The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-02-13
COLOSSAL FIGURES IN LIFE
INSURANCE STATEMENTS;
WHAT DO THEY MEAN?

The published statements of banks trust
companies and industrial concerns COM
mand the attention of persons interested In
them as investors or depositors: the an
nual statements of great life insurance COM
panies are read by the mass of the people
with all the interest that attaches to the
more important news of the day. 1t can
not be otherwise when practically every
family in every community feels that its
own fortunes are closely connected with
and dependent upon the operations of one
or more of these tremendous benifcent as
SOciatiOns.
The Metropolitan life puts forth state
ment of it's business in 1903, presenting an
array of figures that show impressively the
intimate relations between this institution
and the whole people. In one item alone an
amazing fact is stated. 1t is that giving
the number of policies In force on the last
day of the year-nore than 75OO,OO0-show-
ing that one person in every ten of the
entire population of the United States Is
insured in this company.
In other items the figures are too large to
convey any clear meaning until they are
divided and subdvided and made to apply
to days and hours instead of years. For ex-
ample, this great company has paid to and
invested for it's policyholderS since organ
ization, over $23S zoo, 000-a sum that will i'm
press the average reader merely as being
vast and very vague. There is quick COM
prehension, however when we learn by a
little calculation that during 1903 the
amount thus distributed among policyhold-
ers averaged $50 minute during every
working day of the year.
Every day in the year 1853 claims were
paid; every day in the year more than 600
new policies We're written. At the end OF
every day in the year the companys as
sets were more than $4,000 greater than in
the morning. It's total assets at the end
of the year were more than $685. 100000 Its
total income for the one year, 1903, was over
Going back twenty years we have some
comparative figures that tell story Of
almost incredible growth. The company s
income for the year 1888 was a little over
81 000 900; for 1893, little over $1,000 coo; for
1903, over $4,000. 600; its surplus since 1888
has increased from about $627. 900 to over
$4,000 900. When we come to the amount
of outstanding insurance at the end of the
year pass the billion mark. The exact
sum is l342, 3S1, 457.
The Metropolitan Life received from
premiums and other sources during 1903
over $6,5OOOOO MORE THAN IN 1902. Con-
sidering the relative condition of the finan-
cial market in these two years this exhibit
is at first surprising. then Illuminating. In
1902 money was PLENTIFUL public confidence
in the manifold projects of promoters and
financiers had never been stronger: times
were good" In 1903 these conditions were
reversed Thousands of hitherto prosper
Gus wage-earners were out of employment;
others were forced TO accept reduced wages
the incomes of the well-to-do shrank and
dwindled. and everywhere there de-
cided tendency to retrench and TO with
hold money from investment. Yet this was
by far the most prosperous year of the
Metropolitan Life Insurance Company's ex-
istence.
Nothing could show more plainly what
life insurance really stands for in the minds
of the people. 1t Is not regarded as a specu-
latve venture, but a sure promise of Sc
curity; safe shelter when financial storm
clouds threaten general wreck.
A concern like the Metropolitan Life In
surance Company is. OF course. business
organization. but il is one in which all of
its policyholcers are bona fide partners; "a
company OF the people. BY the people and
FOR the people" one that has known how
TO gain and how TO justify the confidence
OF the whole community.
This is why no bank stakeholder will read
the annual report of his own prosperous
bank with keener relish than people every
where read this remarkable statement OF
the Metropolitan Life.