A.M.P. YEAR

Evening Post, Volume CXV, Issue 93, 21 April 1933, Page 10

A.M.P. YEAR

SATISFACTORY RESULTS

The 84th annual report of the Australian Mutual Provident Society for the twelve months ending December 31 discloses very satisfactory results. . New assurances effected during the year were £10,351,028 in the ordinary department, and £3,258,301 in the industrial department. The amount paid to members or their representatives for the year was £5,540,825, making the amount paid since the establishment of the society £109,121.924. Cash bonuses for the year were £2,435,303 in the ordinary department and £259,751 in the industrial department, an increase on last year's figures in ' both , departments yielding reversionary bonuses ■of £4,255,000 and £357,000. respectively. Total assets have increased to £89,681.210, whilst the special reserves have been increased to £2,350,000. . The total business in force on the books of the society has increased from £260,698,117 to £263,451,027. . Valuation of liabilities under the whole of the society's policy contracts has been based on an interest rate of 3 per cent, per annum. In other words, it is assumed that 3 per cent, interest only will be realised in the future on the society's funds. This, tosrether with the fact that special reserves have been maintained and increased and the society's premises and other assets have been further written down, is regarded as making the society's position impregnable. The A.M.P. has over £16,000,000 invested in New Zealand and all New Zealand claims, bonuses, etc., are payable in New Zealand currency. Taxes, however, have increased from £702,377 to , £822.230. But for this fact the bonuses payable, to members would have been larger. The report is considered .by the society as-of a most satisfactory character, eon-' sidering the unfavourable conditions under which the results have been achieved.