T. & G. MUTUAL LIFE SOCIETY

Wanganui Chronicle, Volume 89, Issue 299, 19 December 1945, Page 3

T. & G. MUTUAL LIFE SOCIETY

OUTSTANDING PROGRESS Melbourne, Dec. 18. The 69th Annual meeting of the Society was held to-day. The Chairman, Mr. J. T. Thompson, said: "The New Business comprised 108,597 Policies, Ordinary and Industrial, assuring 115,241,045, which compares with £13,485,325 for 1944 and £10,654,229 in 1943. In the Accident Department the total was £3,388,051. These figures provide ample evidence that the Society has enlarged its phere of activity and increased its popularity.

The Income increased to £8,323,930, nearly double the amount for 1935, and compares with £2,415,197 in 1925, indicative of the Society’s remarkable growth. Payments to Policyholders amounted to £3,530,934, the largest total ever recorded. The Funds increased to £46,921.392, a record increase of £3,095,553. These Funds represent the accumulation of premium payments augmented by interest earnings, less claims, expenses and reserves, and are held in trust for the purpose of meeting the Society’s liabilities to its Policyholders. Contributions to War Loans exceed £20,700,000. The value of co-operation to the economic structure has never been more effectively demonstrated than during the last six years when the subscriptions of the Life Assurance Societies to the cost of financing the war amounted to a huge total. This was made possible by the collection of a very large number of small payments from individual members. One can only conjecture as to the difficulties which would have confronted the Treasurv if these funds had not been available. The Actuary’s Report discloses a surnlus of £896,882. after transferring £lOO,OOO to the Investment Reserve. The Bonus Scales of Participating Whole Life and Endowment Assurance Policies are being increased in the Ordinary Department from 30s to 50s per £lOOO Sum Assured, while in the Industrial Department the increase is at least 25%. The Scale for Participating Pure Endowments will be maintained.

With Government Loans and taxes on a reduced scale and with more buying freedom as relief from rationing is given, it is imperative in my opinion that, if inflation is to be arrested, as much as possible of the surnlusage of purchasing power be diverted into Life Assurance. As a means of stemming inflationary tendencies. Life Assurance has a special place in the National Economy, particularly during a period of reconstruction, and deserves the encouragement of all Political Leaders, Economists and business men.”

The Chairman, after extending the sympathy of the Board to relatives and friends of those who had made the supreme sacrifice, expressed appreciation of the efficient service of the Staff.