A.M.P. SOCIETY

Timaru Herald, Volume CXXV, Issue 18539, 9 April 1930, Page 7

A.M.P. SOCIETY

The eighty-first annual report of the Australian Mutual Provident Society, covering the twelve months ended 31st December last, discloses a very satisfactory record. New assurances affected in the ordinary department amounted to £15.107,915. This was less than those written in the previous year, which, however, included a special amount of £1,270,000 in connection with the New South Wales local bodies assurance scheme, but the 1929 total is in excess of the average for the previous five years, and is highly satisfactory. The net increase of business in force, after allowing for voids of all description is once more exceedingly good. New business completed in the industrial department amounted to £4,383,916, creating a further record for the department, £107,593 in excess of the previous year.

The total funds of the Society increased during the year by £4,519,818, and now amount to £76,779,055. The surplus available for distribution in the ordinary department amounts to £2,941,005, which will provide reversionary additions of about £5,130.000. whilst industrial department policy-holders will have a sum of £211,584 divided amongst them, producing reversionary additions of about £309,000. Payments to policy-holders or their representatives during the year totalled £5,107,729 in the two departments. The rate of interest realised on the mean funds increased from £5/3/5 per cent, to £5/14/4 per cent., whilst the expense rate, including taxes, in the ordinary department, showed a decrease on the previous year. Taxation, however, increased from £165,862 to £320,177.

The report may be characterised as a most satisfactory one, especially in view of the unfavourable conditions under which the results disclosed have been achieved, and the Society is to be complimented upon the fulness with which it publishes its operations. ...