LIFE ASSURANCE SOCIETIES.

Lyttelton Times, Volume CI, Issue 11889, 12 May 1899, Page 5

LIFE ASSURANCE SOCIETIES.

United Press Association— By Eleotrio Telegraph—Copyright. SYDNEY, May 11. The fifteenth annual report of the Australian Mutual Provident Society, which marks the completion of its jubilee, embraces among other matters a complete history of the foundation and subsequent progress of the Society. Tlie amount of new business completed was in excess of that of any year since 1892; consisting of 14,964 policies, assuring £3,787,083, and yielding an annual premium revenue of £128,800. The net gain to the volume of business was £1,700,000. The mortality experience was of a favourable character, the amount of claims b‘y death being only 67 per cent of expecta< tiori. The usual searching investigation into mortgage securities'has been made, and a further Sum of £10,785 set -aside on this account, besides writing £IO,BIO off values of office premises. From the report of the actuary, Mir Teece, it appears that the whole of the liabilities, with the exception of a few non-participating policies, have been, as on former occasions, valued at 3£ per tent interest. The amount of cash surplus available for division is £479,742, which will produce reversionary additions to policies aggregating £BBO,OOO. Bonus certificates will be issued’on June 30. The rate of expenses is low, being a shade under 9 per cent of the total income. The effective rate of interest earned during the year again shows a slight decrease, but stands at £4 14s lOd per cent. MELBOURNE, May 11. At the annual meeting of the Colonial Mutual Life Society the report disclosed satisfactory progress. The annual income was over £400,000, and the funds had increased to 2D millions. The retiring Directors were re-elected.