In our life assurance activities, last year was one of consolidation rather than expansion. Our business in China continued to decrease because of the continuance of hostilities. In Malaya, Siam and Hongkong we showed satisfactory increases. Taking the business in force at the end of 1939 and comparing it with 1938 at the same rate of exchange, we show an increase of more than £40,000 sterling; but, the depreciation of Chinese National currency eliminates this gain and, in fact, gives a slight decrease of our business in force when expressed in sterling at rates of exchange prevailing on December 31, 1939. Mortality was 60 per cent. of the expected provided for in the company's rates. During the -year, 82 per cent. of our business came from sources outside of China and approximately 80 per cent. of our business in force today covers assureds. abroad. A comparatively small percentage of our total business in force is now represented by policies in Chinese National Currency and, if any further depreciation of Chinese National Currency should occur, it would have much less effect on our figures than in previous years. After setting-up reserves to meet actuarial requirements, we made a profit of £3,181.18 7d. which was carried to the profit and loss account.
Text read from the printed page and cleaned; old type leaves the occasional error.