THE MUTUAL LIFE ASSOCIATION OF AUSTRALASIA.

New Zealand Herald, Volume XXV, Issue 9146, 30 August 1888, Page 5

THE MUTUAL LIFE ASSOCIATION OF AUSTRALASIA.

The nineteenth annual report of this organisation has been printed and circulated amongst the members. In spite of the depression generally prevailing in trade circles, the progress of the Association is well maintained. Indeed, considering the restricted employment of labour during the past twelve months, at least so far as New Zealand is concerned, the rate of progress is very remarkable. Not only is the progress manifest in the extension of business, but in the savings effected from the estimated losses resulting from the deaths of members. During the year 3557 proposals were received for sums-, amounting to £919,904. Of these 1054 were declined, not taken up, or are in course of completion, embracing sums equalling £293,120, being a net increase on the year's accepted proposals of *2503, for sums aggregating £626,784. At the close of the previous year there were a number of proposals in an incompleted state, and during the past year 120 of [ these were completed, for sums amounting j to £20,525, so that the real total of new ■business completed, though not all proposed during the year, was 2623 policies for sums aggregating £647,309. The new premiums resulting from this accession of business is no less than £25,130 10s 9d. The vast majority of the policies are for assurances upon life, there being 2433 of such against 189 endowment policies, and one annuity policy. On the 30th of June last, when the accounts were closed, the Association had 14,658 policies open, for sums aggregating £3,832,542 10s 2d, all of which are for life assurances, except 874 endowment policies, and 25 annuity policies. The total yearly revenue is £171,500, consisting of £38,770 derived from interest upon investments, and a premium income of £132,694 13s Sd. These are substantial figures, and during the last three years it is stated that the rate of expenses of management has been considerably reduced. The deaths during the past year were only SS, involving claims amounting to £28,500, being about £10,000 less than the amount received , from interest on investments, and is less than 60 per cent, of the expectation, and is below any previous percentage of the expectation. This is a very good certificate as to the character of the climate which is experienced in the Australasian colonies, as well as to the care and judgment exercised in the selection of lives by the officers of the association. It is also stated that the lapses and surrenders are much less than the ratios of previous years, which may be regarded as a proof that in times of depression people are more careful in undertaking fresh monetary engagements than they are in times when trade is brisk, work abundant, and wages high. Upon the whole, the report shows the work of the association to be wonderfully successful. Of the £608,785 Is funds on hand on the 30th of June last, no less than £427,401 0s 3d was secured on loans on mortgage and loans on policies of the association within their surrender value, the balance upon debentures, freehold property, etc. The report is well worthy of careful perusal.