3 MARCH 1933, Page 46

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SCOTTISH PROVIDENT.

At the annual general meeting of members of the Scottish Provident Institution, held in Edinburgh last Wednesday, a very excellent statement was put before the members of the business transactions for the past year. As regards new assurances, policies were issued for £2,984,769, the net new business completed being £2,854,509. A year ago the policies issued were for £2,672,443, the net business completed being £2,619,786. New premiums for the past year amounted to no less than £209,464, as compared with £111,030 a year ago. Of the total this year, £123,535 represented single payments and £75,777 annual premiums. A year ago the single payments were represented by only £35,563 and the annual premiums £74,611. For the past year 505 annuity bonds were issued for £36,776, in respect of which £353,695 was received in the single payments and £1,282 in annual premiums. A year ago the number of annuity bonds issued was 481 for £38,016, in respect of which £373,455 was received in single payments and £1,117 in annual premiums. The claims for the past year arising under 947 policies, by the deaths of 678 members, amounted to £967,846, inclusive of bonus additions. The ratio of the amount of the actual to the " expected " claims was under 70 per cent. A year ago the claims arising under 1,022 policies, by the deaths of 716 members, amounted to 1946,275, inclusive of bonus additions, and the ratio of the amount of the actual to the " expected" claims was then 68 per cent. The total funds at the end of last December amounted to £23,762,898, showing an increase during the year of £587,299. Of that amount, £250,000 has been transferred to the Investment Reserve, raising it to £1,250,000. A note in the balance sheet shows the depreciation in the value of Stock Exchange securities to be thereby amply covered. The rate realised on the total funds was £4 16s. 9d. per cent., or £4 Os. 6d. per cent. after deduction of income tax. A year ago the rate realised on the total funds was £5 4s. 2d. per cent., or £4 6s. 9d. per cent. after deduction of tax. The cost at which the business was conducted during the year was 16.7 per cent. of the premium income arising from the Institution's low rates, or 8.22 per cent. of the total receipts.