Page 25 Advertisements Column 2

Press, Volume CVI, Issue 31248, 21 December 1966, Page 25

THE DOMINION LIFE ASSURANCE OFFICE OF NEW ZEALAND LIMITED CHAIRMAN’S SPEECH 1966 Gentlemen, Last year | mentioned that the Company had pursued I have very much pleasure in moving the adoption of a P°l> c y investing a larger proportion of its ,un( [ s J” ®qurties. ~ tu-l r- » io j. j • 6 , . This year market conditions have slowed up investment in the Thirty-Eighth Annual Report and Accounts for the year equity y shares and( since the Bud get, investment in this type ended 30th September, 1966. o f secur jfy has practically ceased. The Company has hitherto The Company has had a most successful year with new * )een a *?' e to deduct dividends from Company Shares as , . ~ „ . .. ... exempt income in arriving at its taxable income. This exempbusiness exceeding all previous records. New life assurance " £ now t 0 be phased 8 put over the next three years and business for the year just ended exceeded £27m„ compared with wi || mean that Company Shares will not become an attractive approximately £22|m. last year and £lB l/3m. the year before, security until good shares show higher yields. This accounts I think this achievement reflects great credit on the staff who for a slight fall in the ratio in Company Shares in this year s have contributed to this result, which is an indication of the Accounts. Freehold properties showed no significant ctia nge. increasing size and quality of our field staff. Another factor Buildings in Whangarei and New Plymouth are still projected , - ;. , . . ... but progress wi await the p easure of the building programmer, in our successful promotion.of new business is that our p Management is always prepared to evaluate and adopt new It is difficult to forecast how much further interest ideas. For instance during this year a new policy has been rates can rise but it is pleasing to report that the Company has introduced which provides for the sum assured to be payable earnet * £6/1/6% on its mean funds during the last year, which .□xl k * t L • 4 * r j is an advance of 2/3% on the previous years earned rate, at death but the premiums to cease at a specified age upon |nterest earnjngs of ' t( < 0 s kjnd sho P u | d enable us t 0 maintain which date the bonuses are paid to the assured. In this the happy relations with our policyholders. Consideration received first year of operation with this policy, nearly 900 such for annuities granted during the year dropped back to our contracts have been issued with initial sums assured approach- normal £l7OO compared with the exceptional £lB,OOO received mg £2}m. Recently our New Business Department has in- | ast year ’| am sorr y to report that the Government did not traduced new styles of Proposal Forms which set out the take the opportunity of looking at the basis of taxation of Company s contracts most attractively, simplify the completion annuities when making taxation reforms this year. lam sure of the necessary papers and enable our representatives to th a t jf a m ore sophisticated approach were adopted and the leave in the hands of the applicant full written details of the taxat j on o f capital returned to annuitants were eliminated, a contract as discussed. We believe that these will be a most great dea | o f money now dissipated in consumer spending useful addition to the equipment of our field staff. Our new cou | d be saved and invested in this way. This matter will be business organisation is still being expanded and I can see referred for consideration of the Committee at present reviewing no reason why the year upon which we have entered should taxation and it is hoped that other interested parties will also not see new records established. make submissions. Superannuation and deposit administration still continues The Company , s organisat ion continues to expand rapidly to be a considerable proportion of our business. The Company jn a | ( Departmen t s a s you a great deal of the accounting undertakes the investment of such funds on which it allows work js at present done on puncb card machines. The office h° n earne d m 6 ! n ! erest and the assurance of j j the process O f surveying computer equipment and death benefits on privately administered funds. hopes to .J thjs type of machinery in the not distant The income of the Company has increased by over future in order to maintain its efficient service to policy£650,000 to approximately £4}m. For the first time the holders. Company’s interest income exceeds Elm. As we |ook tp the future , am gtad to be able to tell The funds of the Company are increasing at an acceler- you that our new financial year has commenced with new ating rate, with the net increase this year close to £3m., business at a substantially higher level than at the same time bringing the Life Assurance Fund to nearly £2lm. The invest- | ast year | t seems c | ear tbat cred j t restraints must continu ment of these funds to the best advantage of policyholders . ... ... • „ •.. continues to require careful management. The Company is for some time to come and lf ls poSSlble that some contr4 still under pressure from the Government to make extra might intensified. However, there is no reason to investments in Government Stock. This is causing the proportion that employment will not continue at high levels and that, of funds invested in Government securities to increase. There so far as the internal economy is concerned, people will still is still a considerable demand for mortgage money, with the bave subs tantial sums of money in their hands for saving, result that mortgage funds continue to be rationed to policy- ... . . ... .. ...... ", holders only. The proportion of the investments of the Company n tbese circums * an • es > ' see no reason the Company in mortgage funds is today 58.9% compared with should not continue to accelerate its progress and we face the 57.6% a year ago. new year with every confidence.

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