T. AND G. MUTUAL LIFE SOCIETY

Star (Christchurch), Issue 19258, 20 December 1930, Page 2

T. AND G. MUTUAL LIFE SOCIETY

ANNUAL MEETING. GREAT EXPANSION. MELBOURNE, December 19. The fifty-fourth annual meeting of the T. and G. Life Society was held today, the Managing Director, Mr J. T. Thompson, presiding. The chairman announced that the new business comprising 142,188 policies, assuring £12,318,702, exceeded the previous year’s total by £98,992. In addition 1098 personal accident and sickness policies, assuring £721,750 were issued and 965 policies in the ordinary department were endorsed with accident benefits, assuring £1,133,985. All of this business was written in Australia and New Zealand. The total income was £3,856,035, while payments to policyholders amounted to £1,507,239. The chairman said that the assets amounting to £16,068,017 were not affected by stock exchange fluctuations. The policy of the Board lias been to invest in high grade securities, with the safety of the principal the main ‘consideration, yet the average rate of interest on the mean funds was £5 17s 3d per cent per annum. The actuary’s valuation of liabilities under policies disclosed a sound position, so that the same bonus scale is being maintained, but the chairman said that policyholders’ returns in future will be influenced largely by the extent of taxation imposed. The meeting concluded with an expression of the Board’s deep appreciation of the efficient and loyal service of the staff. 4: