H.—33

Sess. 11.—1879. NEW ZEALAND.

AUSTRALIAN MUTUAL PROVIDENT SOCIETY (REPORT AND RETURN OF THE).

Laid before both Houses of the General Assembly, pursuant to Section 38 of " The Life Assurance Companies Act, 1873."

The directors have again the pleasure to report that the new business transacted in the year just closed has exceeded that of the preceding one. During the twelve months ending 31st December, 187S, there have been received 8.504 proposals for Bums amounting to £3,273,057, of which 2,655 were declined, withdrawn, or not completed, amounting to £1,097,145, leaving 6,209 proposals accepted and completed, assuring £2,175,942. This business includes 310 non-participating policies, assuring £72,186. The new premiums amount to £74,816 6s. 3d., of which £1,684 13s. represents single payments. The following is a summary of the business effected: —

Claims have arisen under 239 life policies by the death of 209 members, amounting to £118,953 9s. 7d., including £13,278 9s. 7d. for bonus additions. Sixteen endowment assurances have also matured, amounting to £7,807 18s., including £1,757 18a. for bonus additions. The accumulated fund now stands at £2,019,187 17s. 9d., showing an increase of £349,295 15s. 9d., the balance of receipts over disbursements during the year. A summary of the policies discontinued in the past year appears in the following table : —

The number of policies issued since the establishment of the Society to the 31st December, 1878, is 46,314, assuring £17,570,0G3, of which 11,090 have been discontinued, leaving 35,218 existing policies, assuring £13,392,121. The annual income from premiums amounts to £457,079 18s. 6d. ; from interest to £104,278 lls. ; making the total annual revenue of the Society, £021,958 9s. Gd. The actuary is proceeding with the sixth quinquennial investigation of the Society's affairs preliminary to a distribution of profit among the members. Although there are in force more than

Number of Policies. Sum Assured. Single Premiums. Annual Premiums, .ssurunce hidowmenl .nnuity 6,020 '85 4 £ 2,148,692 27,250 £191 9s- 4 (1per annum. £ »• d. 483 18 o 53° 15 o 670 o o £ »• d. 71,858 6 10 1,261 19 9 11 6 8 Total ... 6,209 2. > 75,942 1,684 '3 ° 73>'3' »3 3 1,684 13 ° Total New Premiums £74.8i6 6 3

Assurance Policies. jlicies. Indowmer it Policies. Annuity Policies. How Discontinued. No. Sum Assured. Annual , -vPremiums. Sum Assured. Annual Premiums. Amount of I Annual No. Annuity per ; p remium ,_ Annum. !y death or maturity surrender forfeiture 255 144 937 £ i",725 76,775 .V9.925 £ »• d. 4,223 o 11 I 58 2,642 12 6 39 10,226 10 o j 28 £ 9.'5O 4.150 4,200 £ «• d. 508 18 2 2'3 15 1 182 4 8 5 £ s. d. ; S o o o ! £ s. d. Total 1.336 508,425 17,092 3 5 , "5 5 50 o o 17.500 904 17 11