GUARDIAN ASSURANCE.
The report recently published of the Guardian Assurance Company for 1932 was an excellent one, and at the recent annual meeting the Chairman, Colonel Hanbury, confirmed what was mentioned in the report, namely, that the higher revenue figures had been considerably affected by the inclusion of the premium income of the Albingia Company of Hamburg. The transactions of that Company are included in the accounts of the Guardian, which makes the figures scarcely comparable with those of the previous year. At the same time, the large increase in premium income in the various departments, other than Life, in a year when insurance revenues were tending to contract suggests the moderate character of the sum set aside for the purchase of the business, an amount of £276,266 debited in Profit and Loss Account being inclusive of provisions made to bring the Unexpired Risks Reserves of the Albingia Company to the same high standard as those of the Guardian. The investments of the Guardian Assurance were adjusted at the end of 1931 to the market prices at that date, and Colonel Hanbury stated that the depreciation then pro- vided for was now wholly restored.
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