A.M.P. SOCIETY

Dominion, Volume 5, Issue 1430, 3 May 1912, Page 8

A.M.P. SOCIETY

SIXTY-TAXED ANNUAL REPORT. According to the sixty-third mutual report of tho Australian Mutual Provident Society, which has just been issued, the amount of new business transacted during the year ill the Ordinary Department once more constitutes a record, being in excess of the previous year by no less than £83!,453. Policies to the number of 21.783 were issued in this department, assuring £6,323,479, and yielding annual premiums amounting to £201,791. the net gain in the amount of business in force being as much as £3,681,410. _ Tn tlis Industrial Department 27,084 policies were issued, assuring £989,' 568., with annual premiums of £62.880. The claims by death in the Ordinary Department amounted to £873,948. including £261,753 for bonus addition!;, the experience ill this respect, being again extremely favourable. Tho usual searching investigation was made into the mortgage securities, and it was only found necessary to writs off tho sum of £1722 from the value of foreclosed properties, the value of office premises being written down by £12,556. Reference is made to tho losses bv death during the yen- of Sir William Zeal, chairman of the Vict-nria Local Board, and Mr. John Forrest, of tho Queensland Local Board. The li'j'onrt of flip actuary, Mr. Richard Teece, F.1.A., F.F.A., indicates Unit the policy of gradually strengthening the reserves lias been fully maintained and extended, and that the re. ; *:rve of undivided profits amounts to £202.000, The cash surplus available for distribution in the Ordiuary Department amounts to £679,141, which will provide reversionary bonuses amounting to about £1,550.000. The rate of expenses in this department is extremely moderate, bping only (!.<9 ner cent, of the year's receipts. The effective rSte of interest, earned by the funds stands at the very satisfactory figure of £4 lis. Sd. ner cent. In the Industrial DepaHn'.ent the valuation of- tile noiiey liabilities discloses a. surplus of £34,700, and it is announced that n. portion of this will be applied in Hie allotment of bonuses to policies cer fivn years in force. The report as a. whoie is of a highly satisfactory character, and reveals a, condition of continued prosperity of a most gratifying nature.