The Press.
London, England, 1854-12-16 00:00:00

pROFESSIONAL LIFE ASSURANCE
COMPANY, 76, CHEAPSIDE, LONDON.
The following letter has been addressed to the Share and Policy
I lolders.
PROFESSIONAL LIFE ASSURANCE COMPANY.
76, Cheapaide, London, 20th Sept., 1664.
Sir.—The Directors having been constrained, by the indisposi-
tion and subsequent retirement of their late Actuary, Mr. Baylis,
to confide to other qualified Actuaries the first periodical inves-
tigation of their business, in conformity with the tegulstions of
the deed of settlement, have, after much anxious consideration,
intrusted the execution of this important duty to Peter Hardy,
Esq. (Actuary of the " London Assurance Corporation "),
Jenkin Jones, Esq. (Actuary of the " National Mercantile Life
Assurance Society"), and J. G. Farrance. Esq. (Actuary of the
" City of London Life Assurance Society "), assured that the ac-
knowledged talent, eminent position, great experience, and high
character of those gentlemen would be a guarantee for the accu-
racy of their deduction
The result of their jot 161, comprised in the Rep srt and
Balance-sheet delivered to ti., . ,stors (a copy of which I have
now the honour to submit), will, i think, be perused by you with
satisfaction, as clearly exhibiting the solidity and prosperity of
the Institution. The Directors feel, however, that the result
of past operations, though affording a fair indication of the
future, ought not to be relied on as a law from which there can
be uo possible variation to provide against, and consequently
they do not hesitate to adopt the recommendation of such com-
petent authorities, by abstaining at present from intrenching
upon the funds of the Institution, and deferring until the next
quinquennial period to make any auldition to the investments
of its members, convinced that in this they consult not only the
security of the Office, but the best interests of every policy and
share holder; and that a deviation from this principle of safety
to a course, however strongly supported by an apparent expe-
diency, would but endanger th 3 .security it must be the object of
all to maintain. In this view the Director% believe their nume-
rous proprietary and policy holders will concur ; and, supported
by such concurrence, and by the active co-operation of their
numerous and influential staff of agents, British and Colonial,
they proudly and confidently predict for the Institution a career
of prosperity exceeded by no existing Office of a similar age and
character.
That the expenses incurred by the management in introducing
and popularising the comprehensive principles of the Institu-
tion have been great, the Director* are free to admit, but with
what result?—
The acquisition of a proprietary exceeding fifteen hundred
persons;
The appointment of upwards of five hundred agents in this
kingdom, and highly important and remunerative representatives
in—
Australia, the Cape of Good Hope, Bermuda, the United
States of America, Nova Scotia, New Brunswick, and the
Canades, (be. etc.;
The acquisition of upwards of three thousand three hundred
policies;
The realisation of a rapidly increasing revenue, now exceeding
25,0001. per annum;
And a fund available for future profits and expenses of
23,3471. 3s. 6d.
This result having been attained, the Directors expect to di-
minish on many important points the expenses of management,
and that without circumscribing or impeding in the remotest
degree the steady progress of the Institution. In evidence of
this I may remark that, whilst the Premiums upon Policies
effected from the Ist of January to the Ist of September, in the
year 1c53, were 3,5471. Is. Bd., the amount received in the current
year in a corresponding period has been 4,7091. 16s. 4d., exhi-
biting a steady and highly satisfactory progress, which increasing
age and public confidence, a judicious and vigorous manage-
mart, supported by the hearty co-operation of a phalanx of
Assurers, Shareholders, and Agents, can but augment, and at
a comparative early day succeed in placing the Institution in a
proud and prominent position amongst its compeers.
I remain, Sir, your most obedient servant,
B. MASSEY, Secretary.
TO THE CHAIRMAN AND DIRECTORS OF THE " PRO-
FESSIONAL LIFE ASSURANCE COMPANY."
London, August 28th, 1854.
Gentlemen,—ln pursuance of your instructions, conveyed to
us in a letter from your Secretary, Mr. Massey, dated the 22nd
of June last, of which the following is a copy, we at once com-
rnenJed a careful and minute investigation into the financial
condition of the " Professional Life Assurance Company," on
or at the 31st of December, 1853, and a valuation of all its out-
standing risks and liabilities at that date.
"PROFESSIONAL LIFE ASSURANCF, COMPANY.
"Offices, 76, Cheapside. London,
" 22nd June, 1854.
emen,—l have the pleasure to inform you that, in con-
sequence of the resignation of our Actuary, Mr. Baylis, from
indisposition, the Directors conceive it of the highest importance
that a prompt and thorough investigation of the Company's po-
sition and valuation of its existing Policies be made, in order
that the conditions of their deed of settlement, respecting the
first septennial declaration of bonus may be strictly complied
with. For this purpose the Board will be happy to avail them-
selves of your professional experience, as the Executive in this
investigation, convinced that in your hands the interest and
integrity of the Institution will be amply protected. Should
you feel disposed to accept this reference, I shall be prepared to
furnish you with all the necessary data for the commencement
of operations.
"I remain, Gentlemen, your obedient servant,
(Signed) " B. MASSEY, Secretary.
" To Peter Hardy, Esq., Actuary of the ' London Assurance
Corporation.'
"Jenkin Jones, Esq., Actuary to the ' National Mercantile Life
Assurance.'
"G. J. Farrance, Esq., Actuary of the ' City of London Life
Assurance Society."
During the progress of our labours we have received very able
and courteous assistance from your Secretary, Mr. Massey, and
also from Mr. Winter, your Accountant, and the other gentle-
men connected with your establishmeut, iu getting out the
balance chest, and classifying the vita lone and numerous risks;
and we have now the honour to report the completion of our
complicated and laborious duties, which have been rendered the
more so in consequence of the limited time in which we were
required to complete the valuation.
Having, after mature consideration, resolved on the adoption
of what we believe to be a fair and equitable, but, at the same
time, liberal plait of valuation, we have rigidly adhered to those
principles throughout the entire investigation.
The results are given in full detail in the balance-sheet
annexed.
From the various financial returns which have been made to
us from the Office, we find that, after making an ample reserve
to meet the future liabilities of the Company, there appears to
be a balance in its favour, amounting to 23,3471. Is. 6d., sufficient,
in our opinion, to meet all proper expenses of management:
and hereafter, together with other sources, and a contemplated
reduction in future expenditure, to afford at the next quinquen-
nial period a fair profit to the Shareholders and a fair bonus to
the Assured.
It is not to be expected of any Life Assurance Society, in
these days of active competition, that a large divisible surplus