PROVIDENT LIFE ASSURANCE COMPANY.

Otago Witness, Issue 2975, 22 March 1911, Page 3

PROVIDENT LIFE ASSURANCE COMPANY.

ANNUAL MEETING. The annual meeting of shareholders of the Provident Life Assurance Company was held in the company's head office, Provident Buildings, Dunedin, on the 15th. Dr W. S. Roberts, chairman of directors, presided, and after the annual report tnd balance sheet had been taken as read, moved their adoption. In reviewing the figures in the report ;.he Chairman stated that it gave him £reat pleasure to announce that the new business written for the year (13,310 policies for £435,000) constituted a record, .jeing £84,000 more than in 1909. They were now within measurable distance of writing half a million a year, and ha hoped that this would bo done with practically no increase in the expenses. The total income had increased bv £5557 6s \d over that for 1909, and it was interring as well as encouraging to note tat the income was nearly 80 per cent, greater than that of 1907, while the funds in the three years had increased by over 100 per cent. The claims paid showed inly a moderate increase over those for 1.909, and were again well within the expectation. A total of 438 were paid during )he year, chiefly in the Dominion, whera jhe claims for the last two years had jveraged over one a day. The new business in the ordinary branch had shown a satisfactory increase of 25 per cent, over the figures for 1909. Thanks to their existing organisation, they were able to conduct the business very cheaply, and, although their premiums, were the lowest in the Dominion, their expense ratios (oa new and renewable premiums) were as moderate as those of any other company. The average rate of interest at which the funds were invested during the year had shrown a satisfactory improvement of 1$ per cent. In conclusion, the chairman complemented the general management and the entire staff on the excellent results for the year. The motion was seconded by Mr A. Bathgate, who heartily congratulated the management_ on results attained, and carried unanimously. Messrs A. M. Sidey and Andrew Todd also spoke in terms of praise of the management. The retiring directors, Messrs A. M. Sidey and Andrew Todd, were re-elected, and Mr George Blyth was re-elected auditor. The proceedings terminated with a vote of thanks to the chairman.