The Sun.
London, England, 1867-03-30 00:00:00

British Equitable Assurance Company.

The Annual General Meeting was held on Sa-
turday last at the offices of the Company,
4, Queen-street-place, Southwark-bridge, E.C.
In the absence of the Chairman, William Gover,
Esq., who was confined to his room by illness,
Edmund Dunn, Esq., the Vice-Chairman, presided.
The Managing Director read the following re-
port:--
"The 12th year of the British Equitable Assurance
Company's history has been one of unexampled prosperity.
This is the more remarkable as the year 1866 was marked
by cattle plague, cholera, and commercial panic. The new
business effected in the year was nearly 50 per cent. greater
than in any prior year. The old business was well main-
tained. The percentage of mortality has been smaller
than in 1865 even, and has been only about three-
fifths of the tabular provision, and no death from
cholera occurred among over ten thousand assured
The panic of 1866 has not in any way affected the securi-
ties of the Company, nor has any loss been sustained in
consequence. Nor were the Company's Shares depreciated
in value by it. Not only have they never been quoted at
a discount, but they have always found purchasers at a
considerable premium whenever offered for sale ; even
when the Bank of England refused to lend upon Consols.
The Accumulated Fund has been increased during the
year by no less than £28,909, making the amount laid by
in the last three years £65,978, and now amounts to
£127,978 sterling. The Accumulated Fund has thus been
nearly douled at the end of each triennial period. In the
past three years the new policies effected wore—
Reported in No. Amount.
1865 1,650
1866 2,073 353,700
1867 2,845 501,175

Total 6,563 £1,125,611
The Now Annual Premiums of past year, £15,318.
In the four triennial periods the new policies issued were-
-Ist three years 3,196 f0r£507,060
...

2d „ 2,926 „ 494,066
3d „ 3,941 „ 629,547
4th „ 6,568 „ 1,125,611

Total 16,631 £2,756,284
So that the new business of the last three years has been
greater than that of the preceding six years.

Amount.

The policies in force this day are 11,637
The death claims and bonuses paid in the year under 67
policies amounted to £14,199. The amount paid for
death claims, and bonuses paid since the establish-
ment of the company, under 399 policies, is £64,447.
A careful valuation of the policy liabilities of the company
has been made by the company's actuary, and it was found
that a surplus of £29,092 12s. Gd. existed, £3,646 7s. 4d. of
which resulted from the premiums received on shares issued
and non-participating business, and is the property of the
shareholders, and the remaining sum of £25,446 55. 2d. is
applicable to the mutual department. It is recommended
that the sum of £3,646 7s. 4d., being the profits on the non-
participating business, be capitalised, making altogether to
the credit of the sharoholdorss' profits account £9,196
13s. 5d., and that in future 4s. 4d. per share per an-
num be paid, in addition to the original interest, on each
share having the first call paid up. It is also recom-
mended that out of the profits in the mutual
Department a reversionary bonus of lf per cent. per
annum up to the 31st day of December last, from the date
of the last division of profits as to policies which partici-
pated in any previous division, and as to any policies
which did not so participate from the Ist of January next
following the respective dates of such policies, be de-
clared on all policies in the mutual department effected for
the whole term of life, dated on or before the 31st of
December, 1864, which shall be in force on the Ist day of
April next, and on other business entitled to participate
in a due proportion to be settled by the actuary, and
that the remainder be carried forward to fifth di-
vision of profits. This will lay the foundation for
an increased dividend at future triennial periods.
The company has lost by death its esteemed auditor,
Samuel Beddome, who was elected at the formation of the
company, and filled the office until his decease. The board
elected Mr. Deputy Obbard his successor, to hold office
until this meeting. The large extension of the company's
business having necessitated a removal to more commodi-
ous premises, the house, No. 4, Queen Street-place, has
been purchased on advantageous terms. It is admirably
adapted for the further extension of the company's busi-
ness, both from its central situation and ample accommo-
dation. The policy-holders, who responded so well to the
appeal to introduce now members last year, are requested
to get a new policy-holder each in 1867. It is a matter of
great encouragement that in tho never to be forgotten
year 1866 such solid progress has been mad 3 by the British
Equitable Assurance Company."
The MANAGING DIRECTOR then addressed the
meeting. Ho said adverse years tried institu-
tions as well as men, and test both their prin-
ciples and their management. Through such
a year they had just passed scathless. More
than that, each of the calamities of the year
1866 had been taken advantage of, and had
directly contributed to the great success of the past,
which was their most successful year. When the
cholera was impending, ho advised the board not
only not to interrupt the current of the ordinary busi-
ness of the company, but to stimulate new business
to the uttermost. That course was adopted. The
new business obtained exceeded all expectation.
The mortality had been three-fifths only of that
provided for by the tables, and although they had
over 10,000 assured lives in their books, by the
blessing of Providence they had not lost a single life
by cholera. The panic of 1866 was probably the
most alarming financial crisis in the memory of
living men. It rudely shook the strongest and best
managed institutions of the day, but the British
Equitable Assurance Company was one of the very
few companies whom the shock left wholly unhurt.
On the Black Friday itself, when the funds had
reached their lowest price, we invested £lO,OOO in
Consols, and shortly afterwards we purchased at a
moderate price, a good bargain, the very noble,
commanding and commodious premises in which
they met that day. So he thought he might say that
even the panic itself did them good and no harm.
The new business was nearly half as large again as
that of any prior year. The body of their policy-
holders had been increased by the addition of over
2,800 new policy-holders, and they now had 11,637
policies on our books. The amount assured had
been increased by new assurances for over half-a-
million pounds sterling. The new business reported
in 1865 was larger than that of most companies, viz.,
1,650 new policies, assuring £270,736. That re-
ported in 1866 was 2,073, assuring £353,700 or 35
per cent. greater tLau in 1865, and now we report in
1867, 2,845 new policies, assuring £501,175, which are
nearly 50 per cent. greater than that reported in 1866.
No foreign lives were included in this large amount
of business, except, of course, those of the few
policy holders who had emigrated. A searching
and thorough audit had taken place, and the deeds
and securities of the company had been very care-
fully gone through by the auditors, who had ex-
pressed their warm satisfaction with what they
were pleased to term the " admirable bookkeeping"
of the company. And while on the subject of the
audit, it was his painful duty to advert to the loss
the company had sustained by the death of their
esteemed auditor, Mr. Samuel Beddome. He was
elected auditor when the company was formed, and
performed his duties, so important, until his last
illness. He thoroughly approved the principles and
the working of the society, and was gratified by the
position the company had attained. It afforded
him great pleasure to name as his successor a gen-
tleman who stood high in the Corporation of the
City of London, an able man of .business, and ono
well qualified for the office, Mr. Deputy Obbard.
After the report declaring the division of profits
was adopted by the meeting, the calculation rela-
tive to the allocation of the share to each policy
would have to be made, and as there were so many
thousands of policies effected, the calculation
would not be completed before the 30th September
next, about which day each participating policy-
holder would be expected to receive a letter
stating the amount of his profits. To sum up
the result of 1866 they turned half-a-million
in the amount assured by new policies in the
year. They had just upon turned two millions of
business in force in the year. They had passed a
satisfactory fourth division of profits in the period,
and they had passed through a year of panic and
pestilence with unchecked and satisfactory progress.
The policy-holders have well responded to the ap-
peal made at the last annual meeting. In some
cases we have secured, through the exertions of the
policy-holders, ten new policy-holders in place of
one ; they must not however relax their efforts, but
with renewed zeal in the year 1867 eclipse all they
have formerly done.
The report was unanimously adopted.