T. & G. Mutual Life Society; Strong Position

Northern Advocate, 18 December 1942, Page 2

T. & G. Mutual Life Society; Strong Position

MELBOURNE. Dec. 17. The sixty-sixth annual meeting of the T. and G. Mutual Life Society was held today. The chairman (Mr. J. T. Thompson) announced that the new business completed in the ordinary and industrial departments comprised 125.664 policies, assuring £12,059,342; 47,915 policies, equal to 38 per cent, of the total issued, being taken out by existing members.

The total income increased by £312,130 to £7.107,335. of which £5,475.780 was received in premiums and the balance, £1,631,555, from investments. The interest earned on the mean funds was £4/8/1 per cent., while a considerable reduction in the expense rate was achieved.

Payments to policy holders reached the record sum of £3.094,033. of which endowments matured with bonuses amounted to the large total of £2.002,862. Death claims amounted to £709,596. Although the society's assets are well secured the board decided that under present circumstances it was desirable to further increase the amount of the contingency funds by £IOO,OOO this year. £2.780,542 was invested during the year in Government securities and the society's total subscriptions to war loans now exceed £6,000,000.

The actuary’s report discloses a surplus of £794,308 and. after deducting £345,000, which has been set aside for unforeseen contingencies, the greater part of the balance will be distributed as reversionary bonuses to policy holders.

A very large percentage of the agency staff has gone into war service, while of the indoor staff only a few key men with special training, apart from the managerial staff, have been retained. The chairman expressed the beard’s appreciation of the splendid efforts of those still with the society who have been required to perform many extra duties.