Page 7 Advertisements Column 1

New Zealand Herald, Volume LXXII, Issue 22085, 15 April 1935, Page 7

THE PROVIDENT LIFE ASSURANCE COMPANY ANNUAL MEETING The Annual General Meeting' of The Provident Life Assurance Company was held in Dunedin on Tuesday, April 9, 1935, at 10.30 a.m The Annual Report showed the total New Business in the Life Departments to be £918,525 and in the Accident Branch £391,050, making a total of £1,339,575. The total premiums received amounted to £238,900 12s 6d and the total net Income to £296,884 6s lOd, an increase of £14,640 3s 7d over the Income for 1933. The amount paid in claims was £107,345 0s lOd, and the sum of £71,465 Is 3d was added to the Funds, making the total at the end of the year £1,296,333 12s 9d. The Chairman (Dr. W. S. Roberts), in reviewing the results for the year, drew attention to the fact that the improvement in figures was better than that of any year since 1930. In the Ordinary Branch an increase was shown in the New Business, the Premium Income, and the Interest receipts; the effective rate of Interest had slightly improved, and was now £4 7s Id per cent, after deducting Income Tax. Payments to Policyholders amounted to £43,068, and the actual death claims were only 60 per cent of the expected. The expense ratio had been reduced to 19.31 j>er cent of the Premium Income and 13.5 per cent of the total Income. In the Accident Branch, claims were lighter by £ll4O, while the expense ratio was 2 jx>r cent lower. Premiums in the Industrial Branch had increased by £BSOO and Interest Receipts by £630, the return after deduction of Income Tax being £4 4s 7d jier cent, a rate almost identical with that for tho previous year. All Securities purchased at a premium during the year had been written down to par. Payments to Policyholders amounted to £79,377 17s 4d, a reduction of £12,743. and, while the expense ratio showed a small increase of 4s per cent, which Was only to be expected in view of the special expenses in connection with the Valuation, tho increase in the Debit was a record for the Company. Tho Report and Accounts were adopted, and the Meeting closed with a vote of thanks to the Diiectors and staff, j At an Extraordinary General Meeting held immediately after the General Meeting it was resolved that the Company he registered under " The Companies Act, 1933," as a Company limited by Shares and that the Company's name be changed to " The Provident Life Assurance Company, Limited." — 10.4.35.—Advt.