The Report of the Norwich Union- Life Insurance Society for 1931 covers only the first year of the quinquennial period. Nevertheless, the directors have boldly faced at once the question of depreciation, and notwithstanding the recovery which has taken place in public securities of the investment type since the turn of the year the whole of the depreciation existing on December 31st has been written off against revenue, and inasmuch as it is accompanied by the assurance that the profit for the year exceeds the amount so written off and that the balance; with the inner reserves, is sufficient to provide reversionary bonuses on all with-profits policies at the rates declared for the last quinquennium, and on the same stringent basis of valuation, the report must be regarded as a thoroughly good one. It is also good in the sense of showing that the new Policies last year amounted to the large total of 28,339,000. The Norwich Union Fire Insurance Society has had a good year, the amount brought into Profit and Loss account from the underwriting accounts being larger than in the previous year.
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