A.M.P. SOCIETY

Gisborne Times, Volume LXVII, Issue 10563, 17 April 1928, Page 2

A.M.P. SOCIETY

ANOTHER HIGHLY SUCCESSFUL YEAR) The directors’ report, to he presented at tlfe annual meeting of the Australian Mutual Provident Society to be held in Sydney on April 2i>, says:— The- new business completed in the ordinary department, including re-assurances of <£315,600,: comprised 27,616 policies assuring £15,397,528 and 51 annuities for a total of £3678 Is 2d per annum. In the industrial department 61,288 new policies were issued assuring £4,062,280 Is. _ 9 Claims hy death in the ordinary department amounted to £1,854,749 8s Bd, including. £675,777 19s for bonus additions, after deduction pf amounts which had been reassured. Endowment and endowment assur-' anco policies amounting to £1,495,894 10s, including £422,335 10s for bonus additions, have matured. Policies assuring £3,894,026 10s 4d, and annuities amounting to. £5062 10s 8d per annum became void from other causes. The total of the accumulated funds of the ordinary and industrial de partments has been increased by £4,168,511 0s 3d, and now amounts to. £67,809,683 9s, which includes a sum of £12,464 16s lid. in the claims investment account. In addition to this there is £600,000 at credit of the investment reserve fund, and £5,135 5s Id .at credit of the fidelity guarantee fund, ordinary department making a total of £68,414,818 14s Id. t The Society investments in various loans to the Commonwealth of Australia, the Dominion of New Zealand and the British Government for war and repatriation purposes, amount to £15,053,767 8s od. The actuary’s report, a copy| of which will be supplied to any member on application, shows a surplus of funds over liabilities in the ordinary department of £2,926,022 7s lid, out of which £2,867.022 7s lid is to be allotted for distribution among the participating policy-hold-ers. This will provide reversionary bonuses of about £4,980,000. The surplus in the industrial department. which is to he distributed , among the participating policy-hold-ers, is £203,491 3s 6d, providing reversionary bonuses amounting to about £291,000. The investment reserve fund habeen maintained at £600,000, and the boqk values of the office premises and other assets have been further written down bv a sum of £50,576 16s. The rate of interest realised on the mean funds (including investment- reserve and fidelity guarantee funds) was £o 12s lid per cent. In the ordinary department, expenses of management, including commission, but excluding taxes and gratuity to staff and agents, were 12.03 per cent, of the premium receipts (excluding purchase money for annuities); including taxes, the rate was 14.79. per cent. The corresponding rates for the industrial department were 28.62 and 29.89 per cent, respectively.