COMMERCIAL.
United Press Association—Per FJectrio Telegraph—Copyright. SYDNEY, February 27. The annual meeting of the Citizens' Life. Assurance Company was held to-day. The report, which was adopted, showed that new assurances for £1,036,500 were completed in the ordinary branch, and thatr the funds at the 31st December. 1905, amounted to £1,538,372, the gross income for the year being £219,265. Further great savings have been effected in working expenses, the industrial branch- alone showing a reduction of nearly 12 per cent, for.the last two years. *The ordinary, branch expense rate is 13 per cent.,, and the combined expense rate (ordinary and industrial) 24 per cent, of the total income. The valuation report, shows that the reversionary bonus' to policy-holders for the year will be higher than previously, ranging from £3OO to £l5O per cent, of sums assured, according to the table and age of the policy. The total surplus is £50,645. The retiring directors were re-elected.
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Bibliographic details
Timaru Herald, Volume LXXXIII, Issue 12911, 28 February 1906, Page 5
Word Count
154COMMERCIAL. Timaru Herald, Volume LXXXIII, Issue 12911, 28 February 1906, Page 5
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