THE PROVIDENT LIFE ASSURANCE COMPANY LIMITED

Evening Star, Issue 24481, 16 April 1943, Page 4

THE PROVIDENT LIFE ASSURANCE COMPANY LIMITED

ANNUAL MEETING. The annual meeting of the Provident Life Assurance Company Ltd. was held at the head office (of the company, Dunedin, on Wednesday, April 14, 1943, Mr Andrew Todd being in the chair. The report showed that the total funds of the company exceeded £2,000,000, the increase for the year being £93,592 19s 3d; the total net income from n\\ Kouroes was £385,820 5s Id, and the"'total amount paid in claims during the year was £178,601'10s sd. The Chairman, in reviewing the results for the year, referred to the difficulties arising from the shortage of staff, particularly. in the smaller districts; in New Zealand 75 per cent, of the clerical staff eligible for military service were now with the armed forces, while 40 per cent, of the superintendency staff and a large number of agents were also serving. In these circumstances it was satisfactory that the premium income in - the life branches had been so well maintained. Claims by death had increased by £6,000, due entirely to the war, while maturities were £B,OOO greater; but surrenders showed a decrease of £3,500. Excluding taxation, the total expenses were less by £4,000 than in 1941, and the ratio to preniium income had been reduced by ] .2" per cent, in the ordinary branch and 1.77 per cent, in the industrial branch,. The company had supported all issues of War Loans, both in New Zealand and Australia, and the proportion of the funds in r vested in Government securities had risen from '23 per cent, to 27.9 per cent. The meeting closed with a vote of. thanks to the directors and staff.— 16.4.43.