A.M.P. SOCIETY

Nelson Evening Mail, Volume LXVI, 23 April 1934, Page 6

A.M.P. SOCIETY

annual report | J The 85th annual report of the Austral-; ian Mutual Provident Society for the j year ending sslt December last reveals , an extremely satisfactory position. j The total" of new assurances effected flurimr the year was £12,050,C96 m the v Ordinary Department, and £3,562,993 m r the Industrial Department an aggre- , "ate increase of oyer the previous year! These figures reflect the trend of 'the times and the gradual yeturn of incerasing prosperity once again, j a s well as a general recognition of the 1 1 great value of life assurance. .. j [ Claims totalling £5,083,344 were paid in 1933 either to members or their repre- i sentatives, making the amount since the j establishment of the society £114,505,- j 268. . . | The cash allotted for bonus additions ■ to policies for the year was £2,590,665 in | the Ordinary Department. and £276,776 . iu the Industrial Department, the re- { versionary bonus equivalent to these j amounts being £4,395,000 and £378,000 j respectively. These figures represent a j cash increase of £112,327 over last ■ year’s results, and in the Ordinary De- '■ partment show a return to policyholders of 46.8 per cent, of the participating premium revenue received. The total assets of the society have increased to : £93.073,807. _ j

The total business in force on the so- > ciety’s books, inclusive of bonus addi- j tion's, now totals £269,513,645, a nett in- I crease for the year’s transactions of £6,062,438. The society estimates its lia- j bilities under the whole of its policy contracts on the assumption that an in- j (crest rate of only 3 per cent, per an- i num will be realised in the future. ,As, however, a rate of £4 12s 6d per cent, has been realised for the past year, it is apparent that a very strong reserve ! is thus created. !

The society lias £16,500,000 invested in New Zealand and all New Zealand claims, bonuses, etc., are payable in New Zealand currency. It is gratifying to observe that taxes payable have decreased by about £BO,OOO this saving alone accounting for more than half tile increase in the cash surplus divided for the year. This decrease is due to reduction in Australian taxation and New Zealand policyholders would bo justified in hoping that the New Zealand Government will see fit to follow this load as conditions improve in the Dominion.