ANNUAL MEETING.

Evening Post, Volume CXXI, Issue 78, 1 April 1936, Page 14

ANNUAL MEETING.

The Annual Meeting of THE PROVIDENT LIFE ASSURANCE COMPANY, LIMITED, was held at the Head Office of the Company, Dunedin, on Wednesday, March 25, 1936, Dr. W. S. Roberts being in the chair.

The Report showed that Policies for £1,431,281 had been issued during 1935, an increase of £91,706 over the amount written in 1934, The total Premium Income amounted to £251,877 10s lid, while the total Income for the year was £312,165 6s 2d, an increase cf £15,280 19s 4d over the Income for the previous year. A sum of £119,854 10s lid was paid in claims and £76,385 18s 2d was added to the Funds, which amounted at the end of the year to £1,372,719 10s lid.

The Report, Balance Sheets, and Accounts having been taken as read, the Chairman said he was pleased that the improvement in results, which started in 1934, had been so well maintained. The most satisfactory feature of the Accounts under discussion was the substantial decrease in expenses; mainly owing to economies introduced during the year, the total charges had been reduced by over £2500, while the Income had increased by £15,281: in the past two years, expenses had only increased by £1900, although the Income was £30,000 greater. In the Ordinary Branch, the New Business was 10 per cent, above that of 1934, with premiums £2400 and Interest- £1000 higher. The Net Interest yield . had slightly improved, and was now £4 7s 8d per cent.^

.In the Accident Branch, premiums had increased by £700, and Claims by a similar amount. The ratio of Claims to premiums was again satisfactory, being 38.7 per. cent. only. The increase in Industrial Branch premiums was £10,800, and Interest receipts were £1000 greater than in 1934. The expense ratio had been reduced to 33.94 per cent., and the net rate of interest yielded by the funds was £4 10s lOd per cent.

The Report, Balance Sheet, and Accounts were adopted, and, after the election of Director and Auditors, the meeting closed with a vote of thanks to the directors and staff. 28/3/36.— Advt.