In his remarks on the excellent report presented, Mr. J. H. Lithgow, General Manager, said:—
"The results of our year's business as evidenced in the Account in question are doubly pleasing in that both the New Business and the gain in Business in Force show very satisfactory results. New Business for 1937 amounted to £12,361,614—an increase of £762,437 over that of 1936. The New Business figure of £12,361,614 consisted of £11,600,000 of Ordinary Business, £460,000 of Deferred Annuities, £200,000 of Group Business and £100,000 of Paid-up Insurance, the latter purchased by the application of Policy Dividends. Excluding Deferred Annuities, whose sale has been sharply curtailed during the past two years through the necessity of raising premium rates due to the fall in interest rates, the Company's New Business shows an increase of over £1,000,000, a gain of 10 per cent. over the comparable figure for 1936.
Text read from the printed page and cleaned; old type leaves the occasional error.