The Sun.
London, England, 1844-01-01 00:00:00

NATIONAL PROVIDENT INSTITU-
TION,
• ' 48, G raceebuich- , Lon,
FOR
.MUTUAL ASSURANCEstreet on LIdonVES, ENDOW-
' MENTS; DEFERRED SUMS,
IMMEDIATE and DEFERRED ANNUITIES.
Enrolled under the Acts of
-Parliament relating to Friendly
Societies.
DIAeTOR.s.
•
C. P. Bousfield, Esq. Thomas Hodgkin, M.D.
John Bradbury, Esq. . • R. Ingham, Esqk
'William Cash, Esq. - Joseph Janson, sq.
Thoma Thomas Castle, Esq. • S. Hayhurst Lucas, Esq.
s Castle,
John Felthim C. Lushingten, Esq.
Joseph Hargra, Esq. John St. Barbs, Esq.
ve, Esq. Richard Bhortridge, Esq.
Samuel Smith, Esq.
11EDCAL DIRECTORS.
J. T. Conquest, NI.D.,F. IL. S. I Thomas Bevan, M.D., E. L. S.
REPORT of the DIRECTORS to the EIGHTH ANNUAL
MEETING of the MEMBERS, held at the Office on the
15th of December,' 1843.
CHARLES LUSHINGTON in the Chair.
It is with feelings of no ordinarY gratificition that the Di-
rectors render to the *Members of the NATION AL PROVI-
DENT INSTITUTION, this, their Eighth Annual Report,
of its proceedings.
Each periodical review of the progress of the Institution has
afforded abundant evidence of its growing prosperity, whilst the
statement which the Directors are enabled to publish on the
Present occasion, exhibits a result far exceeding their most san-
guine expectations.
jßefore proceeding to a summary of the business of the year
ust terminated, the Directors would 'advert to the notice con-
tained in their last Report; that in accordance with the 28th
Rule, the accountsof the Institution were then under the inves-
tigation of an eminent Actuary, for the purpose of making a
careful valuation of its existing liabilities and assets, in order to
declare a dividend out of the surplus which might from such
valuation appear to exist. That investigation was completed
in January last (by Charles Ansell,'E,q., F. R. S., the Actu-
Vary referred to), and the Directors have now to congratulate
ie -Members of the InStitution on the great success which
as attended its operation?, by effecting a large reduction in
the premiums payable, or by securing correspondingly large
additions to the sums assured on Life Policies; notwithstand-
ing ONE FIFTH of the-actual profits declared to be divisible
among the Members: has been reserved, and, a reduction equal to
45 per cent, from the premiums of-those Members who have
been assured the full term of Seven Years, and at certain ages,
has been secured to them. '
The number of Policies issued during the past year has been
703, nearly all of which are of that Class securing a sum of
move payable at death. The number of proposals declined
during the same period is 81•
repTohrteedanunbein
ualigncome of the Institution, which was last year
39,360/. 9s. 7d., wouh.l have been increased
to the relatively larger sum of 47,934/. 4s. 3d. ; but of this
amount, 3,714/. 7s. 34. has been allowed or deducted from
the annual
hettianual premium of those Members who have elected to
their Premiums reduced in lieu of the Bonus added to their
policies.
The
ahetAWhccieh
Accounts have been duly audited to the 20th November
ast
date the Capital Stock of the Institution was
th167,0'79/. 11s. 2d., being an increase of 27,273/. 9s. 7d. on
!Dee sum reported last year, and which amount is invested with
_Coea.mmi
oftheiitssioners for the Reduction of the National Debt, and
Securities,=TeitßulleF.conformablytn to the Acts of Parliament and
MeThe claims during the past year on the lives Of deceased
mbers amount to 7,600/ , which sum has been paid, together
Rah the Bonuses accrued 'thereon.
The Directors have also to inform the Members, that in ac-
cordance With the notice given in the last Report, the business
of the Institution was removed to their Freehold premisesin the
Spring of this year; of the eligibility of the situation and the
!superior facilities the premises afford fur carrying on its busi-
real' they have already had satisfactory proof. That portion of
!La building not occupied by the Institution is let to highly re-
Pectable tenants, at a rental which leaves the rent-charge to
tne Institution at an extremely moderate sum.
From the preceding statements it will be observed that the
pamasotuyarnetof business has been very much increased during the
; an increase that may chiefly be attributed to the
advantages secured to this Institution, by being enrolled under
the Acts of Parliament relating to FRIENDLY SOCIETIES,
as also to the growing disposition on the part of the public to
effect Assurances in an Office where the surplus profit is di-
vided, not among Shareholders, but among the ASSURERS
THEMSELVES.
carro the PRINCIPLE of MUTUAL ASSURANCE, as
Tied
the out by this Institution, the Directors earnestly invite
attention of the Members and the public at large, as also
to investigate for themselves the relative claims for preference
of he various Life Offices, and they rest confident that none
will be found to combine greater advantages, or that can justly
ay claim to a larger share of public confidence.
The following statement shows the progress of the Insti-
tution from the commencement
Years ending

No. of
Policies
issued.

Annual Income.

Amount of Capital.