T. AND G. LIFE SOCIETY.

New Zealand Herald, Volume LXI, Issue 18891, 13 December 1924, Page 9

T. AND G. LIFE SOCIETY.

ANNUAL MEETING. FURTHER SUCCESS. MELBOURNE, Dec. 12. Tho Annual Meeting of the Australasian Temperance and General Mutual Life Assurance Society, Limited, was held to-day. The chairman, Mr. J. T. Thompson, reported rocord rosults in all departments. New business for the year amounted to 128,811 policies assuring £9,612,483. - This huge total was obtained by the efforts of the society's organisation in Australia and New Zealand and was evidence of the popularity of the T. and G. and of the increasing consciousness among tho public of the imperative necessity of life assurance. In tho ordinary department 19,928 .policies wore issued assuring £4,368,741 and in the industrial department 108,881 policies for £5,243,742. In each department tho average imm assured bad shown an increase over the previous year.

Tho total income for the year had passed the two million mark, tho exact figure being £2,144,139 This was more than doublo tho income of tho society five years ago. Claims under endowment and endowment assurance policies matured amounted altogether to £171,502. Death claims amounted to £153,800. Tho actuary reported that these claims were well within actuarial expectations. The assurance funds amounted to £7,516,749, tho increase for the year being £1,072,924, which is tho highest increase ever niado in any one year Tho board had continued its conservative policy of investing largely in government a-ud. municipal securities, tho safest and best form of investment for tho funds of the policy-holders. Of the total assets, £7,903.490, no less than £6,189,356, or over 78 per cent, of tho total, had been invested in securities of this class. Loans on freehold mortgages amounted to £431,348. All of these loans were in good condition and the security in every case was ample for tho amount of loan on the books.

Regarding the freehold premises account, the chairman stated that the. now Brisbane building had been completed in January last to the entire satisfaction of tho board, and that since then a commencement had been made with a ten-storeyed building on one of the best sites in Adelaide, at the corner of King William and Grenfell Streets. The society had also acquired a building site in Wellington, New Zealand, and it was proposed" later on to erect thero a structure worthy to rank as tho chief ofneo for the society in New Zealand. It would not be long before the society owned its own premises in all the chief cities and would then be independent of the vagaries of landlords. The chairman reported that in the list of assets no credit had been taken for such items as furniture and plant and that no intangible assets of any sort appeared in the balance sheet. The rate of interest earned on tho mean funds for tho ye?vr was £5 8s per cent., which was a higher rate than that obtained for many years past, a most satisfactory result considering tho gilt-edged naturo of the society's assets.

Tho actuarial report showed that the stringency of tho valuation had been maintained. In tho ordinary department it had been found possible to increase last year's reversionary bonus scale for the " new" series of whole life and endowment assurance policies. Tho chairman made particular referenco to the society's special services to its policyholders. For many years there had been a non-forfeituro principle in operation in tho ordinary department but it was not so generally known that, some years ago, although not a policy condition a special system of lien revival had been applied in the industrial department. This simple and inexpensive method of reviving lapsed policies had been very iargely availed of. Last year advances to pay premiums up in this way were made on 21,880 policies to the extent nf £17,000, while of the claims settled last yoar in the industrial department 3704 policyholders had taken advantage of this system, without which the policies could not have remained hi force. The T. and G. nursing service—a service which the society was the first to introduce in Australia, had continued to Srow, approximately 12,000 visits having een paid to policyholders last year. Apart from the immediate saving of claims,_ the lessons in hygiene and preventive medicine will undoubtedly influence the future rate of mortality. The periodical medical examination service had also been largely availed of and some direct instances had come under notice where an early claim had by this means been avoided. The savings effected paid for the cost of tho service many times over; In conclusion tho chairman said that the splendid results achieved had been made possible by the magnificent, work of the staff, both oiitloor an in or, throughout Australia and New Zealand and that the board thoroughly appreciated the wonderful loyalty and untiring efforts of every member of the organisation. The motion for the adoption of the annual report revenue account and balance sheet and actuarial report was carried unanimously.