THE PROVIDENT LIFE ASSURANCE COMPANY LIMITED

Nelson Evening Mail, Volume LXXII, 14 April 1939, Page 3

THE PROVIDENT LIFE ASSURANCE COMPANY LIMITED

ANNUAL MEETING | The annual meeting of the Provident Life Assurance Company Ltd. was held at the head office of the company. Dunedin. on Wednesday, 29th March, 1939, Mr Andrew Todd being in the chair. The report showed that policies for £1.264,679 had been issued during the year, and the net income had increased by £17,587 and now amounted to £362.648. The sum of £157.728 had been paid in claims during the year, and £86.204 added to the funds made their total at the end of the year £1.652.496 l.i 6d. In reviewing the figures of the company for the year the chairman derw attention to ihe fact that, in spite of the troubled condition of the world, the increase in the total income was nearly 50 per cent, greater than in the previous year, and that, due largely to the successful letting of the new Melbourne building, one-third of the increase arose through the improvement in the receipts from interest and net rents. The new business in the ordinary branch showed a slight decrease, but the annual premiums had increased by £3400 and single premiums by £I2OO. Interest receipts were greater by £2200 and the effective rate of interest realised on the funds was £4 7s 8d per cent. Claims and surrenders were £4400 higher, but a considerable reduction had been made in expenses, the ratio of which to premium income was 17.29 per cent, and to total income 12.2 per cent.

An increase of £6400 was made in the industrial branch premium income and £4085 in the receipt* from interest and net rents. Claims and surrenders were £9OOO greater than in 1937. and total expenses had increased by £2200. The expense ratio, however, had remained practically stationary at 35.7 per cent.

The valuation report was then submitted. showing that in the ordinary branch the company had maintained a 3 per cent, net premium valuation basec* on the Om table, and was allotting bonuses ranging from £1 5s to £2 10s per cent, per annum under life tables and from £1 to £1 5s per cent, per annum unde/ endowment assurance tables. Additional reserves amounting to £17,500 were made in the industrial

branch valuation, and bonuses to policy-holders were allotted a 4 the same rate as at the previous valuation. The surplus in the two branches amounted to £96.826. The reports were adopted, and the meeting closed with a vote of thanks to the directors and staff *