PRUDENTIAL ASSURANCE.

Auckland Star, Volume LXXI, Issue 154, 1 July 1940, Page 4

PRUDENTIAL ASSURANCE.

NO PRE-WAR RESTRICTIONS.

In keeping with the spirit of patriotism demonstrated by the Prudential Assurance Company during the last war, the company decided to suspend, during the present war, the operation of any restrictive conditions relating to naval, military or air force risks, which may have been embodied in any of the company's life assurance policies issued from the Australian and Xew Zealand branches on or before September 25, 1939, and which were in force on that date. This information i« given in a circular reviewing the company's activities in the past year. A feature of the operations for 1939 was the increase in the asseta to £354,455,855. The income also increased to £56,254,060. The Kin plus in the life business was £10,202,081, including £1,320.805 brought forward, from which £1,450,000 was transferred to the investment reserve fund. The. company's funds, including investment reserve and contingency funds, have a substantial surplus of market values overledger values, some of which have been very drastically written down in view of the importance of making a conservative estimate under war conditions.

In his speech at the annual meeting of the company, the chairman, Sir Edgar Horne, said that during 1939 the company continued the prudent course of maintaining a liquid position and a substantial proportion of available funds were invested in short-term loans. The company is thus well prepared to do its share in supporting British Empire Government loane for the successful prosecution of the war. There was an increase of £376.216 in the ordinary branch new life business written by overseas branches of the company, which last year amounted to £8.532.524. The total new business of the company was £94,438,070. The consideration for annuities granted during the year was £002,114. The sums assured in force in the life branches, including declared bonuses, now amount to £893,781,039 All these figures are expressed in English sterling.