THE SOUTHERN CROSS ASSURANCE COMPANY, LIMITED

Southland Times, Issue 25548, 16 December 1944, Page 3

THE SOUTHERN CROSS ASSURANCE COMPANY, LIMITED

(Incorporated in Australia)

Annual Report THE Twenty-third Annual General Meeting of The Southern Cross Assurance Co. Ltd., was held at the Head Office, Melbourne, on the 13th November. The Chairman and Managing Director (Mr A. Aubrey) stated that throughout the five years of World Conflict the Company had shown progress, and the accounts to 30th June, 1944, reveal a marked improvement over any other yearly period. The main features were as follows:— NEW BUSINESS: Sums Assured £814,747, a small reduction on the previous year, but in keeping with the Board’s decision of restricting New Business. The premiums received, £34,734, were in excess of last year. RENEWALS : Renewal Premiums received increased by £16,984 to £184,171. INTEREST: The nett interest rate increased to £5/4/3 per cent, and the amount received now stands at £52,264. LIFE DEPARTMENT: Total income increased by £20,823, from £250,367 to £271,190. Funds increased by £64,000, and the consolidated total is now £i,06v,35U. GOVERNMENT LOANS: Increased by £59,535 during the year and now is £220,095. CLAIMS: During the year many War Claims were paid. Maturities paid were £78,539. The payment of the Maturities released the Actuarial Liabilities in connection therewith. The total amount paid to policyholders since the inception of the Company is now £1,407,392. EXPENSES: The expense ratio shows a further reduction and has since 1941 been reduced by 14%. OVERSEAS BRANCHES: Progress was again shown in both New Zelaand and South Africa and thanks were extended to all Directors and staff responsible for this state of affairs. The Report was adopted. 42