ANY MEETING
ROYAL EXCHANGE ASSURANCE
222nd ANNUAL REPORT koir by the Rt. Hon. Lord Bicester, Governor of The Royal ge Assurance, on the occasion of the publication of the annual and accounts of the corporation for the year ended December 31st, our life department the net new sums assured under policies issued at approximately £2,715,000 show an increase of £500,00o over are for 1940 ; I attach some importance to this increase as evidence remarkably healthy spirit prevailing in the public mind, and as :ng a steadiness of outlook towards the future of this country.
responsible for the business of life assurance were faced at the ncement of the war with the very grave problem caused by the e uncertainty as to the possible extent of casualties which might among the civilian population from attack by air. The Royal ge was one of the offices which took the lead in deciding to con- to include cover against the risk of death as a result of enemy in this country at the normal rate of premium on new policies for ed civilian lives. The investment reserves behind our life fund are greater than they were even in the preceding year.
year's business undertaken by our fire department has shown a recovery. This has been made largely in respect of the home s. But it is equally satisfactory that in spite of the loss of business enemy and enemy-occupied countries, the results from our overseas , other than in the United States of America, have been attended no less success than that of the previous twelve months. We are, 'Cr, like other British offices operating abroad, being faced with ingly severe demands for taxes both from Dominion and foreign 'es.
figures shown in our marine department indicate a further improve- in the condition of that account, and our marine fund now stands 950,000, being 165 per cent. of last year's income.
accident department has had another satisfactory year. Much accident business overseas is now more difficult to control, and motor-car section our home business seems bound to suffer still r from war-time restrictions. Viewed in proportion these are small s when weighed against the nation's needs, although it is our that while helping the national interests to the fullest extent of ability, we may also preserve in the highest degree possible continued to our policyholders.
t have for some time past been acting as agents for the Government rating the War Risk Commodity Insurance Scheme. The corpora- s war risk department has also to handle the very large number of aces which are effected with the Government under the War 7 Act, Part 2, which deals with the contents of business premises pr;vate dwellings.
ittees have been set up throughout the zountry for dealing with sections of insurance work entrusted to us by various Government erns. The corporation is rendering all these services ,to the gladly but our stockholders will appreciate that such *ork is g large demands upon those left to carry on the business of the ar.,ce industry.
meeting the financial demands of the war, the corporation is also sag no small part. The result of our efforts in this direction can n in the balance-sheet for this year, where it will be found that corporation's holdings in British Government securities have risen .C3,302,000 to £4,354,000, an increase of over one million pounds. lever effect this almost total support to the monetary needs of the may have upon our future investment income is at present of no • No other path is open to us, for without victory the labours of Corporation for over zzo years would prove to have been in vain. 'Insure you would like me, on your behalf, to convey to all those ..red with this corporation in our Dominions and Colonies our warm anon of their endeavours. They are constantly in our thoughts. the same time I would wish to take this opportunity of expressing to friends in the Dutch East Indies, China, and elsewhere our sympathy r trials.
also wish on behalf of the court of directors and the stockholders
ess our very sincere thanks to our staffs both at home and abroad the magnificent way in which they have seen to it that the business corporation has been carried on with the least amount of disloca- and the utmost measure of efficiency.
et 400 men from the Royal Exchange staff at home and abroad are serving with the Forces and in other national services, and to them and our heartfelt good wishes. Eight of their number have fallen service of their country. To their relations and friends I wish to on your behalf our very deep sympathy
continual drain on the man-power of our organisation increases leni already acute, and for those who remain there are many added The main burden is therefore falling more and more upo.1 our e both at home and abroad, but perhaps no better tribute to their Of affairs can be paid than the very satisfactory results which their endeavours your court is now able to lay before you.
Previous page
