A.M.P. SOCIETY

Otago Daily Times, Issue 26780, 25 May 1948, Page 7

A.M.P. SOCIETY

RECORD NEW BUSINESS INSURED In their annual report, the directors of the Australian Mutual Provident Society state that during 1947 the new business computed in the ordinary department, including reinsurances of £942,775, comprised 89,024 policies, insuring £53,270,494, and 1604 annuities for £100,919 5s per annum. In the industrial department, 96,392 new policies were issued, insuring £8,250,061. The total sum insured, £61,540,555, is the largest amount completed in any one year of the society’s history. The stability of the business has been well maintained, there being in force 685,887 policies insuring £410,023,261 (after deduction of re-insurances) in the ordinary department, and 1,301,413 policies, insuring £83,346,788, in the industrial department. The total of the accumulated funds in the ordinary and industrial departments now amounts to £173,322,816, which includes £4,250,000 in the investment and contingencies reserve. The society’s investments in various loans to the Commonwealth and States of Australia, New Zealand and other dominions, Great Britain, and local government and other public bodies amount to £139,067,203. The actuary’s report shows a surplus of £3,705.629 in the ordinary department, out of which £3,640,229 is to be allotted for distribution among the participating policy holders. This will provide reversionary bonuses of slightly more than £6,000,000. Tire surplus in the industrial department is £416,478, providing reversionary bonuses amounting to over £530,000. Taxation in the two departments combined amounted to £573,708, against £647,693 fo r 1946.