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Illustrated Guide to Christchurch and Neighbourhood

The Mutual Life Association of Australasia

The Mutual Life Association of Australasia

Was established in 1869 in Sydney, and is consequently the second oldest Mutual Life Office established in these colonies. It is, further, the first office which freed assurance from all restrictions. Its business was rapidly extended, branches being opened, first in Auckland, about fifteen years ago, and subsequently in Brisbane, Melbourne, Adelaide, and in Christchurch. The business of the office last year included the issue of 2880 policies, assuring £672,040. Its invested funds now exceed £400,000, and its annual income is over £150,000. The result of the last quinquennial investigation, on June 30, 1884, showed 10,888 policies in force for £3,020,538 (under which by a Carlisle four per cent. pure premium valuation). The present liability is £297,877, and the funds on the 30th June, 1884, £350,096. The gross surplus, therefore, exceeds £52,000, providing reversionary bonus additions of over £106,000.

The Mutual Life Association of Australasia settles claims immediately on proof of debt, and bonuses are available after a policy has been in force one year.

The Actuary's report says: — "This Association's rate of expenses is very much lower than that of any other mutual life assurance office established in these colonies within the last thirty-five years, and the results set forth prove conclusively that there has been no extravagance in its management;" and proceeds to state "that the surplus now declared is, I believe, greater in proportion to the liability than that realised from a net premium valuation by any Society in the world of the same duration."

The Directors of the Association throughout the colonies are policy holders, and have therefore an individual interest in its sound management. The limit of assurance on one life is page 214£2000. It never disputes or delays settlement. Its expenses are lower, and its funds higher than any other office established within the last thirty years. It invests all its funds in the colonies whence it derives its revenue, and its policies containing no restrictions are indefeasible from date of issue, and non-forfeitable while surrender value lasts.

The Christchurch Branch, which is the head office for this Island, is situated in Hereford-street (we give a view of it among our illustrations), and is managed by a Board of Directors, consisting of the Hon. W. Reeves, M.L.C, Mr H.R. Webb, J.P., and Dr Symes. Mr George Grill, the secretary of the Association, started the South Australian Branch in February, 1883, and in recognition of his services the Directors gave him the Christchurch appointment. On leaving Adelaide for Christchurch a few weeks ago he was presented by the officers of that Branch with an illuminated address and a silver tea and coffee service, as evidence of their appreciation of him officially and personally.

The Dunedin District is under the control of the Christchurch Branch, and its offices are at the corner of Dowling and Princes-streets.