PROVIDENT LIFE ASSURANCE COMPANY

Southland Times, Issue 21660, 23 March 1932, Page 8

PROVIDENT LIFE ASSURANCE COMPANY

The Annual General Meeting of the PROVIDENT LIFE ASSURANCE COMPANY was held at the Head Office of the Company, Dunedin, yesterday, Dr. W. S. Roberts being in the chair. The Report showed the total New Business completed to be £318,896 in the Ordinary Branch, £476,794 in . the Industrial Branch, £579,270 in the Accident Branch—a total of £1,374,960. The Premium Income for the year was £219,371 10/10, while £58,628 7/10 had been received for Interest and Fees, the Net Income for the -year showing an increase of £2412 16/5 over that for 1930. The sum of £89,581 2/4 was paid in claims, and £80,317 8/was added to the Funds, which amounted, at the end of the year, to £1,119,235 8/11. In moving the adoption of the Report and Balance Sheet, the Chairman referred at some length to the reduction in interest rates in Australia, explaining that Life Offices were unduly penalised under such schemes. In spite of the great difficulties caused by the depression, the Company was showing excellent results for the year. In the Ordinary Branch the new business completed was greater than in 1930, and the premium income (omitting non-recur-ring items) also showed an increase. Death Claims were £2500 lighter, but the total payments to policyholders had increased by £4500. The expense ratio had been reduced by 1 per cent. In the Accident Branch the premium income had been maintained, while the claims were less by £2500. The experience would have been still more favourable but for the unfortunate calamity in Hawkes Bay in Februar-' last; the losses there, however, had been comparatively light, and were under £lOOO. In the Industrial Branch the premiums were less than £lOOO below those for 1930, while 'interest receipts had increased bv £l3OO. The Chairman explained that all expenses in connection with the purchase of important premises in Sydney last year had been written off. The Company now had suitable headquarters in Australia, and he was satisfied that the investment would prove a profitable one. The amount paid in claims was £11,300 higher than in the previous year, but nearly £9OOO of the increase was due to maturities. The expenses , had been reduced by £6400 and the expense ratio by 4 per cent. The thanks of the directors were due to the management and staff, whose efforts had resulted in such satisfactory figures being presented to the meeting. A Special resolution was passed increasing the number of Directors from four to five, and Mr E. E. Collier was subsequently elected a Director of the Company. The report and accounts were adopted, and, after several shareholders had expressed their appreciation of the results, the Meeting closed with a vote of thanks to the Chairman. —19/3/32.