The rapid growth of the company's business in the Philippine Islands hi for some years, made it desirable that, an offer of the company be resident in that territory, During the year 1940 your directors decided that the efiieieney of our service to pollcy~ holders could be increased it a complete OMice of Issue should be established in the city of Manila, This office was established during the year and is now functioning with two of the company's Officers charge. The underwriting of risks, issuance of insurance and settlement of claims is being handled more promptly than formerly when it was necessary to refer each transaction to our ofice in Shanghai, Successful Year In spite of the war stilt continuing in China and the rapid intensification of the European struggle which has caused important repercussions on. the political and economic Life of many of the Far Eastern territories tu which we operate, the year 1940 cane considered 1 have been a successful one for the Asia Life, The company closed the year with larger assets and a substantial increase in surplus funds, It is dimeult to prophecy what the current' year may have in store for us, but your direc tors face this future with considerable confidence feeling that we have ade-daunted by 1 unusual circumstances of the past few years and a trained personnel in both our Manila and Shanghai Main Omces which is competent, experi enced and loyal,"
'At the directors' meeting following the annual meeting, a dividend. 10 per cent, on the outstanding shares of the company was declared. Omcers elected were: C, V. Start, Chairman of the Board,' Mansfield Freeman, President, F.'B, Baldwin, W. 'T, Sullivan, and G. D. Litchfield, Vice Presidents, W. A, Hale, Secretary and Treasurer, J, F. R, Loutit, Actuary, EH, L. Newman, Resident Secretary, Manila, M. A. Fair, D, P, Pearson, BY, one emneth Lad, hai Asst, Secretaries,
Text read from the printed page and cleaned; old type leaves the occasional error.