PROVIDENT LIFE ASSUEANCE COMPANY.

Evening Post, Volume CXI, Issue 108, 7 May 1926, Page 9

PROVIDENT LIFE ASSUEANCE COMPANY.

ANNUAL MEETING.

The annual general mooting of the Provident Life Assurance Company was held at the office of the company, Dune.din, on Vucsday, 13th April, 1926-. Tho report showed new business written in the ordinary branch £258,----701 and in the industrial branch £509,----021, the total, £707,722, showing an increase of £5G,000 over the figures for 1924. The net premiums amounted to £155,007 IGs lOd, whilst interest and miscellaneous receipts produced £31,-. 347 18s Oil, the total net income for the year being £180,445 15s 7d, or £12,882 i)s lOd greater than in 1024. The sum of £33,340 (is Id was paid in claims, while £83,582 12s 2d was added to tho funds, which amounted, at tho end of the. year, to £003,008 14s 3d. The chairman (Dr. W. S. Roberts), in moving the adoption of the report and balance-sheet, expressed his appreciation of the work of the staff. The amount of business written constituted a record in each department, and the increase in income was well up to the standard of recent years. In the ordinary branch an increase of £4200 had been made in the income, while the expense ratio had been reduced by I per cent. The interest return was the satisfactory one of £5 17s per cent., or £2 7s per cent, higher, than the rate assumed in the valuation. With tho addition of £35,400 (87 per cent, of the premium income) the funds were increased to over a quarter of a million. In the personal accident branch an increase of £1800 had been made in tho premium income, while claims and expenses were low, amounting respectively to only 31. 3 per cent, and 41 per cent, of tho premium income. The total increase in income in the industrial branch was £7800, while claims showed the considerable reduc-tio-i of £10,000. and, as a result, over £47,000 was added to the funds, which are invested at an average rate of £5 13s Sd per cent. The funds in all departments now to over £000,000, and 90 per cent. of the investments were in Government or municipal, and Harbour Board debentures. The report and balance-sheet were adopted, and tho meeting closed with a vote of thanks to the chairman.— (Published .by Arrangement).