SCOTTISH PROVIDENT.
At the recent annual general meeting of the Scottish Provi- dent Institution the Chairman was able. to present a most excellent Report, the net new business for the year of £2,789,885 being 1329,000 in excess of that for 1927. A year previously the company reduced its prices for annuities, and there was a good public response. No fewer than 378 Bonds were granted, in respect of which £831,498 was received in single payments and £1,523 in annual premiums, this repre- senting a total increase of nearly £200,000 over the previous year. The Chairman pointed out that a good feature in this new business is not so much the profit actually earned as the connexions formed. An increase in the Funds of nearly £682,000 has taken place during the year, one of the largest advances ever reported. The result of the quinquennial examination is an excellent one, disclosing a surplus of £2,088,425, of which £1,619,795 arose on the Common Fund, £468,077 on the EndoWment Assurance Fund, and £553 on the Capital Redemption Fund. On whole life policies (Common PUnd), entitled to participate, the following bonuses have been declared :- (a) To-policies sharing for the first time—£1 10s. per cent. per annum, for the full period of their•chiration, less the years 1914-1918; (6) To those sharing for the second time—£1 15s. per cent. pm annum, for the quinquennitun , - (c) To those which have already shared' at least twice—£2 pe cent. per annum, for the quinquennium. This absorbed £1,010,286 of the' Surplus on the Common Fund Of the balance, £342;450 was reserved in respect of policies and (Continued on page 523.) entitled to participate, and £267,059 was retained as an addi- reserve to provide for the valuation on the- present basis New Business at the revised Premium Rates. Endowment waneee (Special Fund)- received £2 per cent. per annum (corn- ead), for the quinqnetuiium. This absorbed _ £446,876 of the kerplus on this Fund, the balance of £21,201 being carried forward. * is, * *
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