PROVIDENT LIFE ASSURANCE COMPANY

Evening Star, Issue 16078, 1 April 1916, Page 1

PROVIDENT LIFE ASSURANCE COMPANY

The annual meeting of the Provident Life Assurance Company was held yesterday at the head office of the company.

An analysis of the annual report and balance-sheet shows that the new business completed in the ordinary branch was £104,716, and in the industrial branch £274,852; the gross premiums received in the ordinary, industrial, and accident branches amounted to £58,822 19s 3d, an increase of £3,900 17s 8d over the total for 1915; interest and miscellaneous payments yielded £5,418 os 3d, making the total income for the year £64,241 2s 6d. £10,360 16s 9d was paid hi claims during the year, and the sum of £21,281 3s has been added to the funds, which now amount to £133,518 5s sd. The assets include _ Government securities £13,273, municipal and Harbor Board debentures £76,126, mortgages on property £25,385, head office property £5,282, loans on policies £2,320, and cash in bank £6,760. The report and balance-sheet having been taken as read, The Chairman (Dr W. S. Roberts), in moving their adoption, said : Before dealing with the figures for the year, I must refer to the retirement of Mr W. M. Kirkcaldy. At the middle of last year, owing to the condition of his health, 31 r Kirkcaldy found it necessary to ask to bo relieved of the burden of his active duties as general manager, though still ■retaining his position as a, director. The board acceded to his request with great regret, ns they fully appreciated the valuable services which had been rendered by him since the commencement of the company s existence, that he had pioneered the through its early difficulties, and was mainly instrumental in building it up_ to the satisfactory position it now occupies. The board realise, however, that in their present manager the company have a capable successor, in whom they have complete confidence, and in whose* hands the genera! conduct of the company ? affairs can be safely entrusted. - To turn to the accounts, these are for a full 12 months under war conditions, and I feel confident that the shareholders will regard them as a satisfactory proof of the wise, precautionary measures adopted by the directors in tho company’s interest. I need hardly remind you that life offices are specially affected by wars; they have to face a heavier rate of mortality, and, not only a depiction in the ranks of their staffs, but a diminution in the numbers of the community available for insurance. You will notice on increase in the claims in the ordinary branch. This is duo to war mortality, and is a burden we cheerfully bear. Many members of onr staff have proceeded on active service, and two of them (Messrs Greenwood and Hill) have given their lives in the service of their country. Wo regard tho premium increase for the year witn groat satisfaction, particularly as a considerable reduction in expenses'is also shown. In the ordinary branch the addition to the funds—just under £7,000 has been profitably invested in Government and municipal securities. The rate of interest obtained on the average funds was £4 14s 8d per cent. In the industrial branch, the new business written wag smaller than in 1914; in consequence the premium increase is smaller, but it still amounts to nearly £2,000. Death claims show- an increase- of £440, entirely due to the war; but, on the other hand, there is a considerable reduction in claims by maturity. Ihero is but littlo change from last year’s figures in other items until we come to now- business charges, in which a saving of £2,500 has been effected. The net result has been a reduction of no less than 7 per cent, in expenses, making a total reduction of 10 per cent, since 1913. The addition to the funds is £14,158 14s lid, giving, as mentioned in the .report, a total increase of £21,281 ss, a sum larger by nearly 50 per cent, than has been added in any previous year. The whole amount has been invested in Government and municipal securities. To sum up, the results for the year ; re a record for new business completed iij the ordinai-v branch, a considerable, reduj cion in expenses in both departments, and the largest addition to the funds we have ever made. In conclusion, ] desire to say that the board w-isli to record their satisfaction and appreciation of tho work of the staff generally throughout the year.

, Mr A. M. Sidey, who seconded the motion. referred with appreciation to the work of the late genera! manager, mid trusted that his health would so = far improve as to enable him to take his seat on the board very shortly.

Mr C- i. Greenslade. was re-elected a director of the company and Air George Birth as auditor, and the proceedings tenninated with a. vote of thanks to the chairman.

"After years of work the Committee of Imperial Defence, in preparing for war, produced a war book, which was of the utmost value. I. would like to see a peace book of the same kind prepared in much the same way by a small committee or Koyal Commission, which would tell each department of the State and each body of cinpl-jy-evs and of labor just what they are expected to do when peace comes."—Lord. Haldane.