PROVIDENT Mtrrum. LIFE.
The latest report of the Provident Mutual Life Assurance Association is a good one. It shows an increase of £207,000 in the new sums assured, the total being £1,715,948, yielding in premiums £933,338, while the Life and Annuity funds increased by about £850,000 to £8,569,412. The quin- quennial valuation made at the end of last year showed that the Stock Exchange securities held by the Association were valued at or below market prices, with no account taken of the Investment Reserve Fund, which was raised to £550,000 by a transfer of £250,000 from revenue. The liabilities, it is stated, were valued on the British Offices Table for asssur- ances and the latest annuity tables for annuities at 8 per cent. A surplus was revealed of £1,094,178, which compares with £1,019,288 at the previous valuation. Reversionary bonuses have been declared on the basis of 45s. per cent. per annum on Whole Life policies at age nearest birthday of 65 or more, 40s. on Whole Life policies aged less than 65, and 35s. per cent. on Endowment assurances. These bonuses show a slight reduction compared with the 1927 valuation. After paying the bonuses a sum of £235,268 is carried forward to the next valuation. The slight decline in bonuses is attributed to the fall in the net interest rate which has. been earned, the average rate for the past five years amounting to £4 11s. 8d. per cent. as compared with £4 16s. per cent, at the previous valuation. The balance-sheet shows an important increase in the holding of British Government securities to a total of £2,865,000, which represents 33 per cent. of the Life Fund as against
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