T. And G. Mutual Life Society

Northern Advocate, 17 December 1938, Page 13

T. And G. Mutual Life Society

SIXTY-SECOND ANNUAL MEETING. RECORD PAYMENT TO POLICYHOLDERS. MELBOURNE, December 16. The Sixty-second Annual Meeting of the Australasian T. and G. Mutual Life Society was held to-day. The chairman. Mr J. T. Thompson, an- ! nounced that the New Business in the { Ordinary and Industrial Departments i comprised 161,562 Policies, assuring £14.661,184. The whole of this New Business was obtained in Australia and New Zealand, and was accompanied by a reduction in the expense ratios in both departments. Of the total, over 60,000 were issued to existing Policyholders, a practical demonstration of confidence in the Society. The Accident Department issued 21,869 Policies, assuring £6,295,875, and, in addition, 7,654 Policies in the Ordinary Department were endorsed with Accident Benefits. The Total Income for the year amounted to £5,842,940, and the Policyholders’ Funds increased to £29,252,711, a record increase for one year. Payments to Policyholders touched the Two Million mark, and amounted to I £2,161,358. The rate of interest earned on the Mean Funds increased to £4 12/5 per cent. Of the total assets, 59 per cent, is invested in Government, Municipal and other Local Public Body Securities, and over 23 per cent, in First Mortgages. The Actuarial Report . disclosed a record surplus of £944,062, which, after reserving £50,000 for actuarial contingencies, ‘ provided Reversionary Bonuses in both Ordinary and Industrial Departments on the same liberal scale as last year. After referring to other important features in the Accounts, the chairman said that Policyholders should be completely satisfied with the\ financial position and the results disclosed in the Revenue Account and BalanceSheet, and, in conclusion, expressed the Board’s thanks to the Field and Indoor staffs for their capable and loyal service. I