THE A.M.P. SOCIETY

New Zealand Herald, Volume LXXV, Issue 23026, 2 May 1938, Page 5

THE A.M.P. SOCIETY

PAST YEAR'S RESULTS VOLUME OF NEW BUSINESS The directors of the Australian Mutual Provident Society in their animal report to December 31 last state that the new business completed in the ordinary department was £24.176,655. and in the industrial department £7,551.041. These sums represent an increase over the corresponding sums assured for 1936 of £2,300,631 in the ordinary department and of £1,447,618 in the industrial department. Claims by death in the ordinary department amounted to £2,807,623, including £1,068,793 for bonus additions, alter deduction of amounts which had been reassured. Endowment and endowment assurance policies matured amounting to £1,023.464, including £513,993 for bonus additions. Policies assuring £5,099.219 and annuities amounting to £7BBO became void from other causes. Claims by death and maturity in the industrial department amounted to £1,101,513. The total of the accumulated funds of the ordinary and industrial departments has been increased by £5,225,625, and now amounts to £108,411,880. The society's investments in various Government and local authorities' loans in Australia, New Zealand and other Dominions, and Great Britain, amount in all to £64,412,328. The rate of interest realised on mean funds was £4 7s 5d per cent. The actuary's report shows a surplus of funds over liabilities in the ordinary department of £3,054,782, out of which £109,899 is to be carried forward and £2.944,882 is to be allotted for distribution among the participating policyholders. This will provide reversionary bonuses of about £5,076,000. The surplus in the industrial department, which is to be distributed among participating policy-holders, is £32< ,884, providing reversionary bonuses amounting to about £435,000. In the ordinary department, commission, expenses of management, and taxes absorbed respectively 6.47, 7.64, and 3.82 (a total of 17.93) per cent of the premium receipts, the corresponding percentages for 1936 being respectively 6.17, 7.85, and 3.62 (a total of 17.64). . . , Taxation paid during the year in the two departments combined amounted to £306,217. against £280,249 a year ago.