In the statement, before you today, this met operating' gain for the year has been added to the surplus of the company which stood at USS156,484.15 at the end of the previous year, 'There was also a profit on sale of investments of US$22,067, unclaimed policyholders' dividends written off of US$I,67430 and a net profit exchange and revaluation of investments of US$48,54095, giving a grand total of US$108,454.; Shareholders' dividends declared and paid during the year amounting Jorge cash position. This is unnecessary in order to meet any cur rent lability but in view of prevail ing conditions throughout the world, 'a high degree of liquidity is deemed advisable, "Even with these large cash holdings. the income from interest, dividends, and rents totalled US$09, '958.18 or a yield of 3.56 per cent, our mean ledger assets which is suMclent to maintain the interest requirements on policy reserves, "Low Mortatity The mortality among the-company's policyholders during 1040 was only 425 per cent, of the expected provided for in rates and eserves, his extremely low," In 1089 the figures was 6305 per cent, which at thay time Was considered unusually favourable. The company's exceptional record this respect is due in part {0 the acquisition of a large amount of new insurance during the last few years which insurance is stil) within period of select mortality, "The Agure reassuring, however, a5 it indicates that the continuing hostilities Ju the Far Bast have had no material effect the' company's mortality.
"An important criterion of achleve= ment for a Life Insurance company is growth of its portfolio of insurance Ju force, Measured by this standard, your company had in 1 r of healthy growth, New insurance writ~ ten was 60 per cent, in excess of the previous year, resulting ina net gain insurance in force, after all apse, Surrenders and death claims "have been deducted, of US33,027,200, Total Insurance surplus, directors have also considered it con servative to deduct an additional 'US$30,000 from surplus in order to increase the reserve for investments US960.000, The total of these surplus deductions amount to US$56360044 leaving a of preceding year,
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