T. AND G. MUTUAL LIFE SOCIETY.

New Zealand Herald, Volume LX, Issue 18577, 8 December 1923, Page 9

T. AND G. MUTUAL LIFE SOCIETY.

ANNUAL MEETING.

REMARiwBLE PROGRESS.

MELBOURNE. Dec. 7. The annual meeting of the Australasian Temperance ana General Mutual Life Assurance Society was held to-day. The chairman, Mr. J. T. Thompson, reported that the phenomenal growth of the society in recent years had been well maintained. New business for the year amounted to 119.292 policies assuring £8 921,469, a record in the history of the society. This business was fairly evenly divided between the Ordinary and Industrial Departments. The society had not set itself out to acquire a large volume of business irrespective of cost. The business obtained had been written at a moderate rate of expense and great care had been taken in the selection of risks. The total income for the year was £1,889,028. Comparing this with the income 10 years ago, which was below half a million, it could *be realised what gigantic strides the society had made. In the Industrial department at the close of the year the premiums payable exceeded £20000 weekly. The claims had increased with the growth of the society, but were well within the actuarial estimates. The mortality experience continued to be in every way satisfactory. The accumulated assurance funds amounted, to £6,443,825, an increase for the year of £955,196. The assets held against all liabilities totalled . £6,708,043. The directors had continued their policy of investing freely in Government and municipal securities, and nearly 78 per cent, of the assets were now invested in securities of this class.

The society's freehold premises had been added to during the year. The chairman said that the rapid expansion of the society's operations resulted in an everincreasing demand for further staff accommodation, and that for this reason it was necessary to look well ahead - and secure suitable premises which will- provide, in the future, the accommodation needed, but thai in doing so, it would always be borne in mind that the interest return on the capital invested must be one of the main factors to be considered. Building sites had been acquired at Auckland and Christchurch (N.Z.), and' .the erection, of an eight-storey building ; for the society in Brisbane was so far advanced. that it was anticipated it would be ready for occupation early in the new year, ft was the board's intention to proceed also with the erection, at -an early date, of a building, which will be suitable and worthy of the society, at the corner of King William, and Grenfell Streets, Adelaide, on a ' site purchased some years ago at a low figure. / Attention was also drawn to the fact that in making provision for the payment of liabilities no credit had been taken in . the list of assets for either office furniture or agents', plant; neither had any overdue interest been included. There were no intangible assets of any sort appearing in the balance-sheet. The rate of interest for the year was £5 7s 6d per cent, on the mean furds. * an excellent rate considering the . - large amount invested in securities of a giltedged nature. The actuarial report disclosed a surplus of £197,648- The society was now on a net premium valuation in both departments with an assumption of three per cent, for all risk tables in the Ordinary department and 3£ per cent., throughout in the Industrial department. Comparing the assumed rate of interest with that actually earned on the society s funds, it could be seen that the society was well protected with ample reserves. The chairman claimed that there was " no stronger Life Assurance Society in Australia to-day and that policy-holders could look, forward to the future with every i confidence both as regards _ payment of their claims and bonus additions. Further increased bonuses had been allotted in the Ordinary department and also in the Industrial department on policies over 20 years in force. ' The Nursing Service had been further extended, and the society's nurses were now paying over 10,000 visits a year in the capital cities of the Commonwealth. This service had been of immense seneflt to policyholders and had also been the direct moans of reducing the society's rate of mortality. With the same idea in " view of preventing sickness where possible and of improving the mortality rate, the board had" decided to offer to all policyholders of £500 or over in the Ordinary department the privilege of a free periodical medical examination. This offer had already been announced to the policyholders through the press during the recent Health Campaigns, and the society had received numerous letters of congratulation on its progressive spirit and farsightedness in granting this further benefit to its policyholders. The board was of the opinion that the expense j incurred would be more than recompensed by the savincr or" postponement of dams ana it was hoped later oil to be able to consider a further extension of the schema. \ v . In conclusion the chairman said tot in the report there were many features tor congratulation and that he 1 was « proud to have been able to'place before the policyholders such' an excellent result ol the year's operations, the figures ~>in 'every direction having isxceeded anythii g pre* viously recorded. Appreciation a also expressed of the cervices rendered by the. ! staff and agents throughout AnEtnOia New Zealand. The motion for «i;e ' lion of the annual report, and Actuarial report. " was C& j4B| unanimously. . . y' |pr flfl