PROVIDENT LIFE ASSURANCE COMPANY

Waikato Times, Volume 122, Issue 20463, 1 April 1938, Page 2

PROVIDENT LIFE ASSURANCE COMPANY

ANNUAL MEETING BIG INCREABE IN INCOME The annual meeting of the Provident Life Assurance Company, Ltd., was held at the head office of the company in Dunedin on Friday, March 25, 1938. Mr Andrew Todd presided. The report showed that policies for £1,277,138 had been issued during the year, and that the total income' had increased by £12,173 2s 2d and now amounted tq £345,060 4s. The sum of £140,836 had been paid m claims during the year, and £88,499 8s 5d had been added to the funds, which, at the end of the year amounted to £1,566,291 4s lid. The chairman referred to the' loss the company had suffered through the death of Dr. Roberts, who had been chairman of the board and medical supervisor since 1904. Mr Todd also made* reference to the resignation, through reasons of health of Mr E. E. Collier. To fill the vacant positions the directors had elected Mr T. Somerville and Mr W. Downie Stewart to the board. Before’ dealing with the report and accounts, the chairman made mention of the completion of the company’s building in Queen Street, Melbourne, reporting that considerable portion of the available' space had already been let to an excellent class of tenant. In the' ordinary branch the new and renewal premiums had increased by £5819, Mr Todd commented, while the interest receipts were greater by £1365, the net rate after deduction of tax showing an improvement of 2s Id per cent. Policyholders whose bonuses vested in 1937 would shortly receive their bonus certificates, showing a return of £2 14s per cent, per annum to life policyholders and £2 4s per cent, per annum to holders of endowment assurance policies. The premium income in the accident branch increased by £3OO, while' claims and medical fees were £1059 lower, Mr Todd continued. An increase of £3596 was made in industrial branch premiums, and the return from interest and net rents was £B9O higher. The total payments for claims was £18,636 greater than in the previous year due chiefly to larger amounts maturing. Expenses had increased by £754 only, and the ratio of expenses to premium income was reduced to 35.6 per cent. The report, balance' sheets, and accounts were adopted. The retiring directors, Mr W. Downie Stewart and Mr T. SomeYville, we're re-elected. The retiring auditors, Messrs George Blyth and Co., were re-elected, with Messrs Mac Lean and Paterson as joint auditors. The meeting closed with a vote of thanks to the directors and staff.