The Sun.
London, England, 1851-05-15 00:00:00

SUN, LONDON,

NATIONAL LOAN FUND LIFE

ASSURANCE SOCIETY.

--~--

The annual general meeting of this society was
held yesterday at the London Tavern, Bishopsgate-
street ; Mr. Lamie Murray in the chair. The meeting
was very numerously attended. _ _

The proceedings were opened by reading the di-
rectors' report, in which also was embodied the report
of the actuary appointed to inspect the affairs of the
society annually. Ttie auditors' accounts were also
read. The following is the report :
NATIONAL LOAN FUND LIFE ASSURANCE

SOCIETY.
TWELFTH ANNUAL MEETING.
" The directors have much pleasure in meeting the
proprietors on the recurrence of the annual general
meeting.
" As irCicated in the last annual report, the business
of the society has continued to incr. ase rapidly. The
year ending Nov. 30, 1849, exceeded constdersbly its
pri cl.cessor in the amount of new business, and the
y, ar just closed shows a corresponding excess upon the
last. Iu the two years the aggr. gate of new business
am..unts in policies to 2:074, and in premiums to
33,803/. 7.5. Id., so that, in short, half the present in-
come and liabilities of the society is the work of the last
two years.
" The claims paid in the past year have considerably
exceeded any former year. This has not so much arisen
from any great excess in the number of casualties over
the (xi), etatien, but from the average amount of the
claims. being gr. ater by 10,i 181. than the general
average of the society. The mortality experienced in
the previous year was extremely light, so that on the
two years the expectation has not been exceeded.
‘. With a view of affording the proprietors an insight
into the present position and future prospects of the
society, the directors submit to them the report of Mr.
Woolhouse, the society's actuary, on the completion
of his annual investigation of its affairs, which,
whether viewed in respect to the society's actual state
or its gathering magnitude, cannot fail to give satis-
faction.

" The following is Mr. Woolhouse's report:—
" London, Bth May, 1851.

" Gentlemen,—Having completed the annual valua-
tion of- the affairs of the National Loan Fuud Life As-
surance S ciety, in accordance with the deed of settle-
ment, after having been engage,i upon the same for the
last four months, I now,. in pursuance of your instruc-
tions, bvg to lay before you a statement, in a concise
form, of the more important results of that investigation,
with such details as may convey an adequate knowledge
ottle pre3ent resources and future prospects of the
society.
" The affairs of the society, calculated up to Dec. 1,
1850, may be stated thus:—
Amount of investments, together with
pre sent value of income from annual
premiums ,„. X 1,030,882 14 0
Present value of. liabilities on all as-

surances, annuities, &a., including
paici•up capital 926,821 17 2

Balance ... £104,060 16 10
" Of this balance I recommend the sum of 78.3861.
Bs. id. to be reserved for future profits, and one-third of
the remainder, after.reserving 30 per cent. of the same,
will enable you to distribute to policy-holders a cash
bonus of 14 per cent., and a reversionary bonus in addi-
tion to the sums assured; varying according to age,
&c., from 20 to 48 per cent. on the premiums of poli-
cie3 on the profit scale, and of five years standing; and
to the proprietors a bonus of 3f per cent., in addition to
the regular interest of 5 per cent.
"'The amount of claims on life policies payable by
the society, will depend not only on the number of
deaths, but also on the comparative amounts of the as-
surances upon which they may happen to fall, and,
although averaging favourably throughout a lengthened
period, must, as compared with the average, be ex-
pected to fluctuate considerably from year to year. The
apasetejeetarefhcalsabiteeesnpuenifda,vovaizr., able in this respect. The
m
exp• station, according to
the tab1e5,35,57 641.
10,2
Bs., exceedsot.;w htihiee
the, total sum of 136,7151. 14s. paid ou claims from the
commencement of the society to the end of the same
year, is less than the tabular mortality by 10,1521. It
is satisfactory at the same time to be able to state that
,here is every probability that the current year will be
favourable in respect of the claims upon the society,
judging from the moderate amount of new claims up to
the prest.nt time.
" Up to the end of the year 1850 the total number
of policies in force amounts to 4.314, and the annual
income arising therefrom to 63,590/. 81. 4d., covering
as,ursnces, including whole life, term, and miscellaneous
policies, to the extent of no less than 2,072,6881.
." The successful progress of the society is plainly
indicated in the following statement of the amounts of
annual income on existing policies at the end of the re-
spective years, viz.:— _ _

- 1846 ....£39.747 15 1
1847 ... ... 42,749 3 3
1848 ... ... • ... 45.103 2 4
1849 ... ... 54,496 15 2
1850 ... ... 63,590 8 4
The new business, from the end of the year up to the
present time, amounts to 342 policies, assuring 177,2091.,
and producing an additional income of 6,0901. 13s. 2d.
" • Although the society was first established at the
end of the year 1837, the business originally transacted
in the earlier years, covering nearly two-thirds of the
whole period, was comparatively small, and the greater
part of ,the pelicies then issued have since become lapsed,
discontinued, and surrendered on purchase. The number
of life policies issued to the end of 1846 was 3,400; of
this number there now exist but 1,441. In the last tour
years the number issued was 3,157, of which 2,578 are
in force. The . number • issued in the last two years
amounts to 2.074 In the last sear the number of policies
issued is 1.056, and the annual premiums thereon amount
to 15;5351. 6s: 4d. Thus the great mass of the policies
in force appertains to the latter years; in fact, tabeut
one-half of the policies have been issued daring the last
two years, so that, in respect of the existing business and
present liabiliti, s of the socie.y, it is .in the same posi-
tion as if it had been of very recent origin.
" The sum put down for preliminary expenses will,
on this present division, be reduced to 1,5331 Os. 11d. ;
and the reserved portion of the divisible surplus will, in
another year, more than wholly extinguish this item,
after which the successive amounts so reserved will
accumulate in the formation of an additional gua-
rantee fund, as provided in the deed of settlement, and
thus contibute to further consolidate the stability of the
society.—l sm, Gentlemen,

" Your moat obedient servant,
" W. S. B. VVOOLHOUSE, Actuary.
" To the Directors or the National Loan Fund

Life Assurance Society.'
" The directors have now, after an arduous labour,
and at some expense, placed in a state of efficient opera-
tion three distinct centres of management, via., New
York, the British North American Colonies, and France,
under the direction of chiefs of skill, experience, and
energy, and the superintendence of local boards of high
a suiting.
"From each of these centres a sclisupporting busi-
ness has already sprung up, which may probably equal,
if not in some instances surpass, the business under the
itiemodate superintetdence of the head office itself.
Dusing the past year the Actuary submitted new
tables of premiums, for the purpose of facilitating the
operation f the principle or the office in making loans
on its own policies to the extent of one-hall the pre-
miums paid, and without any ether security than the
simple endorsement on the policy itself.
" The same principle r qiially applies to the re-pur-
chase of a policy at a fixed price. 'I he facilities which
this plan affords are already making a saiiitactury im-
pression on our business.
In addition to the directors who go out of office by
rotation, and who are candidates for re-election, the
directors have sought to strengthen the position tif the
society by proposing for election five other proprietors
of wed-known local influence, and all of whom have
been proprietors since the origin of the society.
" The directors have adopted the recommendation of
the Actuary in respect t,i the present division of profits.
Thu following table prepared by him exhibits ex-
amplra of the bunnies to which the holders of policies
of upwards of four years' standing have become entitled,
with the option of receiving the same in cash, or by ad-
dition to their policies, or in permanent reduction of an-
nual premiums.