.-......-_. 
     
    
   
   
    
     S MADE - 
     
     NDREDS 
     
     F MILLIONS 
     
    
   
   
    
     ndzl Lite {last yell‘ 
     
     -uiidred-miliion-dollar 
     
     eis, .iiid iii new busi- 
     
    
   
   
    
     t‘. . 
     
     tired millions of dol- 
     
     various funds of the 
     
     11nd the contidence 
     
     ll; public in applying 
     
     '11]; 10f (ll/Cl U. llUll- 
     
     ii uollars 0t new lite 
     
     are the two items 
     
     vc special mention. 
     
     billlcCllUll, fit is signi- 
     
     nit- pdupll.‘ insured my, 
     
     nnoicti lllllllUll 0t in?’ 
     
     JVU lll ciicct LllldCH 
     
     ‘ ilu up sticn a iuliu ior 
     
     ctioii iuiuugilout llle 
     
     tirs. lii uue iinie every 
     
     lllLlCd lll [UICC IBHCHCS 
     
     itlc kl.» .tn asset tor trig. 
     
     ‘l, eililci‘ Dy ucittil or 
     
     ltil new insure-is are 
     
     eu upon their acquisi- 
     
     es: policies. At ine 
     
     lilcy are strongly 
     
     iiiiiiitziiit their interest 
     
     suction anduetcrnline 
     
     rig snail ever induce 
     
     icoiitinue their iiisur- 
     
    
   
   
    
     ‘ety attaching to the 
     
     iitiou dollars ‘of assets 
     
     {ll is snared by all in 
     
     to their payments. 
     
     ‘rage person ll is bet- 
     
     c it small interest in 
     
     tile investments than 
     
     l his savings in'"orie 
     
     c insur/ance accom- 
     
     “divcrsity of invest- 
     
     lic best manner pos- 
     
     ~ siintc time providing 
     
     tuiids iii event of 
     
    
   
   
    
     iEW GENERAL 
     
     i ANAGER 
     
    
   
   
    
     the year Mr. T. G. 
     
     WA.) tipp0lllit3tl (jen- 
     
     ei oi liic uiinzioa Lite, 
     
     iii-ed iii popularity and 
     
     llrtlt oi iiis associates 
     
     iiiiig his iiew duties. 
     
     tuilli; tell heir to ttie 
     
     icnerzit Manager after 
     
     spent its a liic insur- 
     
     commencing in the 
     
     Oi a New York com- 
     
     liicn he rose t0 the 
     
     manager tor Ontario. 
     
     . knowledge of agency 
     
     teiicy work was gain- 
     
     l0l_SlXlC€ll years lie 
     
     osition 0t Superinten- 
     
     iicies 0t a large Cana- 
     
     Piilt)’. during which 
     
     zivetled all over the 
     
     _nnd in the United 
     
     ll he became perhaps 
     
     "Own agency iniin in 
     
     il there was hardly a 
     
     _- tield man connected 
     
     “lllllilily whom he did 
     
     crsoiiullyx His valu. 
     
     iii the Lite Underwrit- 
     
     zltioil was a piirt of his 
     
     t that time, and he 
     
     tune years Honorary 
     
     ot that Association. 
     
     I‘, it is with the Canada 
     
     sdonc his best work’ 
     
     cstigc ivluclt the Com. 
     
     iron inlhe Dominion, 
     
     ‘ "It'll in the United 
     
     5 llvcii very largely due 
     
     t "ltd perseverance. 
     
     will 0t the Company's 
     
     "mil! the past ten -or 
     
     tltrts llZlS been great, and 
     
     ' ell for congratulation 
     
     L tut period of expan- 
     
     ll  outstanding abjlity 
     
     hllffk tins been at the 
     
     n new business" pro- 
     
     t 
     
    
   
   
    
     ctiil.loiikcy' is well ltitown 
     
      as well ason Insur- 
     
     " "milk a director of 
     
     Assurance Com- 
     
    
   
   
    
     =h America Assiir- 
     
     4he¥rovident 
     
    
   
   
    
     cmkcrtimf ittpyE He is 
     
     . 4‘ 0 e xecutivc 
     
     ‘l0 (lilicers’ Association 
     
     00B of the original 
     
    
   
   
    
     \ 
     
    
   
   
    
     DA l. FE SUCCESS IN l 
     
    
   
   
    
     0 §ER<$100,000,000 new BUSINESS PAID FOR DURING "rue. Y 
     
     'Mr. Herbert C. Cox "Reviews Company's iAffairs 
     
    
   
   
    
     THE PRESIDENT'S Aoomzss 
     
    
   
   
    
     number of policyholders in attendance. 
     
    
   
   
    
     Toronto, January 81h, 1925. 
     
    

    
     The regular Arulual Meeting of the Canada Life Ania-once Company wo: held in the Head Oflicc Building, with a largo 
     
     Thi: was tho seventy-eighth annual meeting, and the age and stability of the Company 
     
     wan emphasized by the large number of prominent mon in attendance, and particularly by the personal vi|it of Mr, Adnm Brown 
     
     of Hnmilton, Ontario, who in» his ninety-ninth your gave :n excellent nddros: on Clnodinn nthin, . 
     
    
   
   
    
     lllr. Ilnrbcrt C. Cox reviewed the 
     
     bunineas of the your 1924 o, fol- 
     
     loivsz— 
     
    

    
     The continuance of moro or less 
     
     diriurbetf conditions throughout the 
     
     world has roturdcd that full return 
     
     to ly generally ncttve business which 
     
     ‘w khnvp n1 been hopcfully anticl- 
     
     pntlnlr. but we are gran-tut for the 
     
     mullsuro of improvement which, 
     
     though very gruduiil, would sec-m to 
     
     be in progress, nnd which should 
     
     nhortly reflect the atcndyng influ- 
     
     ence of the (Jormnri settlement, and 
     
     0f,_tbo recént genornl elrctlons lu 
     
     Great Britain and thc llnltcd States. 
     
    

    
     Cnnudn to Share In Rovlvill. 
     
    

    
     'l‘hiit (‘nnudn is rendy to Hllflf‘? in 
     
     tho\revlval when it cnmrs ls indi- 
     
     cntodby’ tho important excess of her. 
     
     exports over imports for thc taunt 
     
     yctr. While hor borrowings for 
     
     commercfill purposes have, boon 
     
     nriny mlllltuiiq of (lOlIITH-lGSS than 
     
     in the previous your, due to curtailed 
     
     activities, those funds lire lii her 
     
     linnking institutions nod imlur-illntcly 
     
     llvllllllllltl‘ to moot cniurgutl rlcluiinils 
     
     no they nrlso, und it in well cstnb- 
     
     lze-ncd that Cnniirllnn biinkci-n hnvo 
     
     never yet. lucked rhi- couvngo nor thi- 
     
     will to support tu the utmost the 
     
     industrial nndngrlculturnl effort of 
     
     the country. It is not my pruvntrc 
     
     to enter in detail into what thut cf- 
     
     fort can be: suffice lt to ray that n 
     
     study of the output of our lnctortcs 
     
     nnd farms no revealed in nvrlllublc 
     
     statistics will be intensely edlfytng 
     
     to the rivorago render and will give 
     
     hlrnn new conception of tho poi-rul- 
     
     bltitleii of his country. 
     
    
   
   
    
     National Problems. 
     
    

    
     It in true that the crops ln the 
     
     Western Provinces were disappoint- 
     
     lnrz ln volume and were not 1m evenly 
     
     diutrlbuted an we could hiivo wished. 
     
     ‘Pliny worn, however, put in rlnd har- 
     
     vested at n roducod cost, and tho 
     
     prides realized were much ln ad- 
     
     vance of the previous your, so that 
     
     the aggregate amount received by 
     
     tho farmers reached u most impor- 
     
     tnnt sum. It la well to boar tn mind 
     
     that in addition to those field crops 
     
     those Provinces are producing im- 
     
     proaslvely in eggs. butter, cheese, 
     
     honey, vegetables nnd live stock of 
     
     nll kinds, which justifies tho por- 
     
     sir-tent urging for tho undertllkinli 
     
     of mixed farming. Thcro is a grow- 
     
     ing development in tho movement 
     
     of those commodities to the Pacific 
     
     for lihfpment by water, which will be 
     
     hastened and encouraged by the 
     
     very excellent facilities already pro- 
     
     vided or ln course of construction iri 
     
     Vancouver. Thoao, together with 
     
     those now long established at the 
     
     head of tho Great I-nkcs and in con- 
     
     junction with the very extended 
     
     service offered by tho railways, are 
     
     rapubla of caring for tho output of 
     
     n much larger population, tho pro- 
     
     curing of which Is. perhaps, the 
     
     moot important problem confrontins’ 
     
     not only tho Qovornment and tho 
     
     railways, but all those who deulro 
     
     tho progress and welfare of the 
     
     country a: a whole. Vnrlouu agon- 
     
     clos arc at work on its solution, and 
     
     they merit a sympathetic and litrons 
     
     Ihpport in their effort, but it him 
     
     not yet been approached from c. suf- 
     
     ficiently brood angle. 
     
    

    
     There to too grout a tendency 
     
     to throw tho onus upon the Gov- 
     
     ernment for the tlmo being and 
     
     to make specious c- of 
     
     its octlon or lnuctlon whtlo. we 
     
     uhould rathor realize that. upon the 
     
     ndoqulta populating of our grout 
     
     Western country, with tho consa- 
     
     quont lncronned produotlonof food- 
     
     stuff and oration of markets for 
     
     manufactures. dopondn in n yet-y 
     
     lorl! meuuro our notional pro- 
     
     Irooa. ft l: also of brlmo Impor- 
     
     tnnco -to: those Institution: which 
     
     have thus fur provided :0 much of 
     
     tho working capital for those Prov- 
     
     incoa that tho numbers upon tho 
     
     land should constantly lncrouo. Io 
     
     Lmllmtetsnthe 1111!! and tn.- 
     
     tciobt of the vnrloun hndlo: of manu- 
     
     fnoturoro, bunker: and loaning cor- 
     
     porations. Including Insurance com- 
     
     pnnleli. to diroct to tho nubjdct their, 
     
     cbrrilmlrierl experience, lnlthtlvo and 
     
     effort no that A pnnltlvo, loglonl and 
     
    
   
   
    
     9f _tiie Life Underwrit- 
     
     Elation. 
     
    
   
   
    
     41;; wwogwvwfio‘, 
     
    
   
   
    
     .,,. _. ,. 
     
    
   
   
    
     ndopted for dealing with a mutter 
     
     which touches all of them no vitally? 
     
     The time for such concerted move- 
     
     ment has como, the necessity is 
     
     tirensing, and I venture to nugget-it 
     
     that the right lcirder cnn consoli- 
     
     dutc the forces of commerce and 
     
     Munroe and liiunrh an undertaking 
     
     whllh will have an lncalculable ln- 
     
     flucir-e upnn our common future. 
     
     Loiuiing Agvnvlea Hampcred in Wiret- 
     
     l\lf"ll1“’hlla the companies lcndlmr 
     
     monvy in those Western Provinces 
     
     tlpun reul estate mortgage are being 
     
     liiiiiipercil in places by legislation. 
     
     the _Ul'lglI1l1IOl'S of which, lt is only 
     
     fnlr to ussume, bcllevo it to bc dc- 
     
     sfralile, but which is on the contrnry 
     
     lrrlititing to the londor without be- 
     
     ing helpful to the borrower. 1t hns 
     
     iilrcildy prove-d n doterrin! $11010!‘ 
     
     and miiy become a permanent bur- 
     
     zlvl‘ iii the way between the demand 
     
     for money and the sources of its 
     
     supply, unless those responsible for 
     
     it nwuke to the danger they are 
     
     bringing upon their constituents. 
     
     Llovornml-nt rural loaning has not 
     
     boon nilcccsnfill, and it is obvious 
     
     thiit a complete stoppage in the 
     
     Hllppl)" of funds obtainable upon 
     
     iuorirziilzc, through the menace 0f 
     
     l‘l'.*<tl_l‘l\ll\'0 legislation, would be l1 
     
     Ufllllllllly the onus for which no 
     
     body of men should lightly under- 
     
     lt in hoped, however, that a 
     
     morn considered judgment will 
     
     prevn l, rind that before long the 
     
     disturbing clauses will be removed 
     
     or ngreonbhv modified. 
     
    

    
     For the safety of tho lender and 
     
     the comfort. of the borrower it ls 
     
     ci-ir-‘cliliiil at all times thnt the 8Y9!!!- 
     
     esit cnre be exercised, and (hut K1119 
     
     r-lpzzird he hlld for tho nblllty and 
     
     energy of the latter no well nu for 
     
     tho quality and location of the land 
     
     ho occupies. At tlmcs loans have 
     
     been too readily available for indif- 
     
     ferent borrowers, resulting ln disas- 
     
     ter for them and in trouble for the 
     
     lr-nrlcr. The eagerness for danger- 
     
     ously high interest-bearing mort- 
     
     gngcn lft, however, not so keen as 
     
     it was, better Judgment being used 
     
     ln selection, and lenders generally 
     
     are falling into lino with the methods 
     
     and scale long ago adopted by the 
     
     older and more conservative insti- 
     
     tutions. 
     
    

    
     Uniform Innurnnoe Lows. 
     
     While life insurance companion no 
     
     investors of money are directly con- 
     
     cerned with any legislation bearing 
     
     upon mortgage loans, they are also 
     
     intensely interested in tho various 
     
     Stnto andProvtnctnl lawn affecting 
     
     the many upeotn of their business a: 
     
     insurers. Up. to tho moment ouch 
     
     State tn tho American Union and 
     
     ouch Province in Canada ha: had its 
     
     own peculiar code, making it very 
     
     difficult and cumbersome for the 
     
     companies to moot tho varied re- 
     
     qulrementa of the fields tn which 
     
     they dosh-o to opornto. In the United 
     
     Btutou no uniform lawn have yet boon 
     
     promulgated, but during the put 
     
     three years ln Canada. extensive and 
     
     lntcnolvo thought has been spent 
     
     upon tho matter by the superinten- 
     
     dents of insurance of the several 
     
     Provinces ln consultation with tho 
     
     officials of tho companion and tho 
     
     llfo underwrttcrn. A's a result a 
     
     uniform llfo insurance act has boon 
     
     agreed upon nnd has already become 
     
     law ln British Columbia, Alberta. 
     
     Saskatchewan, Manitoba, Ontario, 
     
     New Brunswick nnd Prince Edward 
     
     Inland. In Novn Scotlu it has been 
     
     introduced ln the Legislature, but 
     
     not finally acted upon, and it l! ex- 
     
     ported that Quebec club will shortly 
     
     consider it. The new VFW/till)" 7°‘ 
     
     movo rnnny ambiguities regarding tn- 
     
     nurablo interest, rights of benefici- 
     
     nrlol, admission of n86. 91'0"?!“ 
     
     clnlm, nnd other debatable P0111". 
     
     all of which will nimptlfy work tlfltl 
     
     clarify mifttorl for the Insured. This 
     
     common not in conjunction with the 
     
     Dominion Inluronco Act of 1910, no 
     
     nbly ndmlnlntorod, since ltn inception. 
     
     by the Federal Superintendent, Mr. 
     
     G. D. Flnlaynon, nerves to mnko Can- 
     
     adn untuno,,tn,th.@ melt?! 9!‘ "0""- 
     
     anco lotirinlntlon, nnd alrondy admir- 
     
     ing cyan are turned upon us by other 
     
     countries, seeking light upon o vt-xeil 
     
     problem. 
     
    

    
     Excellent Government Supervision. 
     
    

    
     (‘ontinulty of administration tn 
     
    
   
   
    
     tukc. 
     
    
   
   
    
     toalilblo mcthod may be evolved nnd 
     
    
   
   
    
     ir"_\lf6¢~' .- 
     
    
   
   
    
     il Govnrrimont department exerting 
     
    
   
   
    
     I 
     
    
   
   
    
     r 
     
    
   
   
    
     supervision over institution: ts 
     
     moat deslmblo, and we are fortun- 
     
     ate that in the pnat 89 years thero 
     
     have been only two incumbents in the 
     
     office of tho Fcilerul Insurance 
     
     Superintendent, which is a very ro- 
     
     siponslbla post nt the head of n. most 
     
     important department immediately 
     
     under und directly answerable to tho 
     
     Minister of Flnunco. All who have 
     
     sontnct with this department recog- 
     
     nize the |ll)llll_\' rind courtesy with 
     
     which its vnrlrd business l: con- 
     
     ducted and it! vuluc lo tho under- 
     
     taking with which it is particularly 
     
     concerned. 
     
     Service to Bcnvflclnrll-s. 
     
    
   
   
    
     “ihilo sonic phiinvs of llfo nssur- 
     
     once ureu-uihject to lcginlntlve con- 
     
     trol, others nrc not, rind nnioni; the 
     
     llitter we find prom iicntiy in evi- 
     
     ilence the Investment o_f policy pro- 
     
     ceed: by the bniieflclrlrlcn ror-oivlnl! 
     
     them. It ls full" to llHHlllllG that 
     
     those who benefit under the extru- 
     
     ordlnnry large modern policy hnvo 
     
     either personal krioivlcrlgc or (‘fill- 
     
     llhlt! advisers to guide them in the 
     
     choice of invostmmit channels, but 
     
     it has been Qtlmtlted that 90 poi- 
     
     cont. of those insured ore covert-ii 
     
     for 810,000 or less, nud lt in for their 
     
     beneficiaries, to whom tho $10,000 
     
     or loss moons so much, the compon- 
     
     ll-i-i are coming to foul an added ,r_€‘-, 
     
     sponsiblllty’. Of the three and three- 
     
     ipirirter millions of dollars paid out 
     
     by tho companies of this continent 
     
     "nch day, one million is paid to 
     
     those in the above category, largely 
     
     lll cash, but more recently there are 
     
     being offered the beneficiaries vuri- 
     
     oils facilities and methods for louv- 
     
     ing the principal sum with the colli- 
     
     puny, subject to a reasonable rate of 
     
     interest, thtlB- avoiding the temptin- 
     
     lions and pitfalls which beset those 
     
     coming auddcnly Into poaaezalon of 
     
     what may very well sec-m to thcm 
     
     on inexhaustible 5pm of money. 
     
     Thane new provisions offer u further 
     
     fruitful avenue of usefulness to the 
     
     underwriter in perpetuating the 
     
     service lnaugurnted with the original 
     
     sale of tho policy, for lt is to these 
     
     millions upon millions of owners of 
     
     smnll pollciol nnd their beneficiaries 
     
     our main duty lies. 
     
    
   
   
    
     Business Gall-ls Momentum 
     
    
   
   
    
     I should like to tell you of the 
     
     magnitude of life naauranca but it 
     
     has been my studied effort ouch your 
     
     to avoid wonrylng you with figures. 
     
     May I lmpreu upon you, however, 
     
     that one-half of the total people in 
     
     Canada and the United States are tn- 
     
     sured, that the funds hold in reserve 
     
     for thom amount to‘ upward of $11!,- 
     
     000.000.000, that theao fund: are 
     
     helping tn food production. tn trans- 
     
     portation and in general public 
     
     work: everywhere? The undertak- 
     
     lng l: gaining momentum each your, 
     
     but wo are otlll very far from the 
     
     ultlmuto goal, n: it has been ostl- 
     
     mated that our people are no yet tn- 
     
     aurod for only one-sixteenth of their 
     
     capltnlllod earning capacity. 
     
    
   
   
    
     Canada Ilfo Under Review. 
     
    
   
   
    
     For our own Company 1924 will 
     
     go on record u the first your tn 
     
     which our new noouranoo: taken up 
     
     havo exceeded one hundred millions, 
     
     as they nctually reached $105,528,- 
     
     845. In addition to thin amount n 
     
     further $21,602,381 were t-uod 1nd 
     
     are tn course of adjustment, making 
     
     the total issued $121,131,226. These 
     
     flguro: evidence gain: of l0 por cont. 
     
     an compared with tho previous your. 
     
     and Indicate unusual Activity upon 
     
     the port of tho general organization. 
     
     We have soiled favorable opportuni- 
     
     tlos of adding to our agency plant 
     
     without extending the territory cov- 
     
     ored and wo are now better than 
     
     evor equipped to take advantage of 
     
     tho otoadlly broadening market for 
     
     llfo assurance. During tho that two 
     
     or three your: the growth of rnoriy 
     
     of our important branches in Cun- 
     
     ndn and the United Staten hu neoco- 
     
     riitntod removal into much more oom- 
     
     modloua offlcou. and the rooont occu- 
     
     pntlon of our new homo tn" London 
     
     has provided tho Great Britain 
     
     Branch with important fdollltlea and 
     
     with t‘io lnoontlve to mnko full use 
     
     of thi-m. This branch plld for new 
     
     policies of 810591.886 In tho your. in 
     
     ndldltlon to annuity considerations of 
     
     $1,040,000. Your Company l: now 
     
    
   
   
    
     thoroughly oatlblilhod tn Grant- 
     
    
   
   
    
     Brltnln and comfortably and nutt- 
     
     ably housed. 
     
     lixrcutlvo In Enlarged. 
     
    

    
     Whllr ull this growth bus been lr. 
     
     llrflgfvfifl your (liver-tors thought it 
     
     desirable that tho Executive should 
     
     be enlarged to keep price with it, and 
     
     mhdo provision by by-lnw. which 
     
     vou will be ziskml in confirm, for 
     
     tlnothcr vlCP-Pl'\‘.‘lllll-'l‘li., electing Mr. 
     
     Lclghluri McCarthy to the position 
     
     no crentod. .\lr. hlvffiirthy has been 
     
     fl memtir-r of your bonrd for 15 years, 
     
     for mnny of which he tins been your 
     
     '-tnllt'ltor. llo will now be known no 
     
     Vice-President nud (lent-rill Cnunsol 
     
     and will s ore tho responsibilities of 
     
     rho VlWE-Prf-sltlcnfl)’ with Mr. E. R. 
     
     \\'lioll, \\'hu him born no 1on1: closely’ 
     
     '.\‘R\“ll'§l(ll'.‘ll willt us; zintl who ls, zll 
     
     flcfl-Ihuzsiilcut, (‘hlllrninn 0f the 
     
     (Tommlttr-o on Invrstniciits. It is 
     
     llopell tliut the Vlrte-Pronlrlcnts will 
     
     take illl llllllflfllllll. port in the exe- 
     
     ‘UHVP trorlt of tho Compuny. 
     
    

    
     New Aflpfllfltmtfillti; 
     
    

    
     Mr. T. (l. hlcfjonkcy, who has been 
     
     tor 1ft yours ii highly vulucd official 
     
     if tho (‘ompiinyz more recently as 
     
     flour-rill Suporlntcnrlent. ivnsi in Muy 
     
     nut nppolntcrl General Manngur. 
     
     This tiroiuotlon crime to him uu a 
     
     i-ccntziiltioii of his splendid equip- 
     
     iiiont nnd his place ln lnsuranctnnnrl 
     
     lmthp belief thnr. ln this capacity ho 
     
     will be bv-itor nble to prosecute the 
     
     htislnossi rind interests of the Com- 
     
     Dflll)’. 
     
    

    
     At tho some time Mr. A. N. Mlt- 
     
     clioll rind Mr. A. Gordon Ramsay. 
     
     who hurl been functioning so effici- 
     
     ently us Assistant General Silperln- 
     
     tpyiilr-ntli, were promoted to be Super- 
     
     lntrndents nnd ore very vigorously 
     
     extruding your business. 
     
    

    
     In October the board authorized 
     
     rho iippolntmont of Mr. L. K. File no 
     
     Asvonlrito Actuary. He has been for 
     
     womr» yours Assistant At-tullnv, and ls 
     
     t most capable officer. 
     
    

    
     Mortality Ram Very Fnvnrnhlo. 
     
    
   
   
    
     While we have boon ilnrlergolng 
     
     more or less readjustment ln the 
     
     Home Office, and whtla we have been 
     
     undcrtuktng the unusual amount of 
     
     new assurances to which I have al- 
     
    
   
   
    
     ll 
     
     ready alluded.‘ we have also bopn 
     
     most happy ln our experience ro- 
     
     gardlng (loath looses, which hallo 
     
     been remnrlubly low. This nrgucn 
     
     not only freedom from all epidemic 
     
     lllflPIlS, but n general improvement in 
     
     public health rlue in no small degree 
     
     to the prowemlve mr-neurei- being 
     
     urged upon their memboro by many 
     
     of the companies themselves. 
     
     glnd to soy that we have ventured 
     
     lllong this road, and wMh some auc- 
     
     cosn, but we have not been nlile to 
     
     follow it as fnr us we should like 
     
     becnuno of tho expense attached to 
     
     it. Tho saving arising from this 
     
     favorable mortality adtdod to the 
     
     earnings derived from other sources 
     
     hos given us a total surplus eurnlng 
     
     of $8,539,013.86 for the your. 
     
    
   
   
    
     Careful] Irwcsltmnlt of Funds, 
     
    

    
     Your investments have again been 
     
     Ylgltlll’ Hcruitlnized and are presented 
     
     with confidence for your approval. 
     
     While the~ interest rate obtainable 
     
     on desirable bonds has been tending 
     
     downward ‘we have been able to 
     
     seize upon favorable momenta for 
     
     Din-chase so n! to minimize the d1:- 
     
     udvnntngp. 
     
     able. however, to look for some re- 
     
     duction ln this average earnings of 
     
     institutions like ours if the price of 
     
     money continues to become Joiner, 
     
     her-sum the dnlly accumulation of 
     
     funds demands their daily-employ- 
     
     ment, whatever the current yield 
     
     mlty be. Judgment and foresight tn 
     
     the purchase of securltlea nrc of 
     
     value in as much an they enable one 
     
     to llnticlpate and prepare for 
     
     changes in market conditions, and I 
     
     think we may feel assured that the 
     
     members of your Investment Com- 
     
     mlttee are particularly well equip- 
     
     ped to manage your funds no an to 
     
     obtain the best; possible return upon 
     
     them. 
     
    

    
     Contingent Fund Maintained. i 
     
    

    
     The unprecedentcdly severe strain 
     
     experienced through an unaccount- 
     
     lihle reversal of cllmntlc conditions 
     
     in the pant two years by portion: of 
     
     tho IVostern Provinces which have 
     
     hitherto been moat favored in thll 
     
     respect and which have been highly 
     
     regarded from the mortgage-invest- 
     
     ment viewpoint, has brought about 
     
     n situation more acute than looked 
     
    
   
   
    
     l-am_ 
     
    
   
   
    
     It will bu only reasion- 
     
    
   
   
    
     BRIEFSUMMAR Y 
     
     . or REPORT 
     
    
   
   
    
     The tdol surplus corned dur- 
     
     ing 1924 was $3,539,913.00, a 
     
     new record being set in this 
     
     respect. 
     
    
   
   
    
     New assurances iuued and 
     
     ‘ tolnen up amounted to $105,- 
     
     5285845, which wo: o greater 
     
     __lm0unt by 30% than in 1923. 
     
    
   
   
    
     ln Great Bltitnin and the 
     
     lUniteal States a steady growth 
     
     was maintain ". For annuities 
     
     alone, people of Great Britain 
     
     lint-l the Cflllldl Life $1,640,- 
     
     000.00. 
     
    
   
   
    
     _ Death lone: have been re- 
     
     mnrluhly low, and these savings 
     
     in moranlity and earning: derived 
     
     fnam other sources produced a 
     
     record surplus. ‘ 
     
    
   
   
    
     The business in fol-tie was in- 
     
     creased to nearly hnii a ‘billion 
     
     dollars, and the income from all 
     
     amlrpes last year was ‘$24,727,- 
     
    
   
   
    
     . Cash payments of interest and 
     
     instalments of principal were in 
     
     rexoeu of 1923. 
     
    
   
   
    
     The onsets of the Company 
     
     ‘were increased to $103,208,000. 
     
    
   
   
    
     for by the loaning companion. It hus 
     
     been ftountl generally neccnnary by 
     
     investment institutions to niiikc pi-o- 
     
     vlslon to meet the iluunitnl r-irciim- 
     
     stances, and your directors hiivc, in- 
     
     ‘str-nll of adding further to tho con- 
     
    
   
   
    
     proprlnted for ihh tiurpono n iiiim 
     
     which, after exhaustive enquiry, thcy 
     
     deem simple to moot all pr-‘esent con- 
     
     tingencies withnirt disturbing in nny 
     
     way the regular functions or proo- 
     
     “tlces of the Company. 
     
    
   
   
    
     ,An Efficient loaning Organization. 
     
    
   
   
    
     Our cash payments of intercsit lllltl 
     
     {instalments-i of principal are mutt-ri- 
     
     ally in excess of last year und wil 
     
     t-ontlnue, an the farmers are able to 
     
     realize upon their wheat. at the pro- 
     
     vaillng high prices. We have ovi-i- 
     
     the course of years built up u vcry 
     
     strong and capable loaning organ- 
     
     ization who have always ihclr 
     
     fingers upon tho pulse of the tnort- 
     
     gngo situation and are prepared at 
     
     any moment to carry into effect any 
     
     change of policy or method dictated 
     
     by necessity or good judgment. 'l‘0 
     
     add to its effectiveness we have Just 
     
     appointed l8 Supervisor of Loans in 
     
     Weltern (Znnada Mr. W. R. McCon- 
     
     noll, who has been for 20 years a 
     
     valued official of the Company in 
     
    
   
   
    
     During 1924- 
     
    
   
   
    
     The Canada Life Assurance Company 
     
    
   
   
    
     (78 Your: Old) 
     
    
   
   
    
     Made the following substantial progress: 
     
    
   
   
    
     Total Assets increased 
     
    
   
   
    
     Total insurance in Force lHCYCflSCd lO- - - 
     
    
   
   
    
     Reserves for Protection 0t’ Pollcyholders. 
     
     New Assurances issued in 1924. .. . . . . 
     
     New Assurances paid for in i924. . . . . . 
     
     Surplusearned in i924.  
     
    
   
   
    
     Total Income for t924............... i‘ 
     
     Dividends t0 Policyholders in 1924.- . . . . 
     
     Total Payments to Policyholders in i924. 
     
    
   
   
    
     to  
     
    
   
   
    
     3,54 
     
    
   
   
    
     $485,680,000 
     
     103,208,000 
     
     89,122,000 
     
     127,131,000 
     
     105,529,000, 
     
    
   
   
    
      244,727,000 
     
     ' 2,897,000 
     
     10,404,000 
     
    
   
   
    
     Increase. 
     
    
   
   
    
     $73,245,000 
     
     8,959,000 
     
     8,426,000 
     
     32,914,000 
     
     26,353,000 
     
     727,000 
     
    
   
   
    
     4, i 52,000 
     
     648,000 
     
     1,268,000 
     
    
   
   
    
     1,000 
     
    
   
   
    
     mont. 
     
    
   
   
    
     i Below are wmd of tho n 
     
    
   
   
    
     Above, in brief, no the result: for 1924, an ‘shown by the Financial Stato- 
     
    
   
   
    
     y achievement: 
     
    
   
   
    
     of tlio your: 
     
    
   
   
    
     0 
     
    
   
   
    
     Group Insurance. 
     
    
   
   
    
     and increased public interest l 
     
    
   
   
    
     Dividends 0n mbst classes of policies have been increased. 
     
    

    
     Made the largest surplus earnings in the history of theglornpany, extend- 
     
     ing over seventy-eight years. i 
     
    

    
     Continued to improve service to public by special educational training 
     
     of field force, more representatives having benefit of this instruction 
     
     than in previous years. 
     
    
   
   
    
     Placed more insurance with. present Policyholdcrs than in any other year, 
     
     n Monthly income, Business, Estates and 
     
    
   
   
    
     \ 
     
    
   
   
    
     (A Complete Annual Statement Will Bo Mailed Upon Request.) 
     
    
   
   
    
     tlngent fund. an ln former yearn, iip- i 
     
    
   
   
    
     EAR 
     
    
   
   
    
     WHOLE i-‘Acroiiiizs. 
     
     NOW INSURED 
     
    
   
   
    
     Other Activities of 
     
     Company 
     
    
   
   
    
     GT0‘!!! insurance on thr- llvo: of 
     
     "Wu llfld wouir-n in factories ‘Ind 
     
     Otflcvs. atoms. rind other organized 
     
     Iiodles of llldllfilll’, has boeii arrnnj- 
     
     "d l" lllfirefl-‘Illl; volume during tho 
     
     Pa" Year. Th0 iiicn and women 
     
     (‘nllllvyed have ,ll1Flllti1*l\'€Ii iocog. 
     
     nlzed the vnlu-P or “group insur- 
     
     ance" and fl'<-i|lii-ritly' request (h; 
     
     Wlllllol/er Lo ill‘l‘;lll_&{0~ ll for (hgnL 
     
     Millions of tlolllirsuit‘ life lnsurnnog 
     
     now exists on this izo-opvrtitive plan 
     
     which would nut ha“; hm.“ pogmbh 
     
     otherwise, nnd many l‘0>]‘|g;j\'|=d mm. 
     
     llioa lltlvc been tukeu cure of under 
     
     its beuellts. l 
     
    
   
   
    
     Business Insurance. 
     
    
   
   
    
     litany lnrge llflilvlflzt hpvo no“ 
     
     issued on the li"er4 of business nlvll, 
     
     the number for $501000 or QVQ!‘ 
     
     issued tn 1924 llHllllIli-Z into l-ievcrill 
     
     hundred in thii-i one Uompnny. Tho 
     
     sufety of lnuiiy n busizicsil concern 
     
     1-" ll-ldgPd by the iiluoitut of protoc- 
     
     tl0_n afforded its t'l'l'.lllltll'S by thin 
     
     modern devil-e. flllll it is becoming 
     
     more in dwliuntl that‘ cwer. 
     
     Training of Men. / 
     
    

    
     The rpeclnllztwil 
     
     by the public has iuiiilis iio<---~:~=ni~y 
     
     tho indivltlilill truinliriz of mon to 
     
     represent tho (‘liuudu Lilo. Illlll dur. 
     
     lug the 11ml your eilur-iiliuniil work 
     
     0f a high order hit‘! bot-ii continued 
     
     ulltl uxtcntled to covcr tlir- nerds of 
     
     the situation. lt hilQ iiow become 
     
     well known that ilic si-i-vlce by n 
     
     t':iu:itl:i Lift- riiiin h-l nut porfunutory, 
     
     unil lll connection ‘Willi lillslllfififl iii. 
     
     RUFDIIIT, instiruuri} for suci-rsision 
     
     duticsi or inhorltiiliuc tux-u, i-lc., 
     
     some ir-ry viiliiuble so liiive 
     
     been llt'i‘itll‘lll"tl tor bi 
     
    
   
   
    
     sci-vim- required 
     
    
   
   
    
     that t"lllllll')'. Ills iinuivldcil limo 
     
     unit though‘. will lie gwcn ti: IIIL‘ llll- 
     
     piovr-iiii-iit ul our Hll'1~lll,\' BXlOIIMIVt: 
     
     ilicllnz-i ol‘ personal i-oii.ii t with our 
     
     Lvorruwvrs und the solution oi prob. 
     
     lotus uivldonl to till llllptlflLtll mort- 
     
     gage btlfllnuxi. 
     
    

    
     At the sumo time We ‘are ridding 
     
     to the‘ i-itiift‘ iii tho Home (Jfflt-o All‘. 
     
     ‘V- “H5110. who has been uuctr- ssuul 
     
     in cl-atliblishllg iln uclivc lorlinlig (lg- 
     
     pnrtmont in Montreal. Mr. ltustte 
     
     will not only be of assistance in tho 
     
     gencrill work of the involitment da- 
     
     partment, but will be charged with 
     
     tho wider development. ot‘ our mort- 
     
     Sage loaning facilities in the more 
     
     important cities rind towns of iha 
     
     Middle and Eastern Provliii-i-s. 
     
    

    
     Blmrdpf Directors Strengthened. 
     
    

    
     During the your your oourd has 
     
     been strengthened by the addition 
     
     of Mr. J.- A. McLeod, Gcncrul Mull- 
     
     agor of the Bank of Nova. Scot“, 
     
     and Mr. W. E. Bundle. Vice-Prong. 
     
     dull» l?“ Mlllfl-SIIIK Ulrolrtor of the 
     
     National Trust Company, Limited. 
     
     Th9)’ b0"! brink to your affairs koon 
     
     and analytical minds trained by long 
     
     yours of experience ln large matters, 
     
     and we esteem ourselves extremely 
     
     favored in having their co-operatlon. 
     
    

    
     Company‘: Ideal of Service. 
     
    

    
     It hi: become almost a habit at. 
     
     thou annual gatherings to indicate 
     
     our hope: or dream: for the muro or 
     
     lea: immodinto future of our own 
     
     Company and tho grout fraternity to 
     
     which it belongs. Some of them 
     
     hnvo como true, some of them have 
     
     provon chlmoricnl, while others have 
     
     not yet. boon fully domonslrated-—- 
     
     but whatever into attends them tho 
     
     mere llttorlng of them scents t0 
     
     commit. u: to n more deflnitc on- 
     
     deavor which must, l uui sure, be 
     
     helpful. Thoro l: growing into the 
     
     vol-y woof of life assurance the coll- 
     
     viction that the duty of the Cum- 
     
     pony to the assured only really com- 
     
     mence: upon his becoming a mom- 
     
     bor of lt. and that that duty will be 
     
     dlnchnrgod only tn the measure in 
     
     which tho Company, through its 
     
     representatives from the Prolldont 
     
     down, renders to him and hi: bone- 
     
     flciarlfl tho typo of :ervl<-o to which 
     
     ht: membership in the institution of 
     
     life rluurunco entitles him. I like 
     
     to thlnlt it in the him of every lndl- 
     
     vtduul in this organization, not only 
     
     "to r-rondor unto Caolar what in 
     
     Cnosnrfi," but to give also thot In- 
     
     tangible pouonnl interest which 
     
     converts l cold bmilneno relation- 
     
     ship into l warm, human nnooolntlon 
     
    
   
   
    
     ‘which opoll: holpfulnu: for all who 
     
    
   
   
    
     fool the contnct. 
     
    

    
     Thin i: by no moon: n now lug- 
     
     gootlon to Cannda Llfo minds, o: it. 
     
     wn: tho fundamental princtplo bo- 
     
     hlnd the Company’: inception, but 
     
     we :ook. u our opportunltloo ox- 
     
     pnnd, to extend lt together with all 
     
     tho other fncllltioai which wore of- 
     
     forod by thou wloo mon who col- 
     
     colvod tn 1341 virtually every pong, 
     
     plnn and ndvonmgo ovotloblo to- 
     
     day. Alnody tn 1850 our prodo- 
     
     coolor: were botul complimented in 
     
     tho public proao upon their oourtoly 
     
     to their cllento and tholr oupolttlon 
     
    
   
   
    
     " in tho plymont ofclotmn. and no 
     
     . are to-dny only ondnrnrlng to gory 
     
    
   
   
    
     on the trodltton: they uonmoq g. 
     
     up. 1f we succeed wo aha l have ful- 
     
     filled Iomo of function: for 
     
     which we woro scouted and ngu 
     
     have helped to ndylnoo 1B 
     
    
   
   
    
     bilolnool out philanthropy 1'