T. & G. MUTUAL LIFE SOCIETY

Hawera Star, Volume L, 20 December 1930, Page 5

T. & G. MUTUAL LIFE SOCIETY

ANNUAL MEETING

BOUND FINANCIAL POSITION,

AIELBOUR NE, Dee. 19. The fifty-fourth. annual meeting of the T. and G. Life Society was held to-day, the managing director, Mr J. r l'. 'Thompson, presiding. The chairman announced that !hc now business comprising 142,188 policies, assuring £12.'.'1T5,792, exceeded the previous year's total hv £98,992. In addition 1.998 Personal Accident and Sickness Policies, assuring £7i21,7->0 were issued: and 965 policies jii the Ordinary Department were endorsed with Accident ißendfits, assuring £1,133 9.85. AJ>! of this business was written in Austral a and Mew Zealand. The total income was £3,5’56,035, while payments to policyholders amounted: to £il .597,239. The chairman said that the assets amounting to £1 (i,'968.9d'7 were not affected by stock exchange fluctuations. The. policy of the board has been to invest in high grade securities, with the safety of the principal the main consideration, vet the averL age rate of interest on the Mean Funds was £5 17s 3d per annum. The actT nary’s valuation of liabilities under policies disclosed' a sound position, so that the same bonus scale is being maintained', but the chairman said that policyholders’ returns in. future will be influenced •largely by the extent of taxation imposed'. The meeting concluded with an expression of the board’s deep appreciation of the efficient and loyal service of the staff.