€.$914,000,000 and Normal Earnings Highest in The Company's History Montreal, Feb. 13.
With assets at an all time record of €.$914,000,000 and normal earnings for the year the highest in the company's history, the most significant figure quoted by the president, Mr. Arthur B. Wood, at the sixty-ninth annual meding of the Sun Life of Canada was the ninety million dollars of benetts paid out to policyholders during 1939. This represents an increase of approximately six million five hundred thousand dollars over the payments of the previous year and brings the total benefits paid out by this company since the first policy was issued in 1871 to the total of one billion two hundred and ninety-five, million dollars.
Death and disability payments during the year exceeded twenty-six and one-half million dollars, annuity and matured endowments came to thirty-one million dollars, while fourteen millions were disbursed in dividends paid to policyholders. Altogether, sixty-five million dollars were paid out during the year to living policyholders. applied to new policies issued in countries at war, the hazard of war affected only those policies issued prior to the outbreak of war. As the major portion of such business had been in force over many years, the average age of the company's policyholders is over 40, which. exceeds military age. Furthermore, the business in neutral countries today constitutes a much larger proportion than in 1918.
Speaking of the company's progress during the last war, Mr. Wood stated that following a very brief recession at the outset of the conflict, the business of the Sun Life increased to almost threefold by the year 1919. Canada's position today was even more favourable. The population has increased by 50% and the country's productive capacity is far more flexible. Wheat production, newsprint, copper and aluminum exports are many times larger, the value of gold production is eleven times greater than in 1914 and the value of manufactured goods has increased two and a half times. Canada today stands in as favourable a position as any other large nation. Brief reference was made to the great success of Canada's War Loan which was striking evidence of this country's high credit standing and confidence in her destiny.
Mr. Wood concluded his remarks by emphasizing the appreciation voiced by the directors in their report of the splendid work of the field and head office staffs, Largest Company Report and Accounts The Sun Life of Canada, which is the Dominions largest life assurance company, has today over one million policyholders and is one of the leaders in life insurance service on the North American continent. While its branches are organized on a world wide scale, by far the largest part of its business is secured in Canada, United States, Great Britain and the British Empire. The company does not operate in any country of Continental Europe.
Arthur B. Wood in his annual talk to policyholders told the interesting story behind the impressive figures of the company's operations for the year and, in simple language, recounted the functions of life insurance funds in the service of human needs.
Text read from the printed page and cleaned; old type leaves the occasional error.