A.M.P. Bonuses Up

Press, Volume CIX, Issue 31981, 7 May 1969, Page 21

A.M.P. Bonuses Up

For the first time, the AJVI.P. Society has written up the value of its share portfolio above cost to provide an increase in bonuses.

Book values of the society’s portfolio of ordinary shares in Australia and the United Kingdom were written up during 1968 by $13.5 million. According to the society’s general manager (Mr K. W. Steel), this increase represented “a portion of the amount by which the market value of listed shares held in those countries at December 31 exceeded the book value.” About $2 million was reserved as a provision for deferred taxation, $2.6 million was provided for distribution as “terminal bonuses” in addition to the usual reversionary bonuses—and the remainder was used to give additional interest credits to

deposit administration superannuation contracts. The $84.9 million surplus ♦as distributed to provide $174.5in. of reversionary bonuses; the previous year’s figures were 576.3 m and $155.2m respectively. The terminal bonuses are payable only on Australian and United Kingdom policies, The general manager for New Zealand (Mr S. J. R. Chatten) said New Zealand policy-holders would receive increases in bonus rates on ordinary and collector life insurance policies. The new bonus rates would range from 50c to $1 per $lOOO of life insurance cover.