COMPA MEETING;
THE ROYAL LONDON MUTUAL INSURANCE SOCIETY LIMITED
A SATISFACTORY REPORT
THE eightieth annual general meeting of The Royal London Mutual Insurance Society, Ltd., was held on Tuesday last at Winchester House, London, E.C.
Mr. J. K. Wiseman, joint managing director, who presided, said : The business of life assurance, as a popular medium of thrift, occupies an important place in the economic life of the nation, and during the present emergency, by investment in Government Loans, has provided enormous sums to assist the national effort. This office alone has already subscribed for £2,500,000. The combined premium income of all branches for the year amounted to £7,451,659, an increase of £84,248 over the previous year. The total income for the year amounted to £9,292,803, an increase of Li13,912. The total claims paid, including annuities and surrenders, amounted to £4,183,691, bringing the total of claims paid by the Society since its foundation to £57,827,000. The total assets amount to £48,678,894, an increase of £2,661,069. The premium income in the ORDINARY LIFE BRANCH for the year (including consideration for annuities granted) amounted to L5,898,299 As regards war risks on new policies, we have continued our special scheme under which a benefit of 5o per cent. of the full sum assured is allowed on with-profit policies issued at the ordinary rate of premium should death occur in consequence of war or hostilities while the life assured is a civilian. Air-raid cover for civilians is therefore provided without an additional premium being charged, service as a civilian in any form of A.R.P. being included. We have also extended the benefit of this scheme to include part-time service by civilians in the Home Guard. Full cover instead of so per cent. may be secured on payment of a small extra premium. In the case of men serving in the Mercantile Marine the war-risk benefit on with-profit policies issued at the ordinary rate of premium is 25 per cent. of the full sum assured.
In the INDUSTRIAL LIFE BRANCH the premium income for the year amounted to £5,442,599, an increase of £138,989 over the previous year. As regards war-risks on new policies, we have adopted a scheme in this branch similar to that already mentioned for the ordinary branch.
BALANCE SHEET The balance sheet shows that the assets total £48,678,894, an increase of £2,661,069 over the previous year.
The report and accounts were unanimously adopted.
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