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J. HUGHES —'T'a.il€m',—/? ? 20 Oxto!)Rd/?/ 2 PPice St.?y?? BtRMNHMD????gj?s' ?,/??CostMmes y  Q?? From 5e/? 55/. 63/-  Perfect ?- Fitting Guaranteed. RING UP 157f FOR PATTERNS. Prudential Assurance Company, Limited. CHIEF OFFICE HOLBORN BARS, LONDON. Summary of the Report presented at the Sixty-seventh \nnual Meeting, held on March 2nd, 1916. ORDINARY BRANCH.—The number of policies issued during the year was 68,785, assuring the sum of 16,619,218, and producing a new annual premium income of £ 457,217. Thb premiums received during the year were Z5,157,516, being an increase of £ 121,891 over the year 1914. The claims of the year amounted to X4,330,768, of which £ 145,536 was in respect of War Claims. The number of deaths was 11,358. The number of endowment assurances matured was 25,559, the premium income of which was £ 137,797. The number of policies in force at the end of the year was 935,514. INDUSTRIAL BRANCH.-The premiums received during the year wore £ 8,506,063, being an increase of 1329,861. The claims of the year amounted to £ 3,938,596, of which £ 425,499 was in respect of 25,379 War Claims. The bonus additions included in the claims amounted to £ 276,721. The total number of claims and surrenders, including 15,505 endowment assurances matured, was 429,510. The number of free policies granted during the year to those policy- holders of five years' standing and upwards who desired to discon- tinue their payments was 88,384, the number in force being 1,984,523. The number of free policies which became claims during the year was 51,417. I The total number of policies in force in this Branch at the end of the year was 20,859,887 their average duration exceeds thirteen t'lyears. The War Claims paid during the year, in both Branches, number 26,826 and amount to 1571,035. The total paid up to the present on this account since the outbreak of War exceeds £ 750,000 in respect of over 34,500 claims. GENERAL BRANCH.—Under the Sickness Insurance Tables the a premiums received during the year were £ 9,065 and £ £ >,468 was paid in Sickness claims. The whole of the Fund of zCI6,955 is reserved for future liabilities. The assets of the'Company, in all branches, as shown in the balance sheet, are 194,794,798, being an increase of £ 3,592,454 over those of 1914. The Directors, after careful consideration, feel justified in paying a bonus on all participating policies of the Ordinary Branch which be. come claims either by death or maturity during the financial year, but in view of the present unsettled conditions it is not proposed to make a general distribution of bonus, and the shareholders will not there- fore receive any part of the profits of this Branch. The interests of participating policy-holders are safeguarded by a Special Con- tingency Fund of £700,000. The provisions relating to Industrial Assurance contained in the Courts (Emergency Powers) Act, 1914, have resulted in a severe strain upon the Company's resources, which has reduced the surplus shown on the operations of the year, and whilst these provisions remain in force the strain must continue. In these circumstances the Directors have not felt justified in drawing upon the 1300,000 set aside last year to meet contingent liabilities created by the Act, but have met the loss out of revenue, and in addition have felt it necessary to increase the amount set aside by £ 50,000. The Courts (Emergency Powers) Act Reserve therefore stands, as at 31st December, 1915, at ;C350,000. The profit sharing scheme in the Industrial Branch provides that after payment of a fixed dividend to the shareholders any surplus profit shall be divided into six parts one part being retained by the shareholders, one distributed among the outdoor staff of the Com- pany and the remaining four parts being allotted by way of bonus to the policyholders of the Industrial, Branch. The sum which has already been paid or allotted under this scheme by way of bonus to the Industrial Branch policyholders and outdoor staff amounts to £ 2,825,000. The amount of surplus shown this year does not permit of any in crease being made to this sum, there is, however,a substantial balance still remaining, from which bonus additions will be made to the sums assured on all policies in the Industrial Branch of over ten years duration which become claims either by death or maturity of endow- ment from the 3rd of March, 1916, to the Ist of March, 1917, both dates inclusive, as follows :— BONUS ADDITION PREMIUMS PAID FOR TO SUMS AssuiND. 10 years and less than 35 years £2 10s. per cent, 35 „ ,3 40 £ 5 40 „ „ „ 45 „ il5 45 „ "50,, S30 „ 50 „ "55,, 140 55 „ „ „ 60" f50 60 and upwards jE60 The strain imposed upon the Company by the operation of the Courts (Emergency Powers) Act and the necessity of reserving funds to meet the liabilities which this Act unnecessarily and inequitably creates, are in a large measure responsible for the temporary sus- pension of the profit sharing scheme this year there-, will be n. susplus profit sharing by the share holders or by the outdoor staff, while the fixed dividend of the shareholders will be reduced by £100,@00. In addition to the reserves held against the liabilities shown by the valuation the total amount reserved for contingencies, including amounts carried forward, exceeds £ 4,100,000. The Balance Sheet includes amounts totalling over il3,000,000 in War Loan and Treasury Bills. The increase in the holding of British Government Securities compared with last year is £ 11,849,133» against a decrease oU8,276,885 in the Balance Sheet item Railway and other debentures, and debenture stocks and gold and sterling bonds-Home and Foreign." Apart from the purchase of 4-j- per cent. War Loan, this is principally due to the sale to the Government, in July last of th<? whole of the Company's holding of United States securities. The following letter was received from the Chancellor of the Ex- chequer in connection with the transaction :— [COPY.] TREASURY CHAMBERS, WHITEHALL, S.W. Dear Sir, 4th August, 1915. I have to thank the Prudential Assurance Company on behalf of His Majesty's Government for the patriotic spirit they have shown in placing the whole of their, American securities at the disposal of the Treasury at a fair and reasonable price. The transaction has been of considerable assistance in facilitating Exchange operations and the greatest credit is due to the Company for its prompt action. Yours very truly, i G. E. MAY, Esq., Secretary, R. McKENNA^ Prudential Assurance Company, Ltd. The six Prudential Approved Societies formed under the National Insurance Act 1911 continue to make satisfactory progress, and the valuable services rendered to the members by the Agency Staff are highly appreciated. The amount distributed in benefits to the mem- bers at their homes during the year amounted to XI,414,109, making a total exceeding 14,400,000 since the commencement of the Act. It is with feelings of pride and satisfaction that the Directors are able to report that no fewer than 9,221 of their staff are either serving wHh the Colours or have attested or been rejected for service 1,305 from the indoor staff and 7,916 from the outdoor staff. Balance Sheet of the Prudential Assurance Company, Limited, being the Summary of both Branches, on the 31st Dec. 1915 LIABILITIES s. d. Shareholders' capital 1,000,000 0 0 Life assurance fund- Ordinary Branch X47,383,780 6 7 Life assurance fund- Industrial Branch 42,322,260 5 10 Sickness insurance fund- General Br.%iftch 16,955 6 11 89,722,995 19 4 Investments reserve funds 2,600,000 0 0 Contingency fund 700,000 0 0 Courts (Emergency Powers) Act Reserve 350,000 0 0 Claims under life policies intimated and in course of payment 267,084 8 10 Annuities due and unpaid 2,856 10 4 Balance of bonus under life policies reserved for distribution in Industrial Branch 151,861 12 7 £ 94,794,798 11 1 ASSETS. Mortgages on property within the United Kingdom 9,433,218 13 3 Mortgages on property out of the United Kingdom 310,165 14 4 Loans on parochial and other public rates 12,864,386 0 9 Loans on Life interests 1,123,287 0 11 Loans on Reversions 50,084 8 5 Loans on stocks and shares I 75,385 2 0 Loans on Company's policies within their surrender values 3,043,561 5 7 Loans on Personal security Nil Loans to Educational institutiorts secured on in come, etc. 41,989 11 4 Investments Deposit with the High Court ( £ 16,266 1,3s. 4d. 4l% War Loan, 1925-1945). 16,080 19 1 Carried forward £ 26,958,158 15 8 SS Kl IP -4-continued ;e a. d- Brought forward 26,958,158 15 8 Investments (cQntinued): » British Government Securities— 41% War Loan, 1925-1945 £ 4,912,421 19 0 Treasury Bills 8,199,256 9 7 Government Annuities, etc. 64,307 16 4 Local Loans Stock, etc. 88,002 0 0 —————— 13,263,988 4 11 Bank of England stock 143,117 2 10 Municipal and county securities, United K'dom 1,673,037 13 6 Indian and Colonial Government securities 4,639,591 12 8 Coloniil provincial securities 1,359,655 5 10 Indian and Colonial municipal securities 3,558,890 19 9 Foreign Government securities 6,151,487 17 6 Foreign provincial securities 791,846 12 10 Foreign municipal securities 3,417,044 17 11 Railway and other debentures and debenture stocks and gold and sterling bonds-Home and Foreign 12,971,059 0 il Railway and other preference and guaranteed stocks and shares 3,243,090 4 1 Railway and other ordinary stocks and shares 2,856,222 9 10 Rent charges 597,710 16 6 Freehold ground rents and Scotch feu duties 4,775,293 0 6 Leasehold ground rents 9,878 14 5 House property 4,263,067 18 6 Life interests 34,626 14 6 Reversions 1,283,446 1, 6. Agents' balances I 6,025 2 10 Outstanding premiums 614,662 14 1 Outstanding interest and rents 124,497 12 10, Interest, dividends and rents accrued but not payable ••• ••• ••• 510,720 13 t Bills receivable ••• ••• ••• Nil Cash—On deposit 20,000 0 • In hand and on current accounts 1,527,678 4 2 I ^94.794,798 11 r Tha values of Stock Exchange securittes are determined, under the Articles of Association of the Company, by the Directory Due 1, allowlnce has been made for accrued interest, and the book value of these securities as set forth m the Balance Sheet stands considerably be?ost price. A careful investigation as to the actual saleable value on 31st December, 1915 (all min Iitnum price quot^ations beil1 grea? reduced), compared with the book value, shows that the Investments Reserve Funds are much more than sufficient to meet ?y depreciation of the permanent securities. Terminable securities have been valued on a basis which, with Sinking Funds already egtab?, lished, provides for the equalisation of the book values and the redemption values at the date of maturity. I We certify that in our belief the Assets set forth in the Balanp6 Sheet (having regard to the standards indicated) are in the aggregate fully of the value stated therein less the Investments Reserve and Contingency Funds taken into account, and make ample provision for all the liabilities of the Company. No part of any fund has been applied directly or indirectly for any purpose other than the class of busmen to which it is applicable. THOS. C. DEWEY, Chairnwn. J. BURN, Actuary. W. J. LANCASTER, I Director., A C THOMPSON, <??M<MMM<M- G. E. MAY, Secretary JAMES 'MOON Were? that with the assistance of the Chartered Accountants as stated below we have exami. ned the foregomgaccounts and håW obtam?anthe?n?rmaSo?and explanations that we have required and in our opinion such accounts are correct and the foregoing Balance Se? to proSX Sim*to eiibit a true and correct view of the state of the Company's affairs according to the best of in?at?nd the explanations given to us and as shown by the books of the Company. No part of any fu?d has been applied directly or indirectly for aay purpose other than the class of business to which it is applicable. PHILIP SECRETAN, Auditors, .i W. H. NICHOLLS. J We have e^mtaed the Cash transactions. (receipts and payment)affectÛ1g the accounts of the Assets and Invéstments for the yow ended December 31st, 1915, and we find the same in good order and roperly vouched. We have also examined the Deeds and Securiti. LIVERPOOL T9^6er 3lr8tt' he^fcSSSSbSSIta iSSwi MOO** and we certify that they were in possession and sole SrtfflSt«tc ™p^n4 CU?^y/elraary° ?? DELOITTE, PLENDEU, GRIFFITHS & CO., Chartered ?c?.«.?. LIVERPOOL OFFICE: 30 DALE STREET. -EVERY WOMAN SHOULD send stamps for our 32 page Illustrated Bool containing valuable information how all Irregulantie and Suppressions may be entirely avoided or removed by simple means. Recommended by eminent Physicans as the only Safe, Sure and Genuine Remedy. Neve3 *%il Thousands of Testimonials. lIIstabllshed 1862. Mf. PAUL SLANCHARO I Bel aoat. flauc.'Dalstsa Lane, LONDON FRANCIS & HOLLAND, Sight Testing Opticians, AF RICAN HOUSE, 6 WATER STREET LIVERPOOL. (Close to the Town Hall). Balls' Wedding Rings. Guinea Gold Wedding Rings from 7/6 to 60/ Half dozen Beat Electro-plated Spoons given to each purchaser of a Ring. BALL'S LUCKY WEDDING RING DEPOT, j 33ILONDON ROAD, LIVERPOOL Finger Size Card post free. Close on Wednesdays at 1 o'clock.