium income is now £1.157,499. Income from Interest. Dividends,' and Rents increased by £26.389 in the Ordinary Branch and by £1641 in the Industrial Branch. The total Investment Income in the Life Branch now' stands at £303,403. The Accident Branch premium income continues to rise and has reached £156,243. despite strong competition we can hold our own in this field. The Accounts show that £15,153 was added to the Fund which now stands at £95.924. and £3500 was transferred to the Shareholders' Account. Claims paid to Policyholders during 1960 totalled £558.316, and since the Company’s inception £8.393.103 has been paid to Policyholders or their dependents. Funds now amount to £6.405,674 and total assets of £6.639,448 are invested in the following proportions:— I i

The average rate of inter-; est on the Life Fund was £5 3s 2d per cent., and after deducting taxes the net rate l was £4 16s 9d. On the recent purchase by j the Phoenix Assurance Com-! pany, Ltd., of the Share Capi- 1 tai of this Company we are! now a member of the! Phoenix Group of Companies The Directors thank the Staff, both Office and Field: and the excellent progress the Company is making is due to their loyalty and consistent endeavour in ail branches of the business. The retiring Directors 'Mr B. A. Todd. Mr D. A. Bell, and Mr W. Doran) were reelected. In accordance with Section 163 <3) of the Companies Act. 1955. the retiring Auditors. Messrs Brodrick Chaimer and Messrs James Brown and Company, were automatically re-appointed i —Advt.' The highest and sweetest rest, even from a human standpoint, is in holy work.—. Mary Baker Eddy.

Government and 1960 19591 % % 1 Local Body Securities 43 7 49 4 1 Debentures and Notes .... 12 1 9.2! Shares in Companies .... 7.4 5.0 Loans on Mort- | gage 25 2 26 0 Loans on Policies 3 2 3.3 Freehold Propertv 52 5 2 Other Assets 3.2. 1.91 — _ — 100 100; — .