RECORD FIGURES

Te Awamutu Courier, Volume 53, Issue 3846, 16 December 1936, Page 7

RECORD FIGURES

T. AND G. MUTUAL LIFE SOCIETY. SIXTIETH ANNUAL MEETING. MELBOURNE, 11th Dec., 1936. The sixtieth annual meeting of the T. and G. life Assurance Society was held to-day. The chairman, Mr J. T. Thompson, announced that the new business in the ordinary and industrial departments comprised 180,220 policies assuring £15,228,499. The whole of this new business was secured in Australia and New Zealand, and constituted a record in the history of the Society. The accident department issued 27,356 policies assuring £7,616,447, and in addition 9,923 policies in the Ordinary Department were endorsed with Accident Benefits. The Total Income amounted to £5,004,192. The Accident Department Premium Income showed a phenomenal increase of 49 per cent over the previous year’s total. Claims and other payments to policyholders were well within actuarial expectations. The Assurance Funds increased by £2,194,847 a new record. The rate of interest earned on the mean funds increased slightly to £4-11-5 per cent'. Of the total Assets £25,407,810, no less than 63.8 per cent, had been invested in Government, Municipal and other Public Body Securities, yet the Society had a Reserve Fund of £564,499 chiefly held to cover general contingencies. The Actuarial Report disclosed a surplus of £BlO,lOl which, after reserving £50,000 for actuarial contingencies and for certain extra benefits, is to be distributed in the form of Reversionary Bonuses. After furnishing some comparative figures illustrating the rapid growth of the Society in recent years, the Chairman said that he was confident that the Society’s expansion would continue, also that conditions of trade were now so good that the Directors were justified in looking forward to further success in the ensuing year.