T. And G. Mutual Life Society

Northern Advocate, 11 December 1937, Page 8

T. And G. Mutual Life Society

Sixty-First Annual Meeting’;

Record New Business

MELBOURNE, December 10

The sixty-first annual meeting of the T. and G. Life Assurance Society was held today. The chairman, Mr J. T. Thompson, announced that the new business in the Ordinary and Industrial Departments comprised 184,668 policies, assuring £16,929,046. The whole of this new business was secured in Australia and New Zealand and greatly exceeded the new business completions for the previous year. The Accident Department issued 24.558 policies, assuring £6,952.671, and in addition 8,860 policies in the Ordinary Department were endorsed with Accident Benefits. v The total income amounted to £5.424.878. The Policyholders’ Funds increased by £2,240.621. a record increase in one year, and now amount to £26,867,974. Payments to policyholders amounted to no less than £1.950.359. The rate of interest earned on the mean funds increased to' £4 11/9 per cent. Of the total assets 62.2 per cent had been invested in Government, Municipal and other Public Body Securities.

The Actuarial Report disclosed a surplus of £848,069 which, after reserving £50,000 for actuarial contingencies and certain other benefits, is to be distributed in the usual way as reversionary bonus additions to the- sums assured.

After referring to several other interesting features of the report, the chairman said that the board was gratified that its efforts on behalf of the policyholders had been rewarded in the shape of a now business record for the year, and in conclusion expressed the board's thanks to the field and indoor staffs for their loyalty and valued services.