RECORD YEAR

Sun (Auckland), Volume III, Issue 637, 13 April 1929, Page 13

RECORD YEAR

A.M.P. SOCIETY’S ADVANCE STEADY ALL-ROUND INCREASE When the members of the Australian Mutual Provident Society took part in the 80th annual meeting held in Sydney yesterday, they had the pleasure of considering a record of business for a year that beats all previous records. This is all the more commendable because of the fact that the past activities of the society have been amazingly sound and successful and the development over a period of recent years has constituted one of the brightest pages in the record of Australian and New Zealand insurance. The new business completed in the ordinary department, including reassurances of £997,116, totalled £17,075,837, against £15.397,528 in 1927. In the industrial department, policies assuring £4,276,323 were issued, against £4,062,280 in the previous year. The total new business, therefore, was £21,352,160, compared with £19,459,808 in 1927. Claims by death in the ordinary department amounted to £2,013,764. against £1,854,749 in 3 927, and in the industrial department £ 69,506, against £59,550. In the ordinary department, the death claims for 1928 were under 56 per cent, of the amount provided for. The total of the accumulated funds of the ordinary and industrial departments has been increased by £ 4.449.554. and now stands at £72.259.237. An actuary’s report, issued with the annual report, shows a ! surplus of funds over liabilities in the j ordinary department of £ 3.064,538, ou t of which £3,005,538 is to be allotted for distribution amC -tielpat- | ing policy-holders. This will provide reversionary bonuses of about : £5,240.000. The surplus in the Indus-j trial department, which is to be dis- | tributed among participating policy- i holders, is £230,291. providing reversionary bonuses amounting to about £ 332,000. The report states that toward the [ end of the year the Commonwealth j and New South Wales Parliaments enacted amending legislation, materially increasing the taxation on life assurance offices. It was estimated j the society would be involved in the i payment of additional taxation, j amounting at the outset to approximately £150,000 a year, which would j reduce the surplus available for division as bonuses among members by about 5 per cent. The retiring directors are Sir Alfred W. Meeks, chairman, and Air. G. j M. MacArthur Onslow, both of whom i are eligible for re-election at toi day’s meeting.