T. and G. Mutual Life Society

Manawatu Times, Volume LV, Issue 7412, 20 December 1930, Page 6

T. and G. Mutual Life Society

ANNUAL MEETING

SOUND FINANCIAL POSITION

M ELBOUENE, Dee. 19.

The 54th annual meeting of the T. and G. Life Society was held to-day. the managing director (Mr. J. 4Thompson) presiding. The chairman announced that the new business, comprising 142.188 policies, assuring £12,318,702, exceeded the previous year’s total by £98,092. In addition 109 S personal accident and sickness policies, assuring £721,750, were issued, and 065 policies in the ordinary department were cndo.Vcd with accident benefits, assuring £i,133,955. All of this business had been written in Australia and New Zealand. The total income teas £3,550,035, while payments to policyholders amounted to £3,507,239. The chairman said that the assets, amounting to £16,068,017, were not affected by Stock Exchange fluctuations. The policy of the board had been to invest in high-grade securities, with the safety of the principal the main consideration, yet the average rate of intc'rest on the mean funds was £5 17/3 per cent, per annum. The actuary’s valuation of liabilities under policies disclosed a sound position, so that the same bonus scale was being maintained, but the chairman said that policy-holders’ returns iu future would be influenced largely by the extent- of the taxation imposed. The meeting concluded with an. expression ol: the board’s deep appreciation of the efficient and loyul service of the staff.