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Ratio of Net Assets or Actual to Computed Premium Reserve, December 31, 1871.

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Totals,

Grand Totals,

$259,974,328 $233,787,105

$279,207,998 $251,013,500 111.23 113.16 117.51

111.20 113.30 117.49

time are such as "agents' balances," "cash in the hands of agents," ""loans or advances to officers or agents, payable from salaries or future commissions," "stationery and other office supplies," etc. The propriety of such exclusion may be judged of, when we state the fact that about one-fourth of all the Companies represented, claimed no value for them, while fully one-half of the remaining Companies officially informed us that, in their opinion, the items thus rendered by them, in some cases very large, were considered by them to be of little value. Others estimated the same class of items as worth fifty per cent. of their face; while six or seven Companies claimed a par value. Upon careful and impartial consideration, there seemed to be an eminent propriety in treating them. all as "unadmitted assets." Whatever may be actually realized from such accounts will of course become an item of income, and enter into the future assets of the Companies.

We have chosen to make our own classification of assets, without regard to that undertaken by many of the Companies, or required by the so-called "uniform blank," but have endeavored to do exact justice to every Company. While the necessity and value of a "uniform blank" are fully admitted, and while the blank adopted by the Insurance Convention, whatever its defects, meets in a large degree the demand, the effort seems likely to prove a failure, unless, indeed, some form possessing sufficient elasticity can be invented to satisfy the particular and differing views of about three-quarters of all the book-keeping fraternity, and the requirements of about as many different systems of book-keeping. The same is equally true of the balance sheet submitted in the same blank, though if used as it might be, it would have been found entirely practicable. We have made no use of these balance sheets, because of the lack of uniformity in their preparation, almost every Company placing a different interpretation upon their requirements, and filling it in accordance therewith. For these reasons the use of the balance sheets, or a tabulation of the balances returned, would have possessed very little if any practical value.

PROGRESS OF LIFE INSURANCE.

In this connection the following aggregated insurance data, in the present aspect of the business, present some noticeable comparisons:—

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These aggregated returns made by the several Companies, develop a curious result in the addition of more than eight thousand policies to the number outstanding at the close of 1870, and in a decrease of upwards of forty-one millions of insurance in force; and yet the statement is verified by returns officially made to this Department.

The aggregate statistics of financial growth are also shown in the following similar tabulation :—

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62,513,378 00
77,279,145 00 175,554,426 00 140,190,288 00

97,080,878 00 222,615,796 00 182,167,426 00 15,248,761 00
103,457,789 00 262,808,317 00 220,751,337 00 19,142,006 00
105,653,534 00 290,563,953 00 251,013,500 00 21,089,728 00

130,485,501 00 100,230,047 00

9,287,545 00

11,475,837 00

Among other points of interest appearing in the above exhibit, is the fact that the life insurance income realized in 1871, amounting to upwards of one hundred and five millions, is seventeen fold in excess of that reported by Companies doing business in Massachusetts in 1861; while the twentyfive millions of life insurance assets represented in 1861, have increased to more than two hundred and ninety millions during the same decennial period. Another important and suggestive consideration appears in the disbursement of more than twenty-one millions for death claims in 1871, the aggregate thus paid by Companies represented in Massachusetts during the last thirteen years amounting to upwards of ninetyseven million dollars.

WORKING EXPENSES.

It is a pleasure to note a decrease in the actual working expenses of life insurance. Economy in this direction, as heretofore urged in these Reports, is absolutely essential to existence of a Life Company. Without it, a Company may as well begin at once to count the number of its remaining days.

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