T.&G. MUTUAL LIFE SOCIETY RECORD PROGRESS

Wanganui Chronicle, 22 December 1950, Page 5

T.&G. MUTUAL LIFE SOCIETY RECORD PROGRESS

MELBOURNE. Dec. 21, 1950. The 74th annual meeting of the society was held today. The chair-, man, Mr. J. T. Thompson, said: “I am pleased to report a splendid volume of new business In the life department, comprising 119,867 policies, assuring £31,511,936, a record in the society's history. The accident department issued 14,272 policies assuring £4,837,792 and accident benefits amounting to £8,030,172 were added to 27,178 life policies. This business was derived exclusively from Australia and New Zealand. Group assurance results were again very satisfactory. The subsidised group system has developed remarkably and in many orgnisations has come to be regarded by employer and employee alike as an obligation. Employers contemplating a retirement plan for their employees would be wise to apply to the society for assistance which would be freely available without obligation. Income Increased by £890,522 to £12,406,539. Payments to policy-hold-ers amounted to £4,500,059. The funds increased by £5,303,759 to £68,939.424 and are held in trust for the sole purpose of meeting all claims as they arise. In the rapid expansion of industry and development of the country's resources the investment of the society's funds plays a very important part. Of the assets, totalling £71,864,582, 78 per cent, is in Government and local body loans. The society’s home purchase plans have continued to assist policyholders to acquire their own homes. Policyholders should be proud of lhe handsome buildings ownled by the society throughout Aus- | tralia and New Zealand. The majority were acquired in pre-war days I when costs were low and the present | value exceeds by a very large sum the value stated in the balance-sheet. There is no doubt that the society’s financial position, protected by its largo reserves, is one of very great strength. A record surplus of £1,395,997 in the life department is sufficient to maintain the same satisfactory bonus scales as last year. As the society is conducted on the mutual principle, tire whole of the divisible surplus is enjoyed by the members. The accident department had another successful year and its nremium Income increased to £292.280. The results disclosed are completely satisfactory in all departments. The society, which has made remarkable progress, lias done its utmost to encourage life assurance under the voluntary system. The life societies are undoubtedly carrying out a valuable service to the community, without which the State would be faced with a very heavy load of responsibility. The year’s figures demonstrate’ faith in the voluntary system on the mutual principle and confidence in the society. Your society is one of the most outstanding and progressive life offices in the British Empire and offers excellent opportunities for hoys and girls seeking a career with interesting work rind ample scope of advancement. On behalf of the board and myself I wish Io express to all members of the field and indoor staffs sincere thanks for their loyalty as well as for their valuable services to the policyholders.’’— P.B.A.