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.I In the matter of the Companies'…

BARRY AND CADOXTON LOCAL BOARD.

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PRUDENTIAL ASSURANCE COMPANY,…

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PRUDENTIAL ASSURANCE COM- PANY, LIMITED. CHIEF OFFICE HOLBORN BARS, LONDON. SUMMARY OF THE REPORT PRESENTED AT THE FORTY-FIFTH ANNUAL MEETING, Held on 1st March, 1891. The Directors have much pleasure in presenting their Report and Accounts for the year 1893. ORDINARY BRANCH.—The number of Policies issued during the year was 54,558, assuring the sum of d65,627,065, and producing a New Annual Premium Income of £ 304.928. The Premiums received during the year were £ 1,854.370, being an increase of £188,759 over the year 1892. The claims of the year amounted to £ 478,564. The number of deaths was 3,397, and 154 Endow- ment Assurances matured. The number of Policies in force at the end of the year was 335,17(5. INDUSTRIAL BRANCH.—The Premiums re- ceived during the year were £3,971,863, being an increase of £ 122,706. The Claims of the year amounted to £ 1,662,708. The number of Deaths was 185,003, and 1,267 Endowment Assurances matured. The number of Free Policies granted during the year to those Policyholders of five years' standing, who have desired to discontinue their payments, was 55,7G4, the number in force being 338,272. The number of Free Policies which became Claims during the year was 6,424. The total number of Policies in force at the end of the year was 10,476,393 their average duration is seven and a quarter years. The Assets of the Company, in both branches, as shown in the Balance Sheet, are £ 18,538,865, being an increase of £ 2.229,213 over those of 1892. The system of annual distribution of profits begun last year, having given satisfaction alike to Policyholders and Shareholders, the Directors have decided to continue it, and a complete valuation for the past year has been made. For this valuation the same mortality tables and rate of interest have been used as in previous years-namely, in the Ordinary Branch, the Insti- tute of Actuaries (HM.) Table of Mortality for the life risks, and Mr Finlaison's Government Annuity Table 1884 for the annuities, and in the Industrial Branch, Dr Farr's English Life Table No. 3. The net premiums only have been valued in both branches, the rate of interest in each case being 3 per cent. The results of the valuation are as follow :— In the ORDINARY BRANCH a surplus is shown of £442,930. This includes the sum of 470,000 brought forward last year, which it is now in- tended to increase to Z- 100,000. In the INDUSTRIAL BRANCH the surplus shown is £ 500,944, including the sum of £200,000 brought forward last year, which it is now in- tended to increase fco £ 360,000. The total surplus of the two Branches as shown by the valuation is thus £ 943,874. and, after carry- ing forward the sums of £ 100,000 and d6360,000 before mentioned, £483,874 is left for distribution among the participating Policyholders and Share- holders, in accordance'with the regulations of the Company under its special Act of Parliament. In carrying forward soi large a balance the Directors have adopted the same principles by which they were guided last year, but they anticipate that when the system of an annual valuation has had a longer trial it may be possible to modify this course. The processes and results of the valuation, which has been carried out by the Actuary, Mr F. Schooling, have been submitted to Mr A. H. Bailey, whose report is as follows The results of the valuation of the liabilities of your Company on the 31st Decem- ber, 1893, have been submitted to and ex- amined by me. •' The basis upon which the valuations have been made, and the methods adopted in the process, are the same as upon the last occasion, and have my entire approval. And your resolution to retain a portion of the surplus in each Branch is, I think, judicious, having regard to the extent of the Company's liabilities." The Balance Sheet has been submitted to Messrs. Deloitte, Dever, Griffiths and Co., whose Certificate is appended to the accounts. Extract from the Report of Mr. F. SCHOOLING, the Actuary to the Company. ORDINARY BRANCH.-The number of Life Policies in force at 31st December, 1893, was 335,176, assuring, with bonus, £37,672,474, and producing a premium income of £1,896,758 per annum. After providing for all liabilities, there remains a surplus of £442,J30, which includes the sum of £ 70,000 brought forward from last year. INDUSTRIAL BRANCH.—The number of Policies in existence at 31st December last was 10,473,393, including 338,272 Free or Paid-up Policies, and the amount assured, £ 101,820,883. The weekly premiums receivable in respect of these Policies amounted to J6 80,094 per week, or £ 4.164,888 per annum. After providing for all liabilities there remains a surplus of £500,944, which includes the sum of £ 200,000 brought forward from last year. Over £ 1,200.000 is reserved in respect of Free Policies granted in lieu of discontinued assurances, and to provide for the increase in the sums assured given to Policyholders. GENERAL BALANCE SHEET OF THE PRU- DENTIAL ASSURANCE COMPANY, LIMITED ON THE 31ST DECEMBER, 1893. LIABILITIES. £ s. d. Shareholders' Capital 600,000 0 0 Ordinary Branch Funds. 8,002,142 3 6 Industrial Branch Fund. 9,898,397 16 5 Claims under Life Policies ad- mitted. 38,325 10 6 £18,538,865 10 5 ASSETS. E s. d. British Government Securities (Consols). 2,046,458 9 9 Railway and other Debentures and Debenture Stock 2.065,873 7 10 Loans, County Council, Municipal and other Rates 4,744,556 11 3 Freehold Ground Rents and Scotch Feu Duties 2,399,803 18 5 Mortgages 2,342,110 17 3 Metropolitan Consolidated Stock, and City of London Bonds. 355,545 13 0 Bank of England Stock 167,337 0 1 Freehold and Leasehold Property 1,043,759 6 4 Indian and Colonial Government Securities 915,660 10 5 Reversions. 189.155 4 10 Railway and other Shares. 1,136,512 8 9 Loans on the Campany's Policies 228,357 15 5 Rent Charges. 64,514 1 0 Loans upon Personal Security 711 5 0 Outstanding Premiums 307,418 3 10 Cash in hands of Superintendents and Agents' Balances 48,583 11 7 Outstanding Interest and Rents 166,842 10 2 Cash — On deposit, on current accounts, and in hand. 315,664 15 6 £18,538,865 10 5 THOS. C. DEWEY, ) „ WILLIAM HUGHES, f Mana&ers. W. J. LANCASTER. Secretary. EDGAR HORNE, Chairman. HENRY HARBEN, ) W. T. PUGH, ) Directors- We have examined the Cash transactions, Receipts and Payments, affecting the Accounts of the Assets and Investments for the year ended December 31st, 1893, and we find the same in good order and properly vouched. We have also ex- amined the Deeds and Securities, Certificates, &c., representing the Assets and Investments set out in the above Account, and we certify that they were in possession and safe custody as on December 31st, 1893. DELOITTE, DEVER, GRIFFITHS and CO. 14th February,1894. Councillor J. Ramsdale, J.P. (Inspector), and S. Wyatt (District Superintendent), Prudential- buildings, St. Mary-street, Cardiff, from whom any further information may be obtained. »

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