MUTUAL LIFE ASSOCIATION OF AUSTRALIA.

New Zealand Times, Volume LII, Issue 9274, 21 April 1891, Page 3

MUTUAL LIFE ASSOCIATION OF AUSTRALIA.

The report of tho Directors of the above Association was presented at a meeting of the members, held yesterday in the principal office, Sydney. Notwithstanding the depression caused by the strikes and severe floods in several colonies the amount of now business done by the Association is represented by 2G09 policies, amounting to £032,510 Is, making a total of 10,702 policies, covering a risk of £4,290.254 14s 2d, producing an annual premium income of £147,100 14s 9d. The mortality rate has been a very light one, and much below the “ expectation,” only 93 deaths having occurred during the year, thus showing in a marked degree the care which has been exercised in the selection of lives. The Association has now entered on its 23rd year, and although the business done daring the last year is not so large as some of its younger rivals, it is satisfactory for the policyholders to know that the Directors have ever kept in view the faot that the retention of old business is better than a large display of new and unprofitable risks, Tbe balance sheet, which is an exhaustive one, deals with the expenses of the Association and the investment of its funds. Candour is tbe distinguishing mark, and every item is clearly shown. A noticeable feature is the absence of agents’ balances, loans on per eonal security, and outstanding premiums. The actuarial investigation for the allotment of bonuses will tako place on tbe 31st December next, and the Directors hope to have tho bonus certificates ready for tbe next annual general meeting in April, 1892. A new departure has been taken in reference to these investigations, tbe period now being two and a half years instead of five years, as formerly. Taken altogether the report is a very favourable one, and members may be congratulated on tho success which has attended tho efforts of the management. Mr W. T. J. Bell is the resident secretary for this island, and Mr C. J, Owen tho Wellington district agent.