THE ROYAL LONDON MUTUAL INSURANCE SOCIETY LIMIELD
SUBSTANTIAL PROGRESS TOTAL ASSETS £46,000,000 Tim seventy-ninth annual general meeting of The Royal London Mutual Insurance Society, Ltd., was held on Tuesday, April 30th, at Winchester House, London, E.C.
Mr. J. K. Wiseman, Joint Managing Director, who presided, said The Directors have great pleasure in again reporting substantial progress.
The combined premium income of all branches for the year amounted to £7,355,796, an increase of £181,871 over the previous year. The total income for the year amounted to L9,i78,89i, an in- crease of £267,549. I he total claims paid during the year, including annuities and surrenders, amounted to L3,901,869, bringing the total of claims paid by the society since its foundation to £53,043,000. 1 he total assets amount to £46,017,825, an increase of kr,884,5o5.
The market value of investments at the end of the year, after taking investment reserve and contingency funds into account, exceeds the book values, as set forth in the balance-sheet.
ORDINARY LIFE BRANCH
The premium income in the ordinary life branch for the year (in- cluding consideration for annuities granted) amounted to L1)949333, an increase of £20,346 over the previous year. The total amount paid in respect of claims by death or maturity, annuities and surrenders, amounted to £1,349,829, an increase of £3373254.
INDUSTRIAL LIFE BRANCH
In the industrial life branch the premium income for the year amounted to £5,303,610, which is an increase of £156,185 over the previous year. The amount paid in respect of claims by death or maturity and surrenders amounted to £2,510,846, an increase of £190,131.
BALANCE-SHEET, The balance-sheet shows that the assets total £46,017,825, an in- crease of £5,884,505 over the previous year. Stock Exchange securities represent 72.6 Der cent, of the total, the remainder consisting mainly of mortgages, loans on public rates, freehold and leasehold properties, and ground rents.
Of the Stock Exchange securities 95.9 per cent. are made up of in- vestments within the British Empire. The report and accounts, which were seconded by Mr. J. H. Skinner Agoint Managing Director), were unanimously adopted.