GRESHAM LIFE ASSURANCE SOCIETY
Tan eighty-ninth ordinary general meeting of the Gresham Life Assurance Society, Limited, was held on May 5th, at the head office of the Society, 188-190 Fleet Street, London, E.C.
The Hon. W. B. L. Barrington, the Chairman, in the course of his speech said : During the 12 months under review the Society granted 7,916 life and endowment policies, assuring the sum of £3,538,303, after deducting reassurances.
The number of new policies and the net new life sums assured for the first three years of the present quinquennium—namely, 23,711 policies assuring £x0,667,037—compare very favourably with the figures of 14,726 policies assuring £6,070,826, for the corresponding years of the previous quinquennium.
The net new premiums for the year, after deducting reassurances, amounted to £173,599, including single premiums of £18,589.
The total net premium income in the life assurance fund amounted to £1,164,664, an increase of 07,941 over the previous year's figure.
The total income of the Society from premiums, interest, dividends and rents was £5,627,789. The total assets amount to £10,430,134, as compared with £10,661,326 at the end of 1936. This reduction is consequent upon the adjustment in the rate of exchange at which the book value of the Society's Spanish assets has been converted into sterling. In present circumstances it is desirable that the Spanish assets should be represented in the Society's accounts at a figure which bean a closer relation to their actual value in terms of sterling. Whereas this step has involved a reduction of £767,397 in the book value of our assets, I need not remind you that the sterling value of our Spanish liabilities has been reduced proportionately.
But for this adjustment the life fund would have shown an increase of £480,486. The average net rate of interest earned on the Society's funds was £4 3s. 8d. per cent. The usual valuation of assets has been made as at December 31st last, and I am glad to record that this again showed a value in excess of the book values appearing in the balance-sheet. This completes my review of the work of the society during a year in which the international situation has introduced many complica- tions affecting both the production of new business and the invest- ment of our funds. - It is, I think, a matter for congratulation that we are able today to present a report which confirms the continued pro- gress of the society both in the home and foreign fields. The report and accounts were unanimously adopted.
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