LF ASSURANCE COMPA 
     
    
   
   
    
     ASSURANCES IN FORCE t...) $1,250,, 90,000 
     
    
   
   
    
     An increase of $235,393,000 
     
    
   
   
    
     New Assurances Paid F or - - 
     
     An increase oi $7Z,4l 2,000 
     
    
   
   
    
     Total income . - i - - 
     
     An increase ol $9,825,000 
     
    
   
   
    
     Payments to Policyholders and Beneficiaries 
     
    
   
   
    
     Total Payments Since Qrganization 
     
    
   
   
    
     Reserve ior Unforeseen Contingencies - 
     
    
   
   
    
     Surplus over all Liabilities and Contingency Reserve 
     
    
   
   
    
     An increase of $137 l ,000 
     
    
   
   
    
     ASSETS at December 31, I926 345,251,000 
     
    
   
   
    
     An increase oi $421 95,000 
     
    
   
   
    
       
     
    
   
   
    
     Dividends to Policy/zolders increased for 
     
     l seventh successive year 
     
    
   
   
    
       
     
    
   
   
    
     . 265,889,000 
     
     - i 78,972,000 
     
    
   
   
    
     38,576,000 
     
     - 257,8l 6,000 
     
     l l.,000,000 
     
     34,0l l,000 
     
    
   
   
    
     NY or cA DA 
     
    
   
   
    
     The operations during the past year have resulted in substantial 
     
     advances in all departments. . 
     
    
   
   
    
     The new policies paid for. . . . almost double the. figures of two 
     
     years ago. g ' 
     
     The assurances in force, alter deduction of reasaurances, . . . . 
     
    
   
   
    
     chow an increase of . . . . over twenty-three per cent. 
     
     I 
     
    
   
   
    
     Policies and group certificates now outstanding aggregate well in 
     
     excess of half a million. 
     
    
   
   
    
     The figures relating to resources and earning power are equally 
     
     satisfactory. " 
     
    
   
   
    
     The high qunlit_v and profitable character oi’ our investments has 
     
     again tieen demonstrntetl. As a restilt of continued reduction in 
     
     prevailing rates of interest, and of satisfactory industrial conditions, 
     
     there has been zi itirtlter rise in the market values of our long-term 
     
     bonds and of our preferred and other stocks. The appraisal of our 
     
     lecurities made by the Government Insurance Department shows 
     
     that the excess of market values over cost has increased during the 
     
     year by $6,894,266.26. ln addition, the suin of $1 ,729,364.52 has been 
     
     realized as net prcfit; fmm the redemption or sale of municipal deben- 
     
     tures and othersecuritie: which had risen to high premiums‘. Therate 
     
     of interest earned on the mean invested assets has also risen to the 
     
     remarkable figure of 6.69 per cent. as the result of substantial divi- 
     
    
   
   
    
     EXTRACTS FROM DIRECTORS’ REPORT 
     
    
   
   
    
     dend increases, bonuses, and stock privileges received in connection 
     
     with many of our holdings. 
     
    
   
   
    
     The quality of the investments listed in the assets may be judged 
     
     from the fact that 0n 99.55 per cent of the bonds and on 99.71 per 
     
     cent of the preferred stocks, not one dollar of interest or dividend is 
     
     in arrear for even one day. On our common stocks the dividends now 
     
     being receiver] are greatly in excess of the dividends payable on the 
     
     same stocks at time of purchase. 
     
    
   
   
    
     The total surplus earned during the year amounted to 
     
     $20,457,077.28. From this the following appropriations have been 
     
     made: i 
     
    

    
     The sum of $2,000,000 has been deducted from the oflicial 
     
     valuation of our securities to provide for possible fluctuations in 
     
     market values. This raises the amount set aside for this purpose 
     
     to $5,000,000. In other words, the value at which our securi~ 
     
     ties are carried in the balance sheet is $5,000,000 less than the 
     
     appraisal made by the Government authorities. 
     
    

    
     The account to provide for unforeseen contingencies has been 
     
     increased by $1,000,000 bringing the total under this heading 
     
     to $11,000 O00. ‘ 
     
    

    
     The book value of our Head Oflice building has been written 
     
     down by a further sum of $250,000 though it certainly could 
     
     not be replaced at even its original cost. 
     
    
   
   
    
     \ An additional amount of $400,000 has been set aside to 
     
     provide for greater longevity of annuitants. The total held 
     
    
   
   
    
     under this lteading, in excess of Government requirements, is 
     
     now $1,500,000. 
     
    
   
   
    
     The reserves on the newly acquired business of the Cleveland 
     
     Life, and on other reassured policies, have been raised to the 
     
     same high standard‘ as that used for the valuation of liabilities 
     
     under our own contracts. 
     
    
   
   
    
     To our policyholders, profi ts have been paid or allotted during 
     
     the year to the amount of $9,235,526.80 ~ 
     
    
   
   
    
     After tuaking these deductions and allocations an addition of 
     
     $5,371,564.56 has been made to the undivided profits. The shr- 
     
     plus over all liabilities, contingency accounts and capital stock, 
     
     now stands at $34,011,565.Z5. 
     
    
   
   
    
     For six years in succession we have increased the profits to par- 
     
     ticipating policyholders. During this period ounprofit scale has been 
     
     doubled. While the assurances in force have multiplied two and a 
     
     half times since 1020, the amount paid or allotted as profits to 
     
     policyholders has multiplied five-and a half times. We are gratified 
     
     to announce,'for the seventh consecutive time, a further increase in 
     
    
   
   
    
     the scale of profits to be distributed to our policyholders in the 
     
     ensuing year. 
     
    
   
   
    
       
     
    
   
   
    
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