A.M.P. SOCIETY

Ellesmere Guardian, Volume LIX, Issue 35, 3 May 1938, Page 8

A.M.P. SOCIETY

ANOTHER SUCCESSFUL YEAR

BIG INCREASE IN NEW

POLICIES

The annual report of the directors of the A.M.P. Society for last year records another successful year with a big- increase in new business and of sums assured. The new business completed in the Ordinary Department, including re-assurances of £326,331, comprised 62,652 policies, assuring £24,176,655, and 171 annuities for £44,508/16/7 per annum. In the Industrial Department 123,928 new policies were issued assuring £7,551,044/15/-. These sums assured represent an increase over the corresponding sums assured for 1936, of £2,300,631 in the Ordinary Department and of £1,447,648/13/- in the Industrial Departm/ent. Claims by death in the Ordinary Department amounted to £2,807,----623/12/8, including £1,068,793/2/4 for bonus additions, after deduction of amounts which had been reassured. Endowment and endowment assurance policies matured amounting to £1,623,464/3/- including £513,993/8/- for bonus additions. Policies assuring £5,099,219/3/- and annuities amounting to £7,880/8/10 became void from other causes. Claims by death and maturity in the Industrial Department amounted to £1,101,513/3/9. The total of the accumulated funds of the Ordinary and Industrial Departments has been increased by £5,225,625/3/4, and now amounts to £108,411,880/1/8, which includes £12,873/17/1 in the claims investment account and £12,262/5/7 in the disability fund. The directors decided to release a sum', of £50,000 from the investment and contingencies reserve funds, which now amount to £2,102,503/3/5 and to utilise the amount to write down the book values of the office premises. In addition, provision has been made for accrued taxation amounting to £100,000. The Society's investments in various loans to the Commonwealth and States of Australia, to New Zealand and other Dominions, to Great Britain and to local government and other public bodies in Australia, New Zealand, and other Dominions amount in all to £64,412,----328/2/8. • The Actuary's report shows a surplus of funds over liabilities in the Ordinary Department of £3,054,----782/4/3, out of which £109,899/5/7 is to be carried forward and £2,944, 882/18/8 is to be allotted for distribution among the participating policy-holders. This will provide reversionary bonuses of about £5,076,000. The surplus in the Industrial Department, which is to be distributed among participating policy-holders, is £327,884/12/9, providing reversionary bonuses amounting to about £435,000. The rate of interest realised on the mean funds (including the fidelity guarantee fund, the investment and contingencies reserve funds and the provision for accrued taxation) was £4/7/5 per cent. In the Ordinary Department, commission, expenses of management, and taxes absorbed respectively 6.47, 7.64, and 3.82 (a total of 17.93) per cent, of the premium receipts, excluding purchase money for annuities, the corresponding percentages for 1936 being respectively 6.17, 7.85, and 3.62 (a total of j 17.64). In the Industrial Department, commjission, expenses of management, and taxes absorbed respectively 18.87, 10.99, and 1.69 (a total of 31.55) per cent, of the premium receipts, excluding purchase money for annuities, the corresponding percentages for 1936 being respectively 18.16, 10.08, and 1.79 (a total of 30.03). Taxation paid during the year in the two departments combined amounted to £306,217/7/10.