The Sun.
London, England, 1869-10-28 00:00:00

117 118

TIIE GRESHAM LIFE ASSURANCE

SOCIETY:

ANNUAL MEETING—THIS AFTERNOON.
The twenty-first annual meeting of this society
was h€l,l this afternoon at the head office, 37,
Old Jewry ; the chair was occupied by W. IL
Thornthwaite, Esq., chairman of the board of

directors.
The CHAIRMAN, in commencing the proceedings,
called upon the actuary and secretary (F. A.
Curtis, Esq.), to read the directors' report, which
was as follows :
The directors have great pleasure in presenting to the
members their annual report of the twenty-first financial
year, terminating on the 30th of June, 1869. During the
last session of Parliament a bill was presented to regulate
the method in which life assurance companies should, in
future, furnish their accounts, and the directors Lave con-
sidered it desirable to make their report as nearly as
possible according to the manner contemplated by the
bill, as amended in committee of the House of Commons.
The. directors think that the Parliamentary form of
stating the accounts is not in all particulars the best calcu-
lated to give the most precise and intelligible information
to the public, they however adopt it in substance, adding
some explanatory detail which they deem advisable.
Among the provisions of this bill, it was required that all
items of account should be stated in gross ; that the
amount of the assurance fund should be stated without
particulars; that the invested funds should be stated in
detail; and, that at the period of the valuations, extracts
from the valuation sheets concerning the policies should be
furnished. The directors take this opportunity to place
such statements of the society's business before the members.
During the financial year ended the 30th June, 4727 pro-
posals were made for assuring the sum of £1,972,214, of
these 569 were declined and 31 postponed, for assuring to-
gether £296,461, and 4,127 were accepted for assuring the
sum of £1,675,783, with a corresponding premium income
of £64,213 9s. 7d. per annum, and policies were issued ac-
cordingly. Tho accession of these policies raised the
number of the assurance and endowment contracts to
22,479, for a total sum assured of £8,618,943105., exclusive
of bonus additions. The balance of the debits and credits
of the premium account of the year indicates a premium in-
come of £335,726 14s. Bd., including £56,640 17s. 2d. fur
new premiums. The claims by death which have been
paid during the year amounted to £109,735 10s. 10d., of
which £1,278 19s. Bd. was re-assured with other offices,
and paid by them (a list of these claims is appended to
this report) During the year 79 endowment and
endowment assurance policies completed their term, and
the sum assured, amounting to £10,038 17s. 3d. was paid.
The sum of .£24,135 17s. 9d, was expended in the pur-
chase of the society's policies from those desiring to sur-
render them. The amount of bonus paid to policy holders
was £8,447 15s. 10d. During the year, £21,588 13s. 4d.
was received by the society as purchase money for
annuities, and £19,735 Bs. 4d. was paid by the
society to annuitants. The amount received for inte-
rest on the invested funds amounted to £12,408
15s. 6d., which, added to the premium income,
makes a total gross income of £378,135 10s. 2d.
After payment of the foregcing, and all other charges for
the year, the realised funds of the society were increased
by a sum of £150,081 2s. 10d., of which £128,798 14s. Bd,
was invested in public funds. The directors, agreeably
with the plan proposed in the bill before Parliament, sub-
mit (in an appendix hereto; extracts from the valuation
sheet of 1867 concerning the policies then in force, divided
into classes, both with profits and without profits, grouped
in present ages, and showing the number of the policies,
the amounts assured, the otlice premium, the value of t'-te
sum assure 1, and the value of the offi.:a premium. Tue
graud totals contained in thu summary following these
extracts are introduced in the balance-sheet for the 30th
June, 1869, showing the position of the assurance fund at
that data. The general balance-sheet has been duly
audited by G. H. Ladbury, Esq., the public accountant,
and by Win. Whitelock, Esq., a shareholder (ou the part of
the shareholders), and by William W. Venn, Esq., the
Notary Public (on behalf of the policy-holders) and may
be had on application at the office :