LIFE INSURANCE PROGRESS
The accounts of the leading life insurance companies, both mutual and proprietary, which are now being published, leave no doubt that 1938 was a year of rapid progress, even though industrial recession must presumably have tended to reduce the volume of the national savings.
Among the mutual societies theoScottish Widows Fund announces a total income for 1938 of £3,648,757, compared with 0,592,298 in 1937, the surplus over outgoings being £675,503, against £685,092. New business comprised a slightly smaller number of policies, at 7,324, against 7,489, but insured for a considerably larger sum of L5,474,628, against £5,187,426 assured. It was the year of the society's quinquennial valuation, and this discloses that new business during the past five years rose from £17,691,000 to £23,711,000, while total funds rose from L31,028,000 to £34,250,000. The quinquennial bonus is being maintained at £2 2s. per cent., requiring £3,536,930, and leaving £166,954 to be carried forward.
(Continued on page 33o)
FINANCIAL NOTES
(Continued from page 328) Another leading mutual society, the National Mutual, an.. nounces a record in net new life business (excluding capital redemption policies) of £1,082,312, an increase of £44,541 over the previous year. The total premium income rose from £441,074 to £506,353. The society's biennial valuation dis- closed a surplus of £812,009, which has been conservatively treated. Policy-holders' bonuses have reverted to the normal scale of 42s. 6d. on whole life policies, 37s. 6d. per cent. on endowment policies, and 15s. per cent. on the low premium series. This distribution is well within the available profits, but in view of the obscure financial outlook the directors do not recommend the additional bonuses distributed on the two previous occasions. They are transferring L345,266, against £141,234, to reserve, and carrying forward £177,584.
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