A.M.P. Society

Manawatu Times, Volume LV, Issue 6837, 19 April 1932, Page 8

A.M.P. Society

UNEXPECTEDLY GOOD RESULTS HON US SLIGHTLY LOWER The 83rd annual report of the Australian Mutual Provident Society discloses unexpectedly good results, combined with a position of remarkable strength, notwithstanding tho present severe economic disturbance in Australia and New Zealand, as well as elsewhere. New assurances were effected totalling £B,B-13,510 in the ordinary department and £2,657,321 in the industrial department. Death claims in the two departments were £2,230,006 and £76,868 respectively, and claims by maturity totalled £1,429,0-13 and £607,938. The rate of interest realised on the mean funds was £5 8s 4d per cent., while the expenses rates in both departments, excluding taxes, were kept at a very low figure. Taxation paid during the year by the two departments combined amounted to no less than £702,377 7s 3d, a very large increase over the amount paid in 1930. In conformity with the conservative policy which has always characterised this society’s operations in the past, the directors have made further reserves on a most drastic basis, the total reserves for contingencies and taxation now standing at no less than £2,413,103. Nevertheless, the actuary’s report discloses a cash surplus of £2,4G8,517 available for distribution in tho ordinary department, and £233,99S in tho industrial department. Reversionary bonus additions to existing policies in tho ordinary department will thus approach £4,370,009, and will bo only slightly below those allotted tho previous year, notwithstanding tlie heavy additional reserves. The cash surplus to bo divided in the ordinary department is actually equivalent to a return of 45.8 per cent, on the premiums received during the year on participating policies. The total assets of the society now exceed £86,000,000, of which over £15,000,000 is invested in New Zealand, thus showing in a very definite and practical manner tho confidence which tho directors have in the future of the Dominion.