• BRITANNIC ASSURANCE.
At the meeting held recently of the Britannic Assurance Company, the chairman was able to present a report showing very satisfactory progress during the year. Substantial surpluses in both ordinary and industrial branches were disclosed, thus enabling benefits under the ,various policies to be increased, while additional sums were. added to -the reserves, these allocations being made after valuing liabilities upon conservative lines, with the assumption of a 3 per cent. interest rate. In the ordinary branch participating policyholders receive bonuses of 42s. per cent. on sums assured, costing £217,637, and the balance of surplus after carrying £37,000 to investments reserve fund and £24,182 to profit and loss, is raised from £114,185 to 1131,154. In the industrial branch, after writing off £75,000, the balance of cost of the British Legal Company, and placing £100,000 to investment reserve and £210,000 to profit and loss, an amount of £70,000 is devoted to increasing policy benefits, while the carry forward is £136,114, against £112,090. The investment fund now stands at £650,000, and from the profit and loss balance £75,000 is transferred to the staff pension fund, while dividends of 10s. per share, free of tax, absorb £150,000.
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