THE GRESHAM LIFE ASSURANCE SOCIETY, LIMITED
THE ninetieth ordinary general meeting of the Gresham Life Assurance Society, Limited, was held, on the 4th instant, at the head office of the society, 188-190 Fleet Street, London, E.C.
The Hon. W. B. L. Barrington, the Chairman, presided, and, in the course of his speech, said: We are indeed fortunate to be able to submit a report which records a considerable increase both in the number of new life policies issued and in new life sums assured. In 1938 the society granted 8,891 life and endowment policies, assuring the sum of £3,815,391 in net new sums assured- i.e., after deducting reassurances. These figures represent an in- crease of nearly one thousand policies and £277,000 net new sums assured.
The net new premiums for the year, after deducting reassurances, amounted to £178,530, including single premiums of £13,409. The increase in net new annual premiums exceeded £ wpm The total net premium income in the life assurance fund amounted to £1,164,108, and the total income of the society from premiums, interest, dividends and rents to £1,612,473. Death claims amounted to £236,793, a total well within the actuarial expectation.
The total assets, as appearing in the balance-sheet, amount to £10,187,840, as compared with £10,430,134. At the end of 1937 we reduced the sterling book value of our Spanish assets conse- quent upon an adjustment in the rate of exchange for Spanish currency. During 1938 the margin between the rates of exchange which we employed for the conversion not only of Spanish but also of French and other currencies into sterling, and the rates actually ruling, widened so much that the directors have felt it desirable to make a further and more general adjustment to the approximate rates in force on December 31st last. This operation, by which the amount of the Life Assurance Fund is reduced by £763,227, accounts for the reduction in the amount of the total assets. Had we maintained the old rates of exchange the Life Fund would have shown an increase of over half a million pounds.
A NEW POLICY A new policy, introduced by the society in the autumn of last year—the "Plus " policy—has proved particularly appropriate to present-day needs and in consequence it has found a ready market. It provides large cover at low cost—just what is wanted today— with the valuable option of conversion to endowment form at a later date. The society's Family Income plans, the Defender policies, continue also to make it easier for the family man to assure income as well as capital provision for his dependants. The report and accounts were unanimously adopted.
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