NATIONAL MUTUAL LIFE.

Otago Daily Times, Issue 18453, 14 January 1922, Page 6

NATIONAL MUTUAL LIFE.

YEAR OF GOOD PROGRESS. “Very .good progress for the year ” was the report made to the members of the National Mutual Life Association of Australasia, Limited, at the 52nd annual general meeting, which was held in the National Mutual Melbourne, on 21st December. The chairman of directors (Mr Andrew Newell), who presided, said, in moving the adoption of the annual report and balance sheet: “Although conditions during our last financial year, which ended on 30th September, were not altogether favourable, the report before ns to-,day shows, that the association has .made very gobd progress since our last annual ‘meeting. But there are some significant facts which do not appear on the surface to which I will direct your attention to enable you to appreciate the progress we have made before I ask you to adopt the report. We issued during the year new policies assuring a little more than five and a-half millions. This amount is an unusually large proportion, of the business in force for an office of the age of the National Mutual, and it has been exceeded only on two occasions in its history. It consists entirely of what is known as ordinary, as distinguished from industrial, ' business. We do not transact the latter class of business. , ! INCOME. Our income from premiums And interest amounted to £2,518,202, and this is £176,148 greater than the previous year’s income. The amount of interest received is equal to '£s 4s 5d per cent, of the mean'. funds. -.The death claims under policies, £339,124, were £17,970 more than the 1920 total, .but as the average amount at .risk was increased hf three and a-half millions they represent a lower rat© of mortality, 8.12 per thousand, which is the lowest, we have experienced since 1913. Indeed, excepting 1920, the amount of claims is actually lore than in any year, since 1915, notwithstanding tjiat the amount of risk is now more than fifteen millions greater than it was in that year. The other payments to policy-holders for endowments matured, etc., amounted to £513,197, or £62,174 more than the previous year’s payments.'’ The expenses of all kinds were £11,921 less than in 1920, although the income was £176,148 greater. The net jresult of the year’s transactions, is, an addition of £1,342,955 to the assurance fund, which now . amounts to £15,101,355. The amount added ’is £108,924 greater than in any previous 'year. A PROUb POSITION. ‘-These facts justify the statement that we have made very good progress the year. The principal changes 6n the assets side of the balance sheet are increases of £436,076 in Government securities, representing amounts contributed to commonwealth loans—this item now stands at £6,079,332—0f £170,579 in loans to policy-holders on the security of their policies, and £312,597 in cash in hand and oh deposit, due to the receipt of some large amounts shortly before the close of the books. The total available has since been permarfently invested. Op the other side of the balance sheet the principal change is the x reduction of the amount due on war bonds from £885,000 to £413,000.' Tl/e comparisons submitted are principally with the year 1920, but to appreciate fully the growth of the association we must take a longer view. Looking back over a period of five years we find that ouf annual income has been increased since 1916 by £847,000, or more than 50 per cent., and our assurance fund has been increased by £4,973,000.' “ I hope the mass of figures T have put before you will not be confusing. They se,emed to me necessary to convey a proper idea of the development of the association. After yon have, digested them -yon will find they contain proof of the remarkable growth not only in the size )mt also in strength of our institution.” The motion was carried unanimously, having 'been seconded by Mr Waller Madden, who said that although the year financially had not been good the association had done well from an insurance point of view, as the figures showed.— (“Hear, hear. 1 ’) There being no other nominations. Messrs W. Madden, E. Trenchard, and G Swinburne were elected to the directorate, and Messrs H. C. Tudehope and W. M. Jarvie to the position of auditors. The district office of the National Mutual Life Association is situated at Liverpool street, and the district manager is Mr W. Anderson. 1