A.M.P. SOCIETY.

Waikato Times, Volume 113, Issue 18926, 21 April 1933, Page 6

A.M.P. SOCIETY.

EIGHTY-FOURTH ANNUAL REPORT. VERY SATISFACTORY RESULTS. The 84th annual report of the Australian Mutual Provident Society for the 12 months ending December 31 last is referred to in an advertisement of the society in this issue. The report, as usual, discloses very satisfactory results. New r assurances were effected during the year totalling £10,351,026 in the ordinary department and £3,259,301 in the industrial 'department. The amount paid to members or their representatives for the year was £5,540,825, making the amount paid since the establishment of the society £109,121,924. Cash bonuses were £2,495,363 in the ordinary department and £259,751 in the industrial department, which is an increase on last year’s figures in both departments, yielding reversionary bonuses oi' £4,255,000 and £357,000 respectively. The total assets have increased to £89,681,219, whilst the special reserves have been increased to £2,350,000, The total business in force on the books of the society (original sums assured and bonuses) has increased from £260,698,1 17 to £263,451,027. The valuation of the liabilities under the whole of the society’s policy contracts has been baaed on an interest rate of 3 per cent, per annum. In other words, it is assumed that 3 per cent, interest only will be realised in the future on the society’s funds. This, together with the fact that the special reserves have been maintained and increased and the society’s office premises and. -other assets have been further' written down, makes the society’s position impregnable. The society has over £16,000,000 invested in New Zealand, and all New Zealand claims, bonuses, etc., are payable in New Zealand currency. Taxes payable have increased from £702,377 to £822,230, and hut for this fact the bonuses payable to members would have been larger. The report may he characterised as a most satisfactory one, considering t,ii e unfavourable conditions under which the results have been achieved, and the society is to be complimented on the fullness with which it publishes its operations.