The Press.
London, England, 1855-08-25 00:00:00

LIFE INS'

REPORT OP THE DIRECTORS, JULY, 1855.

In laying before the General Meeting the Annual Balance
Sheet and Accounts, the Directors congratulate the mem-
bers of the Society upon the steady and continuous
success which has attended its operations. These
accounts show in detail the transactions of the Society,
including all Payments and Receipts during the year end•
ing the 30th of June, 1851, and the amount of new busi-
ness effected during that year and the present, terminating
upon the day on which this meeting is held.
In the year ending ISM, Policies, to the amount of
162,1441. 13s. 7d., became claims, by reason of the deaths
of the assured, and this sum (together with 33,3721.5 a. 9d.
bonus thereon) was paid by the Society. Policies insuring
to the amount of 28,9951. were also surrendered by the
holders, and purchased by the Society for the sum of
5,2881. 38. 10d., and Policies were discontinued by assured
parties to the amount of 44,1791. 9s. By these means the
policies in force were decreased to the aggregate amount
of 235,3191. 2s. 7d. On the other hand, 609 new
Policies, insuring 313,5691. 7s. 3d., were granted at an
annual premium of 10,1871. 15s. 7d., making an increase
in the insurances in force of no less than 78,2501. 4s. Bd.

On the large amount of Policies discontinued, the
entire premiums deposited became the property of the
Society.

During the present year (for which the accounts are not
as yet fully made up) the details, whether as regards the
finances of the Society, or the mortality which has existed
among its members, will not, the Directors believe, be
found greatly to differ from those of the preceding year.
An extensive new business has been transacted, although
not to the same amount as in the former year,—a fact
fully accounted for by the pressure of the war. The new
Policies are 587 in number, insuring the sum of
275,1831. 10s. 2d., at an annual premium of 9,3351. Os. Id.
These are, however, exclusive of annuity Policies, of which
46 have been issued, securing annual sums, immediate or
contingent, to the extent of 1,6261. 18s. 11d., in considera-
tion of the payment of 15,5421. Os. I Id. In the preceding
year the corresponding amounts were 1,6441. 13s. 5d., and
18,0061.95. 3d.
During the two years, over which the present report
ranges, new insurances, therefore, have been effected for
the large sum of 588,752/. 17s. 5d., at an annual pre-
mium of 19,5221. 15s. Bd., and annuities granted for the
sum of 3,2711. 12s 4d., for a considerati3n of 33,5481. 169.2 d.
The present year not being one in which a bonus is to
be declared, no valuation of the contingent liabilities under
insurance or annuity contracts has been entered into ; but,
even without such a valuation, the Board are of opinion
that the accounts are such as to speak for themselves, and
assure the Policyholders of the stability and prosperity of
the Office.
On the 30th of June last, the Policies in force were
8,510, insuring 5,402,0151. 19a. Id., for the whole duration
of life (including bonuses already declared ), and 383 for
short periods and upon special contracts, the total possible
liability on all classes being 5,821,5671.85. 3d. This amount
represents in effect an aggregate of 7,059 separate contracts,
such being the number of the assured lives, of which many,
being contingent only, can never become claims ; and the
residue will become payable during an extended period,
commencing with the present time, and reaching beyond
the limits of the nineteenth century. On the other hand,
the accumulated capital is no less than 2,195,2711. 7s. 11d.,
and, in addition, the Society possesses an income arising
from premiums, interest, and dividends on monies in the
public funds of 237,4041. It must be obvious to any man
of business inspecting these figures (although not possess.
ing the technical skill of an actuary), that they not only
guarantee the security of the concern, but present a con-
siderable margin of profit to parties holding Policies for
the whole duration of life, the only class entitled to share
in such profit.
In making this Report, the Board are desirous to im
press upon the members, that in a purely Mutual Insu-
rance Office, like the Norwich Union, the interest of every
insurer is directly dependent upon its general prosperity,
and that it is to the efforts of their coinsurers that they,
the Directors, look for support and assistance. Unaided
by the general body, the most careful management and
energetic agency can be only partially successful. In a
proprietary company it is usually compulsory upon the