The Bennington evening banner. (Bennington, Vt.) 19??-1961, 1910-01-27
GROSS INCOME OF
OVER EIGHT
MILLIONS
Sixtieth Report Of National Life
Insurance Company
SHOWS STEADY PROGRESS
Increase of Business Enables Com
pany to Reduce Net Cost Of
Protection.

Following is the sixtieth report to
policyholders of the National Life
Insurance company:
To the Policy-Holders;-The Direc-
tors and Officers OF the company res
pectfully submit their sixtieth annu-
al report. During the past year the
company had gross income Of S.
41S,275.40, an issue of new insurance,
on a paid-for basis, of $16,S6l, 1880
and at the close of the year the gross
assets equalled S47,490,99S.9S and
paid-for outstanding insurance $780,
1S7,S77.oo.
Consistent Gains
The experience OF the past year
again demonstrates conclusiyely the
high character of the company's field
and medical service its care in the
selection of investments and the sci
entific accuracy of its actuarial as
sumptions. The results achieved by
reason Of these facts are indicated by
the consistent gains made by the
company in every important depart
ment of it's work AS compared with
the year preceding the gains were as
follows: in insurance premiums and
annuity considerations 1879, 65319; in
interest and rents S137, l63.2S; in to-
tai income, $51 ,66O4.S5; in insurance
$5,4O4,O3l; in gross assets, SS,464,-
929.25; and in surplus, including de-
ferred surplus credits, S549,943.l6.
The gains not only conform and
maintain the company's growth but
also increase its stability, make pos
sibe the payment of larger dividends
during 1910 and thus insure the con-
tinued reductions in the net costs of
protection which the company has
been making for several years.
Conservative Growth
It is with special satisfaction that
we review the companys progress
during the past ten years because it
is an evidence of the steady and grow
ing favor with which the public has
made use of its service and because
it attests the value of that service
during a period of unusual legislation
competition and change. During the
decade now closed the company's in
come increased from $4,313,3l5 to SS,-
4tS.275: its gross assets from ST.
73S,S61 to s47.490 99S; its gross sur
plus from $1,874,922 to S5.S29 SOS; and
its outstanding insurance from $780,
S9OO26 to $159,1S7S77 We report
these gains not only as a proof OF
growth but more particularly as the
most substantial evidence Of the care
with which the old business OF the
company has been conserved. These
figures ere the more significant when
taken in connection with the increas-
ing payments to policy holders both
as an amount and as rate per cent.
Solid Assets
In anticipation of the principles of
investment which would finally re-
ceive statutory sanction, the company
many years ago directed its atten-
ton to those securities which would
safely discharge the requirements of
its contracts and at the same time
comply with law. The assets report
ed not only achieve both these results
but so far as I'VE are aware also com
ply with the most eXacting laws re-
lating to investments in every state
and throughout the nations of the
world These assets, Si7 400 99S.9S
in all, include the following items;
government state, county and munic-
ipal bonds, $l75G5.725.4S; mortgages,
in every case first liens, Sl9625,314.-
76 ! ans to policy-holders on the col
lateral Of their contracts, including
premium notes S7,466 19117; real es-
tate including Office properties, S364.-
10000. interest. due and accrued, de-
ferred and unreported premiums,
agents balances. S16l3,72S19; and
cash OF SS55 5393S. The due interest
item relates almost entirely to policy
loans and is self protected The ac-
crued interest item possesse8 Che
substance of the principal, while Che
item of deferred and uncolected pre-
MUM is reported on net basis, de-
auctions having been made in ad
vance for the costs of their collec
ton and for taxes while the entire
amount is itself Offset by a charge
for same in reserve liability account
Assets Analysed
During 1909 the company increased
its holdings of municipal bonds in the
sum Of S1.145,97924; its mortgage ac
count $2,203 66291, its policy loans
and notes 1858, 449.39, while the rea
estate account was reduced by $50,
100000 and the cash item by 1878, 175.
81. The gross assets, distributed or
percentage basis, stand as follows
agents balances .OOi per cent; rea
estate .767 per cent net uncollecteC
and deferred premiums 1888 per cent
cash 1.S0 per cent; policy loans anC
notes 1872 per cent bonds 5000 pei
cent; mortgages 41.32 per cent Thu
item of accrued interest is per cen
while that OF due interest is S,