PROVIDENT LIFE ASSURANCE COMPANY.

Otago Witness, Issue 2818, 18 March 1908, Page 68

PROVIDENT LIFE ASSURANCE COMPANY.

The annual meeting of shareholders of the Provident Life Assurance Company was held on the 13th instant. Dr W. S. Roerta presided, and 4-725 shares were represented. The report stated that the premiums re* oeived durrng"the year amounted to £19,322 2e 4d, being an increase of £1901 over the premium income of 1906. The claims, including surrenders, aggregated £4375 2s sd. The oompany continued to earn recognition for prompt and liberal claim settlements, and numerous testimonials from all parts of the Dominion had been received in acknowledgment. Seven thousand five hundred and ninety new policies had been introdnoed during the year for the assurance of £188,938 0s 7d. The cost of collection of premiums amounted to £2561 13s, or 13.25 per cent. The total expenses of management amounted to £2916 2s 3d, or 15.08 per cent. Tb© whole of the new business expense account for the current year had been written off, also the eutn of £258 3s lOd off the stationery and office furniture account. The funds amounted to £26,333 2s, and the assurance fund now stood at £21,133 2s, the latter showing an increase of 24-85 per cent. The directors recommended the usual payment of interest by way -A dividend at the rate of 5 per oent. upon the paid-up capital of the company. The directors had with much regret to record the loss by death during the year of their colleague the Hon. W. M. Bolt. Mr Bolt evinced great interest in the company's affairs, and was a valued member of the board. Mr J. C. Ponsonby has been called to the board to fill the vacancy. The retiring director was Mr A. M. Sidey, and the auditor (Mr George Blyth) also offered himself for re-election. The directors again desired to express their appreciation of the excellent services rendered by the office and field staff throughout the year. The Chairman, having referred with irreat regret to the death of the Hon. W. M. Bolt, said that the year just closed had been characterised by steady progress. The premium income had risen from £17,430 to £19,332, and this increase had been obtain 3d at a moderate expenditure in new business charges. Claims were somewhat in excess of last year's total, but in 1906 their claim settlements were exceptionally light, and it was to be remembered that they had now a greater sum at risk. Expenses of management showed a reduction of nearly 1 par cfnt. which was evidence that the company was being prudently and economically managed. A very considerable addition exceeding that of last year, had been added to th* funds, which now amounted to £26,383. The new policies introducedi numbered 7590 for a total assurance of £188,933, and satisfactory a* this was, the management confidently expected to impww vpon these figures during the year they had now entered upon. The general manager (Mr W M. Krrkcaldy) was at present in England engaged in important work which should have the effect of largely extending the business of the oompany. Before moving- the adoption of the report and balanco sheet, he wished to express his great satis-, faction with the work done by botJi branches of the staff. The report and balance sheet w«re adopted. _, <*• 3 \ The retiring director (Mr A. M. Sidey) was re-elected, and Mr George Blyth was re-elected auditor. \ vote of thanks was accorded to the staff, to which Mr Donald Cargill suitably responded. ______^^___—.