12 MARCH 1932, Page 46



The quinquennial valuation of the Provident Mutual Life Assurance Association takes place at the end of the current year, and the latest report is somewhat in the nature of an interim statement. The directors, however, after reviewing the position, have decided to maintain the interim bonus at the increased rates declared in 1928, which, it will be remembered, were at the high figure of 50s. per cent. per annum for Whole Life policies where the age is sixty-five or more at the date of death, 45s. per cent. for Whole Life policies becoming claims where the age is less than sixty-five, and 40s. per cent. for Endownient assurance policies. New business retained by the Association during the year was:i1,50.9,000, 'and the balance of income over expenditure was 1021,979. A sum or £140,000 has been transferred to the Investment Reserve Fund. A further interesting point in the report is the reduction in the expense ratio from 14.5 per cent. to 13.7 per cent. Moreover, in considering the bonus outlook in respect of the quinquennial -valuation due at the end of the year, it is important to remember the great recovery which has taken place in security values since the end of last year.

s s * *