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THIS COMPANY was established at Edinburgh in 1825. The Acts of Parliament 2nd and 3rd Gul. IV.
cap, 81, and 8th and 9th Vict. cap. 75, also the 22nd and 23rd Vict. cap. 27, have been granted for
the purpose of its constitution and for the regulation of its affairs. It has been conducted with much
success, which may be attributed not only to its extensive and influential connections, but more particu-
larly to the liberality of its dealings, and to the constant attention paid by the Directors to the adoptioa
of improvements and facilities in connectiou with the contract of Life Assurance.
The Forty-sixth Axnual General, Meeting of the Company was held in Edinburgh oa Tuesday the
30th of April 1872— T. Graham Murray, Esq, W.S., in the Chair.
The following resuhs were communicated in the Report: —
Amount proposed for Assurance during the year 1871 (2190 Proposals), . . a£l,289,927 5
Amount of Assurances accepted during the year 1871 (1810 Policies), . . 1,041,097 5
Annual Premiums on New Policies during the year 1871, .... 36,368 15 6
Claims by Death during the year 1871, exclusive of Bonus Additions, . . 354 681 8 8
Amount of Assurances accepted during the last five years, .... 5,564,629 1 1
Subsisting Assurances at 15th November, 1871, 16,912,296 7 3
Of which £937,239 Us. is Re-assured with other OfBces.)
Revenue, 729,968 19 10
-Assets 4,266,075 4 7
The Revenue Account and Balance Sheet, prepared and certified in accordance with the Life
Assurance Companies Act, 33 and 34 Vict. cap. 61, can be obtained by application at the Companv's
Offices or Agencies.
The Report by the Board of Directors was unanimously approved of.
The Chairman then addressed the Meeting. He said :
' The year following an Investigation and Division of Profits is always a trying one, as the Agents,
and all connected with the Company, do not set to worli to get new business until the Bonus has been
declared, which does not generally take place until the middle of the year following the date as at
which the division is made.
' In these circumstances, and keepino; further in view that the energies of all the Company's con-
nections have been somewhat exhausted during the year preceding the division of profits, when there is
a peculiar inducement to proposers to come forward, — on all these grounds, the year following a Bonus
year may fairly be expected to show less favourable results than those of its predecessors or successors.
' The Directors are accordingly the more gratified to be able to state that the business of the past
3'ear has quite come up to their fullest expectation. They are always satisfied when One Million of
new business is the result of the year's operations ; and on this occasion that amount has been exceeded,
the New Assurances effected reaching the large sura of £1, Oil, 097 5s., selected from proposals not far
short of One Million three hundred thousand.
'This is one point of congratulation in connection with the transactions of the past year. In all
other respects the year has been an ordinary one, not marked by any special feature. The claims paid
including Bonus additions, have amounted to upwards of £400,000, making somewhat more than £1300
paid for each business day; and it will still farther impress on you the magnitude of our duties in this
)-espeot, when I mention that during the last six years we have paid upwards of Two Millions sterling
in claims alone.
' Indeed the payment of claims has become a most important department of the Company's busi-
ness — as much so nearly, I may say, as the transacting of new assurances, and requiring at the same
time very special attention. The Directors regard it of the greatest importance to settle all claims with
as much ease and rapidity as possible, and they can well appeal to their public character for liberality
ill this respect.
' The Investment of the Company's Funds engages the anxious attention of the Board, and they
consider a periodical scrutiny of their Investments to be one of their most Important duties. Such n
scrutiny was made last year with reference to the Division of Profits, and was highly satisfactory, &s
shown in the Report submitted at the time. I myself can state personally my full satisfaction with the
attention paid to this important branch of the Company's business.
'The new form in which the Company's accounts are now published, in accordance with the Act
of Parliament for the regulation of Assurance Companies, shows very distinctly the progress and
position of the business; and the published accounts of Revenue and Expenditure, and of Liabilities
and Assets, the Directors consider of very great importance both to the Offices and to the public
bringing, as they do, into one form all the transactions of the different Companies.
'The Directors have nothing to report as to the extension of the Company's Agency arrangements,
beyond the opening of a Branch in Manchester under the charge of Mr. Hudson, who has been for
many years one of the Company's Inspectors. The Directors have no doubt that this arrangement will
prove highly conducive to the Company's interests. In the Colonial Department the Company's Cal-
cutta Branch has been placed on an extended footing, so as to be more in keeping with the growing
importance of the Company's business in that quarter of the world.

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