T. AND G. ASSURANCE

Wanganui Chronicle, Volume 79, Issue 280, 26 November 1936, Page 11

T. AND G. ASSURANCE

RECORD YEAR REPORTED. A record year is reported by the directors of the Australian Temper ance and General Mutual Life Assurance Society, Limited. The new business completed in the ordinary department for the yeai ended September 30, comprised 32,78£ policies, assuring £9,021,359 and £532c 12s 4d per annum of annuities (.the amount includes short term assurances under “income assurance" policies), and in the industrial department 147,431 policies, assuring £6,207,140. In both departments 180,221 policies, assuring £15,228.499, wen issued. This aggregate new busines; constitutes a record in the history o; the society, and exceeds the figures o: the previous year by 10,525 policiei and £1,438,097 of assurance. In the accident department 27,35( personal accident and sickness policies assuring £7,616,447, were issued during the year, and, in addition, 9923 policies in the ordinary department were endorsed with accident benefits, assuring £1.698,777. The premium income amounted tc £3,929,041, and the interest income tc £1,075,151, making a total of £5,004,192, an increase of £436,260 over the previous year’s total. Payments tc policy-holders amounted to £1,667,265 as compared with £1,376,413 for the previous year. The funds have increased to £24.627,353, comprising £12,054,363 ordinary department funds, £12,477,517 industrial department funds, and £95.47." accident department funds. The addition to the total funds of £2,194,847 is the largest yet recorded by the society in any one year. The interest rate for the year on the mean funds was £4 Ils 5d per cent., exclusive of overdue interest, an increase of 8d per cent, over last year’s rate. The assets now amount to £25,407,810, of which £16,203,829, or 63.8 per cent., is invested in Government, municipal and other local securities. No credit nan oeen taken in the balance-sheet for overdue interest or for agents’ balances, plant, furniture, printing and stationery, and other non-interest bearing assets. The actuary’s report shows that the same stringent bases of valuation were again used this year, and, aft°r providing for all liabilities and reserves for special purposes, a surplus of £BlO,lOl was disclosed. This surplus, after setting aside £50,000 for actuarial contingencies, and after providing for certain extra benefits, is to be d.stributed in the form of reversionary bonuses to participating policy-holders. * The accident department continues to show satisfactory improvement, the premium income having increased from £80,963 to £120,692, an increase of 49 per cent. The actuary reports that, after making ample reserves for unexpired risks and contingencies, he is able to recommend the granting of extra benefits. The all-round results of this, the diamond jubilee year of the society, have been in every way satisfactory. The new business written, growth in income, increase in funds, and surplus have all exceeded everything previously recorded.