FIRE INSURANCE

New Zealand Mail, Issue 1732, 10 May 1905, Page 50

FIRE INSURANCE

MUTUAL LIFE ASSOCIATION OF AUSTRALASIA.

The thirty-sixth annual meeting of the Mutual Life Association of Australasia was held on Monday last, Ist May, at the society’s principal office in Sydney, Mr F. T. Mumphery, chairman of directors, presiding. The annual report up to 31st December last showed that a prosperous year had been experienced. During the twelve months 2777 policies were issued lor sums amounting to £638,798, of which £SOO was reassured. The single premiums on this new business amounted to £675 3s, and the annual premiums receivable thereon to £27,588 18s 7d. Twelve annuity bonds we re granted for (per annum) £BB3 14s Bd, the consideration received for these being £9471 12s 6d. Renewal premiums amounted to £195,2.66 16s Gel, and are £12,564 11s lu. more than in the preceding year. The invested funds, £1,808,774 Is lid, show an increase of £100,174 10s lid, and the effective rate of interest realised thereon was £4 9s per cent. The year 1904 having concluded the eighth quinquennium of the company’s operations, Mr R. D. Miller, actuary, presented a report for the past five years. This showed, on a strict basis of calculation, that the association had at. 31st December last a net liability of £1,728,398. The amount of funds at that date was £1,868,774; deducting the net liability above, £1,728,398. tho gross surplus is shown, to be £140,376. He recommended that the following special reserves be made :—To allow for early payment of claims, £5290; to allow for expenses and future bonuses on limited payment and paid-up assurances, £10,533: together £15,823; leaving a net surplus of £124,553. To this must be added the interim bonuses paid since last declaration, £17,442, making the total net surplus £141,995. Tho "actuary recommended that the above sum of £124,553 be now divided among members on the hooks as at 31st December last. This will yield reversionary bonuses amounting to £230,000. The general manager, Mr J. C. Remington, stated in his report for the past quinquennium that the proposals received were 13,556 for £4,549,050 3s 4d: 965 of these were declined for £247,205, 3298 remained incomplete for £860,144 13s 4d, and the policies issued were 14,293 for £3,441,698 10s. Adding these new policies to those in force at 31st December, 1899, deducting all discontinuances, and adding reversionary bonuses vested in the sums assured, the result is that the policies in force at 31st December, 1904, were: —22,900 assurances for £6,105,352, 1699 enudowments for £299,909, and 136 annuities for £9599.

The Wellington offices of the company are at the corner of Feat hers ton and Brandon streets, and Mr C. A. Richardson is local secretary.