PROVIDENT LIFE ASSURANCE COMPANY.

Evening Post, Volume CXI, Issue 74, 28 March 1931, Page 12

PROVIDENT LIFE ASSURANCE COMPANY.

ANNUAL GENERAL MEETING!

Tho Annual general meptiiig oi: the Provident Life 'Assurance Company was held at tho registered office of the company, Dunedin, on Tuesday, tho 24th March, 1931. , The report showed that the completed, new business in the ordinary branch was £318,482 and in the industrial branch £699,916, making a total of £1,018,398; The total net premiums received for tho year,, amounted to £219,869 18s sd, an, increase of £11,----793 16s 9d, while an increase of £16,----934 15s Id was made in the total income, which amounted to £275,587 2s 3d The sum of £80,800 6s 4d was paid in claims and £85,135 6s 7d was added to the funds, which amounted at the end of the year to £1,038,918 0s lid. , _. The new business m the ordinary branch showed a falling off of less than 4-. per cent., while in the industrial branch tho decrement was below 1 per cent. Tho increase, in the premium income was £350 greater than iv 1929, and the total incomn, -which now amounted to £275,587, was nearly £17,000 greater than that of tho previous year. The expense ratio in. tiio ordinary branch showed ». small, increase oi' .-3 per cent., but this was duo to the higher income tax they were called upon to pay. In tho accident branch, although tho1 premiums showed a substantial increase, the claim experience had been unfavourable, due chiefly to tho number of fatal claims; the sickness experience, on the other hand, had been very satisfactory. Tho unemployment in Australia and more recently in New Zealand had made itself felt in the industrial branch, but the premiums still showed an increase of £6180. The company would, as far as possible, safeguard the interests of those who, through the abnormal conditions, were unable to pay their premiums, and had introduced a system of non-forfeiture under which the policies will be maintained. Expenses showed a substantial reduction, the ratio to premium income being nearly 5 per cent, lower than in 1929. The company's total funds were now well over £1,000,000, and", with a return to normal conditions, the increase in the future was likely to be rapid. The directors and management: wei-e congratulated on the results for. the vca.r, ;iud the in eft ing closed with h vote uf thanks lo the chairman, —Advt.