A.M.P. SOCIETY

Northern Advocate, 18 April 1932, Page 7

A.M.P. SOCIETY

UNEXPECTEDLY GOOD RESULTS,

BONUS SLIGHTLY LOWER

The S3rd annual report of the Australian Mutual Provident Society discloses unexpectedly good results combined with a position of remarkable strength, notwithstanding the . present severe economic disturbance in Australia and Xoiv Zealand, as avoll as elsewhere. ,

Xew assurances Avere effected totalling . £8,843,510 in the ordinary department, and £2,(157,324 in the industrial department. Death claims in the tAA'o departments Avere £2,230,006 and £76,868, respectively, and claims by maturity totalled £1,429,043 and £607,938. The rate of interest realised on the mean funds Avas £5 8/4 per cent., Avhilc the expenses rates in both departments, excluding taxes, Avere kept at a A'ery loav figure. Taxation paid during the year by the tAvo departments-.combined amounted to no less than £702,377' 7/3, a very large increase oA*er the amount paid in 1930.

In conformity with the conservative policy Avhieh has always characterised this society’s operations in the past, the directors ha-A'e 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 £2,468,817 available for distribution in the ordinary department, and £233,998 in the industrial department.

ReA'ersionary bonus additions to existing policies in the ordinary department Avill thus approach £4,370,000, and Avill bo only slightly below those allotted the preA'ious year, notwithstanding the heavy additional resolves. The cash surplus to be diA rided in the ordinary department is actually eqniA’alent to a return of 45.8 per cent, on the premiums recciA r cd during the year on participating policies. The total assets of the society now exceed £86,000,000, of Avhieh over £15,000,01)0 is iiiA’ested in Noaa’ Zealand, thus shov’ing in a A-ery definite and practical manner the confidence which the directors haA'e in the future of the Dominion. 296