THE A.M.P.

King Country Chronicle, Volume XXX, Issue 4844, 12 May 1936, Page 6

THE A.M.P.

FRESH RECORDS. At the annual meeting of the Australian Mutual and Provident Society, the deputy-chairman (Dr. G. H. Abbott) said the new business at every branch of the Ordinary Department for the year exceeded that of the previous year, and New South Wales, Victoria, Queensland and Tasmania all achieved fresh records. In the Industrial Department the new business created fresh records at every branch. Total new business amounted to £24,023,500, an increase of £6,062,016. ( Surrenders and forfeitures show further reductions, and total business in force increased by over £13,500,000. Sums assured in force in the Ordinary Department alone passed the £2OO million mark during the year. Claims totalled £4,259,126 in the Ordinary, and £896,885 in the Industrial Department. Notwithstanding these payments, accumulated funds increased by £4,359,000 to over £9B million. Assets Exceed £IOO Million. Assets passed the £IOO million mark, and stood at £101,869,045 at the close of the year. The rate of interest realised on the mean funds was £4 7s 2d per cent. Interest rates now show an upward tendency, though it is neither anticipated nor hoped that the rise will be more than gradual, commensurate with the steady improvement in conditions generally. Every policy will receive a reversionary bonus equal to that allotted to it in the previous year. A director of the New Zealand Branch Board (Mr. D. R. Menzie) said that analysis of new business completed by his branch discloses steady increase, the final result in the Ordinary Department showing a total of £4,139,477, which was over £1 million in excess of the previous year’s completions and only £130,000 short of the peak year in 1929. In the Industrial Department new business constituted an all-time record for the branch, whilst the net increase was more than double that for the previous year.