Death Claim payments were £931,- have been calculated on the full net level premium basis and are, therefore, considerably in excess of the minimum reserve requirements of the Dominion Insurance Act. Some £2,000,000 is in respect to Annuities and the interest rate basis used is 3%%. The balance of this item is composed of miscellaneous reserves in respect to Disability and Double Indemnity Benefits, Supplementary Contracts, etc.
Dividends to Policyholders Increased Although interest earnings have fallen during the past few years, the Company's total earnings have so far been well maintained due to a satisfactory mortality experience and some savings in expense. it has, therefore, again been possible to increase the dividend scale upon which dividend distributions to policyholders will be made in 1939 and, included in the reserve of £934,932, is a sum of £466,496 for distribution in the year which we have just entered.
Contingency Reserve and Surplus Surplus accounts have increased by £172,374. Contingency Reserve now amounts to £493,151 and Surplus to £979,825, a result which can b^ con-dered as very satisfactory London Money Market In view of the trend of infernal tional conditions, the up-movement of discount rates was fully expected in the London money market during the past week. Operators had anticipated some improvement in the average of Tfeasury bills, but, when the result was known that the Market Syndicate had received 73 per cent. at rate of 2; per cent, considerable surprise was caused as the bills were popular end-June maturities.—Reuter,
Text read from the printed page and cleaned; old type leaves the occasional error.