T. AND G. MUTUAL LIFE SOCIETY.

Star (Christchurch), Volume XLIV, Issue 301, 19 December 1931, Page 9

T. AND G. MUTUAL LIFE SOCIETY.

Annual Meeting. FINANCIAL STRENGTH. MELBOURNE, December 18. The fift\'-fifth Annual Meeting of the T. and G. Life Society was held to-day. The Managing Director, Mr J. T. Thompson, presided. The Chairman announced that the New Business comprised 136,826 Policies, assuring £10,453,176. In addition, there were issued 2600 Personal Accident and Sickness Policies, more than double the number for the previous year, assuring £1,381,650, and 4397 Policies in the Ordinary Department were endorsed with the Accident Benefits assuring £1,272,106. The Total Income increased to £3,908,292, while payments to Policyholders amounted to £1,697,297. There had been a reduction in the expense rates. The Total Assets of £17,110,588 were all soundly invested and were of a nature not subject to Stock Exchange fluctuations. The average rate of interest on the Mean Funds, excluding unpaid and overdue interest, was £5 16s lid per cent per annum. Additions to Reserves included £IOO,OOO written off Properties and a transfer of £150,000 to Contingency Funds. The Actuarial Report disclosed a strengthening of the basis of valuation by adopting a 3 per cent Net Premium rate throughout. Provision was made for Contingencies and for Bonuses and other benefits, and £81,135 was carried forward.

The Meeting ended with an expression of the Board’s appreciation of the loyal and efficient services of the staff.