VERY SATISFACTORY

Waipukurau Press, Volume XXX, Issue 99, 3 May 1935, Page 3

VERY SATISFACTORY

A.M.P. SOCIETY 86th ANNUAL REPORT The 86th annual report of the Australian Mutual Provident Society, for the year ending 31st December last, is now in course of issue and we have been favoured with a copy. The report reveals an extremely satisfactory position and gives continued proof of the absolute impregnability of this - gueat mutual institution. iThe total new business effected during* the year’ was £13,731,667 in the ordinary department anil £4,229,807 in the industrial department, an aggregate increase of £2,345,395 over the previous year! These figures reflect the trend of the times and the gradual return of increasing prosperity, as well Is a general recognition of the great value of life assurance. Payments totalling £6,203,141 were paid in 1934 either to members or their representatives, making the amount since the establishment of the Society over £126,000,000. The cash allotted for bonus additions to policies for the year was £2,701,222 in the ordinary department and £288,312 in the industrial department, the reversionary bonus equivalent to these amounts being £4,5'77,000 and £390,000 respectively. These figures represent a cash increase of £122,092 over the previous year’s results, and in the ordinary department show a return to policyholders of 47.0 per cent of the participating premium revenue received. We understand that the individual bonuses to be allotted will, generally speaking, be at a slight- . ]y higher rate than those granted for gMfce past two years. cash bonuses allotted by the Society since its inception now amount to £60,297,859 in the ordinary department and £2.808,686 in the industrial department. The total assets of the Society have increased to £97,352,519 and the business in force on the books, inclusive of bonus additions, now totals £297,001,012, a netlt increase for the year’s transactions of £9,487.367. The Society estimates its liabilities under the whole of its policy contracts on the assumption that an interest rate of only 3 per cent per annum will be realised in the future. As, however, a rate of £4 8/2 per cent has been realised for the ipast year, it is apparent that a very strong reserve is thus creaited. In addition, the Society’s office premise's together with other assets have been further written down, the book value showing at a figure far lower than the present market value off the securities. (By the pursuance of a policy of care-

ful judgment in ithe investment of its funds, security of capital being always the first consideration, the A.M.P. has built up or itself the enviable position of being considered by leading life assurance authorities as, perhaps, the most successful life office in the world. The (Society has £17,500,000 invesited in New Zealand and over 166,000 poll cies are now in force on its Dominion registers. It is particularly gratifying to observe that because of the reduction in. Austral Tan taxation the Society has been called upon to pay £455,894 less in that connection than in 1950 and New Zealand policyholders would be justified in hoping that the Government will soon see fit to follow the Australian lead in its treatment of Life Assurance Companies. The report, as usual, has been prepared with that meticulous thoroughness for which the Society has always been famed and bears evidence of the fact that the Society has kspt abreast of the times in the conduct of its affairs. Expenses are well controlled and kept -down to an absolute minimum to the very definite benefit of policyholders. The Society is to be congratulated on the remarkable progress it continues to maintain, and the fact 'that it is in a position to publish such a satisfactory report of its past year’s operations will, by reason of the important part that the A.M.P plays in the financial life of the Dominion and its people, be received with general pleasure and satisfaction.