COMPANY MEETINGS
THE ROYAL LONDON MUTUAL INSURANCE SOCIETY, LIMITED
YEAR OF SUBSTANTIAL PROGRESS THE seventy-eighth annual general meeting of the Royal London Mutual Insurance Society, Limited, was held on Tuesday last at Winchester House, London, E.0
Mr. J. K. Wiseman, joint managing director, who presided, said: The directors again have the satisfaction of reporting substantial progress. The total income for the year amounted to £8,911,342, an increase of £371,918 over the previous year, the combined premium income of all branches amounting to £7,173,925, an increase of £264,040. The claims paid during the year, including annuities and surrenders, amounted to £3,381,423, bringing the total of claims paid by the society since its foundation to the im- pressive figure of £49,750,000. The total assets amount to £44,133,320, an increase of £3,067,453. The premium income in the ordinary life branch for the year (including consideration for annuities granted) amounted to £1,928,987, an increase of £92,498 over the previous year. The total amount paid in respect of claims by death or maturity, annuities and surrenders, amounted to £1,012,575, an increase of £106,022 The rate of interest earned (excluding the auxiliary life fund), after deduction of income-tax, was exactly the same as in the previous year, namely, £3 19s. 5d. per cent. In the industrial life branch the premium income for the year amounted to £5,147,425, which is an increase of £155,00t over the previous year. The funds of this branch at the end of the year amounted to £28,606,449, an increase of £1,935,484. Claims and -surrenders paid amounted to £2,320,715.
The increase of £1,935484 in the fund, which includes £1,202,799 interest on investments, is money put aside as a provision for future liabilities. Adding this item to the actual disbursement to policy- holders during the year, the total is £4,256,199-
The premium income in the fire account amounted to £78,953, and in the accident and general account to £33,765. Both accounts are in a strong position and offer a high degree of security. As in former years, the whole of the business derived from motor, work- men's compensation and engineering business was reinsured. In conclusion, I wish on behalf of the directors to thank the chief officials and the head office staff and all grades of the outside staff for their loyal and efficient services during the past year.
The report and accounts, seconded by Mr. J. H. Skinner (joint managing director) were unanimously adopted.
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