Financial Notes' -
INSURANCE - AESULTS..
. WHEN allowance is made for the difficulties which Insurance companies as well asIthc. hanks are experiencing through the ' fall in the interest yields on investments, it must be confessed that the results disclosed by the leading -companies for the past year are encouraging. Unfortunately—from the poi* of view of Press accommodation—these notices tumble out in mass fashion during the first two days of the year, and I am afraid that lack of space here will prevent me from doing more than summarize a few of the leading features and • the results of some of the leading companies. It will be noted from the instances given below that there was a fairly general increase in the volume of new Life business, but a feature was the increase in the Annuity business. This, of course, was only to be expected in view of the low interest yields front investments, many of the more elderly investors being almost driven into the purchase of annuities to obtain an adequate income. In a few cases it will be seen that the results for the
past year exceeded all previous records. Among the announcements of the past, week may be mentioned the following :
LONDON LIFE AssocrwrioN.
The statement by the London Life Association of new business, after deduction of re-assurances, shows that the net amount represented by new Life Policies was £2,513,773 as compared with £2,955,243 for the previous year, the reduction being in the non-Participating policies. Under the head of Annuities and Capital Redemption Insurances the total -was £3,292,488 and £208,062 Os. 10d. per annum,--the figures a-year ago being-£3,368,509 and £118,285 178. 3d. - The Single Premieres on the-Life. policies for the year aggregated £68,420 and the annual Premiums £77,871. Immediate premiums on the annuities totalled £202,166, and Deferred and Reversionary £293,642 in - Prethiti.ins, and £46,377 in annual Prennums. -The 'Single Premiums on the new business for the year, in fact,-aggregated £631,378 againsti2398,138 in the previous year, while, the Annual Premiums were £136,593
against £120,063. - ;
EQUABLE LIFE, During 1933 the :" Old-Equitable " issued new policies assuring about £1,100,000 in addition to sinking fund insurances of £335,000 and deferred annuities to provide £40,000 a year.- The annual premiums for this new business are £44,000 and the single premiums for insurance were £147,000. The single payments for the deferred annuities, and for immediate annuities providing £7,200 a year, were together £104,000. Claims by ,death -.amount to about £300;000, -i.e., to about the same as in 1932.- (All these figures are 'after deduction of re-assurances.) The new Life afisurance undertaken was almost" identical with that in 1932, and there is an increase in the sinking fund insurances. granted..
- • PEARL ASSURANCE.
The new Ordinary Life Business effected with the Pearl Assurance Company daring 1933 (including business -abroad) consisted of 44,361 policies, assuring £8,761,731, with yearly renewal premiums of £481,652. The average sum assured per policy is £198.
SOME OTREE RF.SULTS. The total gross sums assured. under Policies issued by the Equity and Law Life Aisurance Society in '1933- amounted to £3,655,136. In addition the sum of £1,793,534 was received as consideration for annuities granted.. Both figures constitute a record.
The London Assurance's new Life business during 1933 shows that the sums assured amounted to 12,430,371 gross, and £2,306,418 net, as compared with £2,170,166 gross, £2,075,416 net in 1932. The sums assured in 1933, both gross and net, create a record for this Corporation.
The National Mutual Life. As.surance Society Announces the issue during the year 1933 of 697 new policies for gross sums assured of £729,435 (net £700,935). The corresponding figures for 1932 were 528 policies for £536,806 (net). The net new business for 1933 therefore shows an increase of 30 per cent, over the previous year.
- The National' Provident- Institution for-Mutual Life Assurance announces that the net new SUMS assured completed in 1933 amount lid 'approximately £1,190,000, compared with £1,373,300 1n1932.
The \Norwich Union _Life Insurance Society announces a total net new business of £8,933,066, being an increase of £924,256 over, the corresponding figure 'for 1932. Interim bonuses to bd paid lirrespect of partiiPating _Policiai becoming claims- -death (Continued .on, page vi.)
Previous page