Previous Index Next

 

LIFE INSURANCE COMPANIES.   415 NORTH BRITISH AND MERCANTILE—Continued.

 

It will be seen from the balance-sheet annexed that the life assurance fund now amounts to £7,136,311 Os. 4d. the increase during the year being £287,941 Os. lld.

 

NEW ANNUITY BUSINESS.

The directors have also to report the following transactions in this branch of the company's business for 1896 :

No. of   Consideration received.

Year.   Trans- Annuities secured.;   

actions.   By Single Pay-

ment.

 

 

 

£

s.   d.

 

£

s.   d.

£

s.   d.

1896    

 

598

36,877

2 11

 

308,361

11   1

727

2 10

1895    

 

729

47,352

17   6

 

534,160

15   0

698

5   3

The annuities secured consisted of

By Annual Pre-
mium.

Immediate Annni-1 Survivorship ties.   Annuities.

Deferred Annuities

Deferred Pay-
ments.

Year.

 

£

s.   d.

£

s.   d.

£

s.   d.

£

s.   d.

1896   

27,191

16   7

800

0   0

335

6   4   '

8,550

0   0

1895   

44,763

13   0

1,889

4   6

580

0   0

120

0   0

During the year 145 annuities have fallen in, relieving the company of the sum of £8,149 17s. 10d. of immediate annuities.

The accumulated funds of the life and annuity branches are separately invested, and, by Act of Parliament, are set aside to meet the claims under this department of the company's business.

LIFE ASSURANCE ACCOUNT—YEAR 1896.

£   s. d.
Amount of life assurance fund at

the beginning of the year   6,848,369 19 5
Premiums after deduction of re-

assurance premiums   715,798 5 10

Interest--less income tax    283,639 16 6

Recording fees    314 7 6
Income tax reserved in 1895 to

meet assessment appealed against   4,929 4 10

£ 7,853,051 14 1

£   s. d.

Claims under policies after deduc-

tion of sums reassured   532,671 16 6
Under life policies ..£502,718 2 11 Under endowment

policies    29,953 13 7

£532,671 1- 6   6

Surrenders    83,572 10 11

Of policies and bona-   ur

ses thereon    £ 34,872 3 3

Of bonuses only   48,700 7 8

£ 83,572 1- 0 11

Commission    39,810 1 5

Expenses of management   *60,655 6 11

Irrecoverable balances    30 18 0
Amount of life assurance fund at

the end of the year    7,136,311 0 4

£ 7,853,051 1.4 1

* Included in this are the expenses of the Quinquennial investigation.


Previous Index Next