The general shareholders meeting of the Asia Life Insurance Ca, was held on April 12°at the offices of the company, 17 The Bund. In commenting upon the company's successful operations during 1920, the President, Mr. C. V. Start, addressing the shareholders, said:
Thave no doubt that the accounts presented to you to-day will be considered satisfactory, as they reflect fa year of very good progress. The company's insurance in force has increased by $5,830,930 and now totals $24,098,486, Assets have increased from $1,717,255.84 at the end of 1925 to $2,452,198.04 at the end of 1929. Reserves have gained $493,539.91 and the company's: net surplus has increased by $54,709.02, Payments. to policy-holders and beneficiaries during the year' amounted to $207,826.24, bringing: the total of these payments since the formation of the company to $776,826.22.
Our mortality record continues favourable, and at the end of 1929 stood at 73 per cent. of the mortality expected under the American Experience Tables. Gains from mortality have helped to increase thie company's surplus and also pro-attractive dividends to our participating policy-holders. This is a most important fact because it means that knowledge and practice of healthful hygienic living is spreading among the peoples of the Orient. The mortality in China hes eon particularly favourable. During the nine years of the company's history there have been fewer deaths among policy-holders in the city of Shanghai than would be normal in America, South China has also had an exceptional record. In only two places in China hes the mortality been heavier than normal; ie. Foochow and Hankow.. The mortality veeord of any life insurance company depends to a great extent upon the skilful selection of applicants by its medical examiners, and it may have been that this factor affected the records in Hankow and Foochow. However, your company's management did not spare themselves in efforts to solve the mortality problem in those two districts, and have been forced to the conclusion that both places are for some reason less healthful than most other parts of China, Mortality in the Philippine Is-ands has been above average, but we have been there only a short time and our record is not conclusive. In French Indo-China we have had an especially favourable experience, but in this instanc> also wwe cannot deaw accurate conclusions because we have only been in the territory two yenrs, The year 1929 was marked by our entry into Java, Straits Settlements and the Federated Malay States. We are proceeding conscrvotively in those territories and progress to date has been satisfactory. We withdrew from the Kingdom of Siam during the year—not Because of any difficulty in acquiring a fair volume of business, nor because of excessive mortality but because it has become quite apparent that the Law Courts in companies from fraudulent elsims. In one case we were foreed by the Court to pdy a death claim notwithstanding quite Inadequate proofs of death, and within a few months, through our awn efforts, we succeeded in apprehending the "deceased" and delivering him to the police. The gontlewe believe, is still in gaol, have not recovered our money. In another case we were Foreed to pay. des fof the Departnient of the Int that there was no proof of thi sured's death. Of course it is futile to attempt to operate a life insarnee business unlier a court system which definitely encourages frandal ent claims, ant your directors did fai policy-holders, the only thing they could doin Duy 1029 the company wrote a larger valu of now business than in any previous year. This is par ticularly encouraging because a large share of it came from the: more important cities in China, pecially Shanghai. During the years of China's political turbulence, lif insurance, as an element in the eco nomic fabric of the country, has made headway slowly. Its uses have rot been fully unde personal finances of the the country have been so unstable that they have not been able to plan with any confidence permanent long-term programmes of savings and protection. During the past year, however, a definitely greater in terest in life insurance has shown itself in Shanghai, both among peoplo who require smaller policies and those who have se for protec tion in large amounts.
There is also an awakening interest among China financiers and business men as to what constitutes sound life insurance company. Your company has undoubtedly} ied the respect of the commun through its steady financial strength exhibited year after year, as well as by the valuable public service rendered in promoting thrift} and developing character. It is to he hoped that this interest of Chi nese business men will continue and will result in the formation and jzrowth of representative Chinese life insurance companies, properly! financed, directed and managed. All such efforts to introduce and maintain strong, wholesome life insueance institutions among the Chinese will always have wholehearted support and encouragement from us.
In September of last year, the Insurance Commissioner of Delaware, ULS.A., through his deputies, Messrs. Haskins & Sells, certified public
Text read from the printed page and cleaned; old type leaves the occasional error.