The Sun.
London, England, 1861-03-18 00:00:00

ASSURANCE FUND.

Dr.
To balance, Jan. 1, 1860,
consisting of--
Funded property £732,481 0 3
Loans on policies 6 72,955 10 0
Mortgages
Life interests
Reversions
Cash on hand and on de-
posit
96,081 8 1

Balance from general account

£1,911,777 8 6

CR.
By Terminable Annuities, Sale of Stock,
&c £272 0 3
Balance, Dec 31, 1860, consisting of
Funded Property £728,418 15 8
I,,,ans on Policies

Mortgages
Life Interests . 65,818 0 3
Reversions
Cash on hand and on.de-
posit
£1,911,505 8 3

£1,911,777 8 6
Number of proposals received
Policies issued 505
Proposals declined
- Not completed .. 60
Sums assured by new policies £374,835
Amount of new premiums
Total premiums
Number of policies remaining in force
at end of each year 8,471
Amounts assured thereon £6,697,572
Amount of bonus outstanding £609,568
Total liabilities £7,307,140
Invested capital ..
Claims accrued were :—On 128 policies. assuring 105
lives in the sum of £134,900, including bonus.
Out of the 128 policies determined by death in 1860, 109,
assuring £96,618, carried £21,953 bonus.
- - -

_ .
The CHAIRMAN said, in compliance with the
expressed wish of the shareholders at the last an-
nual meeting, the directors now presented in print
to the meeting the statistical account for the past
year, which was usually given from the chair. It
would perhaps be recollected that at the last annual
meeting, in rendering an account of what had been
done during 1859, he begged the members to bear
in mind that that was the year after the declara-
tion of a bonus, which was always more prosperous
than the other years of the five—that it was, in
fact, ari exceptional year, and must be treated as
such. Experience had proved that that view was
correct, although the year 1860 was an unfavour-
able one for life assurance, owing to profits being
small, the price of provisions high, and an in-
creased income tax, all of which militated against
life assurance, yet it would be found on inves-
tigating the accounts, that it had on the whole
been a very successful year to that office.
During the past year they had issued 501 poli-
cies, assuring the sum of £374,835 ; and the new
premiums amounted to £13,036. These policies
were made up as follows :—ten of £5,000 ; two of
£4,000 and under £5,000; ten'of £3,000 and under
£4,000 ; thirty-two of £2,000 and under £3,000 ;
ninety-seven of £l,OOO and under £2,000 ; 132 of
£5OO and under £l,OOO ; and 218 all under £5OO.
The greater portion of these policies had been
effected on the participating principle, which, as
the members had al weiys been told from the chair,
was the most profitabl:e mode of assurance. Mort.
over, almost all of tlhem had been effected at the
head office, and not at the country offices. Some
of the new societies offered enormous commissions
to agents, and it was not to be expected that such
persons would come tl kere for 5 per cent. when they
could get 10 per cent,, and even more, elsewhere.
The society could not afford to pay such high rates
for agency. As they had no class interests, no
proprietary, and stood upon their own intrinsic
merits, it was very satisfactory, he thought, to
know that during the past year they had issued no
less than 501 policies... On the other hand, 128
policies had during the last year been determined
by death, the amount assured by these policies
being £96,618, carrying bonuses to the amount of
£24,953. This was h Nis than might have been ex-
pected ; it was less th an the amount in the preced-
ing year, which was a very favourable circumstance,
considering that all ti to lives were a year older. In
addition to the 128 policies which had been deter-
mined by death, 62 had been purchased by the
society, 85 had lapsed, and 11 that had been
taken out for fixed periods had 'expired. Alto-
gether 286 had gone off the books within the
year. If that number were deducted from the
501 new policies, there remained, of course, an
increase of 215. That was, in few words, the
effect of the business of the last year. Before