The 22nd annual meeting of she China Mutual Life Insurance Ca, Ld., was held on the 27th instant, at the head offices of the Company,- No. 10 Canton Road, Mr; A. W. Burkill presiding.
In the course of his speech, the Chairman said:
This year we have beaten all previous records in the amount of new business written, applications ha—ing been received for policies assuring Tls. 3,095,875 and £1,360, a21 as against Tis, 2,728,412 and. £924,304 last year. The increase in silver policies applied for is 13 per cent. but the increase in gold policies applied for is 47 per coat. This increase in the volume of new business has naturally resulted in an increase in our expenses, which are also affected by the world wide increase in the cost of living.
The total insurance in force now amounts to Tis, 14,543,549 aad £3, 40 as against Tls. 14,265,986 and £3,015,669 at the beginning of last year, and our income during the year was Tls. 1,073,979 and £290,069 as against Tls. 1,075,693 and £243,498 in 1918.
Our assets increased from Tls. 3,953,718, and £828,196 to Tls. 3,969,058 and £918,546 after paying 2,072 and £124,809 to our y holders and claimants during the year.
As our chairman anticipated io his speech at our last meeting, a recurrence of the influenza epidemic caused us further extra payments by way of death claims last year. In fact during 1919 17 per cent. of our silver death claims, and no less than one-quarter of our gold death claims were due to this epidemic.
In addition to these heavy claims we have been called upon to pro vide against a Joss caused by tne failure of the Indian Governmeat to maintain the rupee at a value of 1s 4d. The opportunities for the investment of a life insurance company's funds in India were very limited, ani we followed the plan of investing in sterling secuzities such balance of our reserves against rupee policies as could not be suitably invested in rupee securities. Unfortunately the voice of sterling vie @ vis rupees has now fallen, and your directors have de cided'to transfer the surplus as at the end of 1919, which amounts 10 £19,000, to the credit of a reserve against this depreciation in the rupee value of sterling.
We regret the necessity for this step, and the losses due to influenza, because the result is that we shall pay no bonuses on policies maturing before the date of our next annual meeting, and that we can pay no bonuses in respect of policies which matured between the date of our last annual meeting an1 to-day. Neither shall we be able te pay any dividend to shareholders.
There were no questions, and the formal resolutions were then adopted.
Text read from the printed page and cleaned; old type leaves the occasional error.