ABSTRACT OF THE QUINQUENNIAL REPORT OF 1864, 



Since the last Division, 2,641 Policies, assuring £2,050,788, have been issued, 

 giring an annual average of 528 Policies of £777 each — a large and steady in- 

 crease of the business. 



The sum of £72,702 has been received during the five years in new Premiums, 

 being at the rate of £ 14,540 a year. 



The total income from Premiums, which in 1859 was £ 182,429, now amounts 

 to £214,104, indicating an average annual increase of £4,385, after allowing for 

 loss of income from discontinued Policies ; while the gross income from all sources 

 has increased at the rate of £10,230 per annum. 



Claims have arisen during the five years on 794 Policies assuring £624,327, 

 and carrying Bonuses to the amount of £116,899. 



In addition to the Bonuses on Policies upon which claims have arisen, the sum 

 of £87,149 has been paid as bonus in other ways, such as in reduction of bonus 

 liability by cash payment, reduction of premium, purchase, &c, making a total 

 >f £204,48. 



In the valuation of the Assets, an ample margin has been allowed for possible 

 fluctuation of the Funds ; and in the valuation of the Liabilities, the risk Premiums 

 only have been taken into account, and no profit is declared by anticipation. 



The Assets, consisting of Funded Property, Mortgages, Life Interests, and 

 Reversions, Premiums due on 31st December (since paid), Interest accrued on 

 Investments, Balance at Bankers, and in hand, amount to £2,315,129. 19s. 2d. 



The Liabilities, consisting of the values of Policies and the Bonuses already 

 declared, claims accrued in 1863 but due in 1864, commission, taxes, and sundry 

 small accounts, amount to £1,964,739. Is. Id. There is, therefore, after making 

 provision for every known liability, a surplus of £ 350,390. 17s. Id. 



The Directors recommend that £329,890 of this surplus be distributed as abso- 

 lute Bonus; and that the remaining sum of £20,500. 17s. Id. be retained for the 

 payment of annual, contingent, and conditional Bonuses. 



The sum of £329,890 will produce reversionary Bonuses amounting to £506,300, 

 yielding a percentage ranging from 5 to 34, or 9£ on the average of the sums 

 assured ; and a percentage ranging from 26 to 160, or 59| on the average, on the 

 premiums received in respect of which the Bonus is allotted. 



The Society now assures by 9,022 Policies the sum of £7,233,564, and has 

 an Assurance Fund amounting to £2,272,385. lis., and an Annual Income ot 

 £307,475. The large number of assurances in force affords a protection to the 

 Society against those deviations from the average which attend a paucity of 

 numbers, while the respective amounts of the capital and the income attest the 

 firm and satisfactory condition of the Society. 



The experience of the Society during this period (the fourth which has elapsed 

 since paying off the Shareholders), has fully realised the expectations of the 

 Directors, and they feel assured that the Members will share their satisfaction. 



By order of the Board of Directors, 



OLINTHUS GREGORY DOWNES, 



Actuary. 



