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LONDON LIFE RESULTS.
Earlier in the year I referred to the large volume of business enjoyed by the London Life Association, and the annual report recently published reveals some favourable features. Thanks to its very large holding of Government Securities, the Association experienced a recovery in the value of its Stock Exchange securities during the year of no less than £1,450,000. Of that appreciation, however, only 1750,000 has been taken account of, and out of that sum 1250,000 has been added to the Investment Fluctuation Fund and the balance absorbed in the actuarial reserves by assuming a net interest rate of £.3 15s. per cent. instead of the £4 per cent, of a year ago. , For 1932 the London Life earned a net rate of £4 2s. 11d. ' per cent., so allowance is still made for a considerable fall in the earned rate, while the valuation method takes into account not only the present sums assured and bonuses, but future bonuses throughout the life of the policies on the books at 30s. per cent. The present declaration of a bonus
• , of 85s. per cent. on sums assured and existing bonuses is, therefore, thoroughly justified. At the beginning of the year 1 Insurance circles learned with regret that Mr. II. M. Trouncer, ; the Actuary and Manager, was retiring, but the Report ; confirms the statement made earlier in the year to the effect I that Mr. Trouncer has been invited to join the Board of the Association. To succeed Mr. Trouncer in the post of Actuary and Manager the Directors have appointed Mr. A. W. Evans,
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