"The chief item among the Company's liabilities is the Policy and Annuity Reserves which are the actuarial liabilities in respect to the Company's outstanding life insurance. policies end Annuity contracts. These reserves have been computed on the full net level premium basis with interest at either 3 per cent. or 3% per cent. and now amount to £27,000,000, an increase of £2,000,000 over the corresponding figure in 1936. Other items of liabilities to policyholders I believe are self-explanatory and show no marked change from our last Balance Sheet,
Text read from the printed page and cleaned; old type leaves the occasional error.