Bridlington and Quay Gazette. — 1899-03-17 (Bridlington, Humberside, England)

OLD AGE PENSIONS.  HOW THEY MAY BE SECURED.  THE PRUDENTIAL'S SCHEME.  Once again the time has come round for placing before our readers the balance sheet, which shows the result of what an insurance journal has rightly described as the "marvellously productive forces of the Prudential Assurance Company," and which have been demonstrated to a degree that may well excite " the wonder and admiration of all business men." In the Ordinary lizanch the new assurances granted in 1898 totalled up •tO £6,420,580. The number of Inew policies issued was 64,708, which is about a thousand lee than the wam,ber of the year before. lAll this speaks volumes for the spleadid organization and equipment of the Cotnpany. The result of the new business has been to bring the total premium income to within a yery short distance of three millions. The precise amount is £2,967,502. In 1894 the amount was £2,077,956, so that in four intervening years the growth of premium income has been £889,546. The outgo in respect of policies which became payable during the year was £975,013 being £675,909 occasioned. by the death g of 5,191 policy-. 1 holders and £299404, in consequence of the matuting of 2535 endowment assurances. The amount so die-1 bunted is £268,000 more than in 1897, and for such an increase, the Company is perfectly prepared. Nearly, five millions sterling is now the premium incope in the Industrial Department. The increase of premium income last year was £167,165, the total being thus brought up to £4,960,756. The addition to the numerical strength of the Industrial Depart-, ment is represented b y 403,547 new recruits, and the great army of pawiumeis iird* counts 12,949,679. An important concession has lately been made by the Directors who have taken a byld step of cancelling the liability of all 'policyholders to pay further premiums after attaining the age of 75 years, who shall then have been insured with the Company for 25 years. This concession is in actual effect the awarding of bonuses to the oldest policyholders. Turning now to the other side of the account it will be noted that the amount paid in claims during the past year was about £70,000 more than in 1897. The total amount was £1,891,039, and became due in respect of 200,489 policies giving an average per policy of £9 Bs. 7d. Of the number which became claims during the year no less than 12,231, or about one in sixteen of the total number, were "free policies" granted to policyholders who had discontinued payment of premiums after five years' standing. This is a substantial concession, and it has the great merit, says the "Insurance Monitor", of being made to those who have best earned bonuses and who by reason of age and circumstances most deserve them. In other words, these bonuses will be practically old age pensions. Speaking on the general question of bonuses recently, at the Jubilee Annual Meeting of the Company held in London, Sir Henry Harben said that some years ago he stated that they would not increase the bonus to policyholders until they could see their way clear that they would never want to diminish it. They established the bonus then—three or four years ago he believed it was—at 30s. per cent, for the policyholders. This year the bonus would be precisely the same, so that in the future they would be able to maintain their bonus and not diminish it. One of the best illustrations of the enormous amount of business done by the Prudential is afforded by a "Westminster Gazette" interviewer to whom the manager, Mr. Dewey, gave some important facts and figures. For instance, in reply to one question he says:—" We pay more accident claims now than the full number of claims paid in the early days of the Prudential. Last year we paid about 5,000 accident claims, about 400 of which were street accidents. 384 railway accidents, 247 colliery accidents, and over 900 from drowning, besides about a thousand suicides. Altogether last year over 200,000 claims were paid.' A further development of insrtance during the Queen's reign is shown by the daily post. "Every day," says Mr. Dewey," the letters and parcels we send out average 13,500, and if we include the printed notices we despatch, you must add another 5,000. We receive between six and seven thousand letters a day. We are the only place in London where the letters are sorted, officially stamped, and put into bags on our own premises. In our new offices now in course Of erection, there will be a .post-office devoted entirely' to our use. Our buildings will oover three acres of ' shround, our only rival in this respect being the Bank of England.' The 'office is represented in the Bridlington district by a large staff of agents who are under the personal supervision of an energetic representative. Mr. B. Beanland, and we are pleased to learn that the past year, so far as business is concerned, has been the most suecessful one yet recorded.