T. And G. Mutual Life Society

Northern Advocate, 22 December 1939, Page 8

T. And G. Mutual Life Society

..SIXTY-THIRD ANNUAL MEETING ■*. CONTINUED EXPANSION

MELBOURNE, Dec. 21, 1939„

The sixty-third annual meeting of the Australian T. and G. Mutual Life Society was held today. The chairman, Mr. J. T. Thompson, announced that the new business in the ordinary and industrial departments comprised 150,384 policies, assuring £14,055,357. The whole of this new business was obtained in Australia and New Zealand and must be regarded as most considering both worldwide and local disturbances during the year. The accident department issued 17,673 policies, assuring £5,123,481, and, in addition, 6,406 policies in the ordinary department were endorsed with accident benefits. The total income for the year amounted to £ 6,149,931 and the policyholders’ funds increased to £31,593,453 held against future liabilities under existing policies. Payments to policyholders totalled £2,476,694. The rate of interest earned on the mean funds increased to £4/12/6 per cent. Of the total assets, a large percentage was invested in Government and local body loans and an increased percentage in mortgages, particularly for the purchase by policyholders of their own homes.

The actuarial report disclosed a surplus Pf£ 934,843, of which £50,000 was set aside for actuarial contingencies, £706,255 was distributed among .policy-holders and the balance of £178,588 was carried forward against possible war contingencies. After referring tq other important features in the accounts, the chairman said , that policy-holders would agree that the results for the past year had been exceedingly good, and, in conclusion,'expressed the board’s appreciation of the efficient and loyal service of both the field and indoor staffs.