COMPANY MEETING
THE LONDON ASSURANCE
A NOTABLE YEAR
THE annual general Court of the London Assurance was held on April 27th in London.
Mr. R. Olaf Hambro (the Governor) said that the year 1937 stood in many ways as being one worthy of something more than normal comment, and he would like to record the fact that they had now passed the L20,000,000 assets mark and had well exceeded the figure of £5,000,000 in annual premium incoma.
The life, department exhibited the same healthy virility. In 1937—and for the sixth year in succession—they had a record in net new life business production, the figure being £2,956,153. The total amount of the Life Assurance Fund as at December 31st last stood at £9,985,741.
The combined Fire and Accident l'remium Income shtmed an increase over that of the previous year of nearly £56,000. The Fire premium income had exceeded the £2,000,000 mark at £2,010,867, and they were able to make a transfer to the profit and loss account of £181,327. The Accident Insurance Account recorded a substantial increase in its income, the total premium for the year being £1,405,298. The profit emerging from that account was £98,077.
With regard to the grievance insurance companies had as to the incidence of N.D.C., which as applied to them was nothing more or less than an increase in the standard rate of income tax, it was their hope that the equity of the situation might yet be appreciated by the Chancellor.
They had been concerned for some years with the setting up of a scheme which would accord a benefit by way of a pension to widows of members of the staff of the " London " and its associated companies. and as a result of an examination of the matter by the Actuary they were advised that, in order that such a scheme should be actuarially sound as from inception, it was necessary that an amount of £t50,000 be allocated to it, and they were proposing a transfer of that amount. The scheme, of course, involved many details which had not yet been completely settled, but, broadly, it was their intention that it should be contributory with a limit of annual contribution on the part of the corporation of £15,000 per annum, the staff affected by the scheme contributing in the aggregate a like annual amount.
The report was unanimously adopted.
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