PROVIDENT LIFE ASSURANCE COMPANY.

New Zealand Herald, Volume LXVII, Issue 20517, 19 March 1930, Page 9

PROVIDENT LIFE ASSURANCE COMPANY.

(Published by arrangement.)

- ANNUAL GENERAL MEETING. The annual meeting of the Provident Life Assurance Company was held at the head office of the company, Dunedin. on Friday, March 14. The report showed the new business completed in the ordinary branch to be £331,052, and in the industrial branch £704,240, making a total issue of £1,035,292; the total premiums received amounted to £208,076 Is Bd, an -increase of £11,440 2s 2d, while the total income, including annuity consideration, amounted to £260,152 7s 2d, an increase of £16,552 15s 3d. The sum of £55.566 2s 6d was paid in claims during the year, while £95,263 4s 7d was added to ths funds, making their total £953.782 14s 4d. The chairman, Dr. W. S. Roberts, in . the course of his remarks, said that, considering the very difficult conditions, particularly in Australia, they had everv reason to be well satisfied with the re- a suits. In New Zealand alone, tlie new business had never been exceeded. In his opinion, life assurance should not be adversely affected in times of depression, since v a policy was a gilt-edged security which did not depreciate in value. Dealing with the figures in the revenue account in detail, the income from the ordinary branch had increased bv £6700. and the funds had yielded the satisfactory rate of £5 16s 3d per cent. Claims were lower—those arising through : death being nearly £3OOO less than in 1928. The expense ratio remained unaltered, and the cost of procuring the business worked out at the extremely low rate of £2 7s 4d per £IOO. In the accident branch ihe premium income had increased by £IBOO and the claims by £6OO. After making liberal provision for unexpired risks, the branch showed a profit. The new business in the industrial branch was £24,000 greater than in the previous year, and the debit increase had only once been exceeded. The increase in the income was £'3ooo. and the funds showed a return of £5 13s s_d per erit. Death claims showed a reduction of in the sums assured, while maturities were onlv £2OO more than in 1928. .. The chairman concluded his remarks bv eulogising the loyalty and zeal of the staff at head office and at' the branches. Mr. Sidey, in seconding the motion, said he had visited several of the company's branches, and was most impressed, by the spirit of optimism. ' _ The report as adopted, and the meet-' ing closed with a vote of thanks to the chairman. —Local manager: A. O. Hois- ' pool, 28, Shortland Street.