The Penn's Grove record., 1910-12-30
Fine Showing for The Prudential.
STATE INSURANCE EXAMINERS ENDORSE
MANAGEMENT AND CONDITIONS OF
GREAT INSURANCE COMPANY.

During the early part of the year the
New jersey Insurance Department appoint
ed Messrs. Fackler & Fackler, the expert
insurance examiners, to examine into the
affairs of The Prudential Insurance Comp
any and to test the accuracy of the comp
any's last annual statement. AS a result
of an extensive and thorough investigation
covering a period of several months, the
examiners nave now submitted a report
on the company, which has brought forth
| strong commentator from the Insurance
Commissioner for what is termed "the
highly satisfactory and creditable showing
it makes for the institution and those iden-
titled with its management
The examination covered every phase of
the company's business; and the progress
made during the three years since the last
investigation is best typiied by the state
ment the c%ompany's assets have advanced
from 1877 million dollars to 200 million
dollars, or more than 81 per cent, while
the insurance in force has increased from
over one billion two hundred million
| dollars to over one billion seven hundred
million dollars, this vast increase certainly
iustifying the examiners statement that
company had shown a remarkable growth
! in all respects"
The cash in the ~company's officers was
counted at the close of business on De-
cember 81, 1909, and seals were placed
upon the bonds and stocks owned or held
as collateral by the company, the exami-
nation of these securities alone, which were
| all investigated carefully, requiring nearly
a week. The proportion of government
and municipal bonds owned by the comp
II showed a marked increase, while the
amount invested in stocks represents but
one and a half per cent. of the company's
assets. These stock holdings consist OF
trust company and national bank stocks
exclusively. The examiners noted that
the proportion of cash on hand an in banks
! was but little more than one-half OF the
amount shown in the examination made
six years ago.
When the State. examiners began. to
check up the policy section of the COM
pany's business they found that The Pru.
Dental had oyer eight million Industrial
policies in force, representing insurance i'll
excess of one billion dollars. Great mum
bers of these policies were tested and the
records found to be accurate in every re-
spect. The Prudential carried at the end
Of 1909 over six hundred and fifty million
| uOlldIS vi OIolhd11 ~ IL ~
that the examiners might investigate this
Ordinary business without interfering witt
the daily routine of the company, it was
necessary to write up seventy-tonr thou
sand cards for their use.
The PrudentiaIs assets, as reported by
the company at the end of 1909, were ovel
two hundred million six hundred Thousand
dollars; but the Insurance Department.
examiners give the company credit fo1
nearly a million dollars additional assets
the increase being due principally to rea
estate holdings which are valued by the
Insurance Department at about a million
The Prudential had taken credit.
In addition to this item, the Depart
ment examiners also allow The Prudential
additional surplus amounting to ovel
$500, 900, making the total surplus Sc,
722, $50.
The Prudential has always had a rep
utation for prompt payment of claims, anc
is now paying out an average of about
$50, 900 per business day, the aggregate
amount for the past year being $15, 1881
The Insurance Department examiners re-
porting on this feature of the company:
affairs say: "The company has been very
prompt in the paymen of policy CLAIMS
and the investigation of resisted claims
those already settled and also those still
in litigation-showed that the company
contested only cases where evidence o.
fraudulent intent on the part of the policy
holders seemed so clear that such action be-
came obligatory"