Page 5 Advertisements Column 1

New Zealand Herald, Volume LXXV, Issue 23002, 1 April 1938, Page 5

PROVIDENT LIFE ASSURANCE COMPANY ANNUAL MEETING BIG INCREASE IN INCOME The annual meeting of the Provident Life Assurance Company, Ltd,, was held at the head office of the company in Dunedin on Friday, "March 25, 1938. Mr. Andrew Todd -presided. The report showed that policies for £1,277,138 had been issued during the year, and that the total income had I increased by £12,173 2s 2d, and now amounted to £345,060 4s. The sum of £140,836 had been paid in claims during the year, and £58,499 8s 5d had been added to the funds, which, at the end of the year, amounted to £1,566,291 4s lid. - V ' The chairman referred to the Toss the company had suffered through the death or Dr. Roberts, who had been chairman of the board and • medical supervisor since 1904. Mr. Tpdd also made reference to the resignation, through reasons of health, of Mr._ fci. E. Collier. To fill the vacant position!, the directors had elected Mr. T. Somerville and Jlr. W. Downie Stewart to the board. „ , Before dealing with the report and accounts, the chairman made mention of the completion of the company s building in Queen Street, Melbourne, reporting that a considerable portion of the available space had already been, let to an excellent class of tenant. In the ordinary branch the new anct renewal premiums had increased by £SSI9, Mr. Todd commented, while tfta. interest receipts were greater by £1365, the net rate after deduction of . tax showing an improvement of 2s Id per cent. Policyholders whose bonuses vested in 1937 would shortly receive their bonus certificates, showing a return of £2 14s per cent per annum to life policyholders and £2 4s per cent per annum to holders of endowment - policies. v The premium income in the accidovvfc branch increased by £3OO, while cla'.ma and medical fees wore £1059 lower. Mr. Todd continued. An increase of £SS|)S was made in industrial branch premiums, and the return from interest and net rents was £B9O "higher. The total payments for claims was £18,|336 greater than in the previous year <:lus chiefly to larger amounts maturing. Exnenses had increased bv £754 orilv, and the ratio of expenses to premium income was reduced to 35.6 per cent.;. The report, balance- sheets, and uccomits were adopted. ■ ' The retiring directors, Mr. W- - Downie Stewart and Mr. T. Somerv2l.jp. were re-elected. - . The retirinc; auditors. Messrs. .&eoi'Eo : Blvth and Co., were re-elected, wen • Messrs. MacLeau and Paterson as joint 1 81 The 1 meeting : closed with a | J thanks to the directors and