T. AND C ASSURANCE

Wanganui Chronicle, Volume 83, Issue 290, 8 December 1939, Page 3

T. AND C ASSURANCE

LAST YEAR’S BUSINESS The directors of the Australian Temperance and General Mutual Life Assurance Society, Ltd., in their report for the twelve months ended September 30, 1939, state that the new business completed in the ordinary department comprised 29,684 policies, assuring £8.516.271, and £2404 5s 8d per annum of annuities (the amount includes short term assurances under “income assurance” policies), and in the industrial department 120,700 policies, assuring £5,539.086. In both departments 150,384 policies, assuring , £14.055,357, were issued. In the accident department it. 673 personal accident and sickness policies, assuring £5.123.481, were issued during the year, and, in addition. 6406 policies in the ordinary department were endorsed with accident benefits, assuring £1.221.094. The premium income amounted to £4,741.794, and the interest income to £1.408,137, making a total of £6.149.931, an increase of £306.991 over the previous year’s total. Payments to policy-holders amounted to £2.476,694. as compared with £2.161.358 for the previous year. The funds have increased by £2,340.-[ 742 to £31.593.453, comprising £16.222,527 ordinary department funds. £15.189.639 industrial department funds, and £181.287 accident department funds. The interest rate for the year on the mean funds was £4 12s 6d per cent., as compared with £4 12s 5d per cent, for the previous year. The assets now amount to £32,416.1.32. of which £18.004,831, or nearly 56 ■ per cent., is invested in Government. | municipal and other public body securities. ; The mortgages have increased to 26.1 per cent, of the total, the inI crease being largely attributable to i the assistance given to policy-holders and prospective policy-holders in acquiring their own homes. The book value of the society’s buildings has been reduced by £21,200, charged to the revenue account as depreciation. No credit has been taken in the balance-sheet for overdue ini terest or for agents’ balances, plant, furniture, printing and stationery, and other non-interest bearing assets. The actuary’s report shows that the same conservative bases of valuation were again used this year, and, after providing for all liabilities and reserves for special purposes, a surplus of £934.843 was disclosed. The greater portion of this surplus, after setting aside £50.000 for actuarial contingencies and after providing for certain extra benefits, is to be distributed in the form of reversionary I bonuses to participating policy-holders 1 and the balance carried forward. The accident department continues i to show satisfactory improvement, the ! premium income having increased to £154,257. The actuary reports that, after making ample reserves for unexpired risks and contingencies, he is able to recommend the granting of extra benefits.