The following text may have been generated by Optical Character Recognition, with varying degrees of accuracy. Reader beware!

_ Largest Profits in History of The Mutual Life in 193 h3 â€"4 â€"‘â€" PAGE 858 The net profits for the yearâ€"§5, 264,351.81â€"are $211,316.41 in excess of the preceding year, and repre sent $45.04 for each $1,000 of total m which now aggregate $116, .64. The Company‘s epecial reserves and surplus funds, which 1 am happy to cay that the Direcâ€" tors‘ Report of _ your _ Company covering the opgrations for the past year aupplie: me with encouraging thoughts, which, If we are to take Sir William Clark‘s | message . to beart, we should broadcast to our policyholders and to the Canadian public. It ia. for Instance, a fact that in 1930 the Company not only earned the largest~profits in ita history. but aleo paid out to policyholdera the greatest amount of dividends in any of ita sixty years of operation. The amount of new assurances pald for. while not a« large as in the record year 1929, was greater than in any previous year; and the net incresse of sesnrances in force | $21.522,665â€"â€" was very satisfactory, and 1 regard it as doubtful whether any company of (-nm‘;“mfiflivn size and age will have a greater gain in total a«surâ€" ances in force in relation to the: business paid for than our own Company. It is notewort‘iy, too, that the substantial volume of our paid for new buainess â€"$60,526,212 -nnd‘ the satiafactory gain in assnrances| in force was not obtained through any high pressure ealeaemanehip, op At any increase in cost, the éxpences of operation having heen armnl‘vi reduced, and having reached in 1930 the loweat ratio to income at whfch they have ever stood | "The year 1930, with all its troubles and disappointments, is drawing to its close "unwept, un honored and unsung." and we must, I suppose, regrelfully admit that the infant year now being born is not arriving â€" under the happiect â€" of auspices. Yel with every New Year the world does make a fresh start; in the very fact of a iandmark pacsâ€" ed it finds a new source of confiâ€" dence; it is more ready to look on the brighter side, loss impatient of those who tell it that there are betâ€" ter things abead. So it is appropriate at this season not to keep to onesell any â€" encouraging | thoughts â€" which may occur to the mind." Major General, the Hon. S. C. Mewhurn, _ CM.G., was _ clected Second _ Viceâ€"President, and Mr. Charles F. Sice, President of The Bell Telephone Company of Canada, whom we welcome here today, was elected to fill the vacancy on the Board thus created, both of which appointments, l am «ure. merit your warmest approval. Sir William H. Clark, High Comâ€" missioner for the United Kingdom of Canada, in a New Year‘s mescsage stated : Before commenting on the report of the Directors, I wish to express, on behalf of my feliow Directors. our sympathy with Mr. J. Kerr Fisken in his serious illness and our regret that owing to the condition of his health he resigned from participaâ€" tion in the direction of the Comâ€" pany‘s affairs. Mr. Fisken was electâ€" ed a Director of the Company in December, 1885; appointed Second Viceâ€"President in 1906, and for this long period of fortyâ€"five years reguâ€" larly and faithfully attended to his duties and rendered valuable service to the Company. His resignation was accepted with much regret and I am sure I express your sentiments when 1 hope his health may be reâ€" stored and that he will enjoy many years of happiness. It affords me a great deal of pleasâ€" ure to welcome you to the Sixtyâ€"Finst aunual meeting of the Company. The Directors, in their report, referred with regret to the re tirement of Mr. J. Kerr Pisken, 2nd Viceâ€"President, owing to ill health. Reference was also made in the reâ€" port to the election to the position thus vacatd. of Majorâ€"General the Hon. S. C. Mewburn, K.C., C.M.G. The resulting vacancy on the Board of Directors was filled by the apâ€" pointment of Mr. C. F. Sise, Presiâ€" dent of the Bell Telephone Company of Canada. The retiring Directorsâ€"Messrs. L. J. Breithaupt, S. C. Mewburu, T. A. Russell, 1. Pitblado and C. F. Sise were all reâ€"elected. When moving the adoption of the Directors‘ Report, the President, Mr. R. 0. MeCulloch, said:â€"â€" A striking Indication of the strength of the Company is revealed by its acsets which now stand at $116.662,059 as compared with $42,847.277 ten years ago. The increase for 1930 was $9,253,075. It is interesting to note that the market value of the Company‘s securities exceeds the book value by upwards of $1,800,000. a substantial increase over the corresponding item une year ago. * s WATERLOO, February 5, 1931.â€"Optimism was the note sounded at the Annual Meeting of the policyholders of The Mutual Life Assurance Company of Canada which was held at the Head Office here today, and at which the Board of Directors reported on the Company‘s operations for 1930. The steady substantial growth which has marked the Company‘s entire history was well maintained during the past year. Surplus earnings which represented $45.04 for every $1000 of assets exceeded all previous records and amounted to $5,254.351, the increase over the previous year being $211,316. The amount of dividends paid to policyholders totalling $5,080.789. was in excess of the previous year by $507,614. $60,826,212 of paidâ€"for insurance was issued by the Company in 1930. The total insurance in force was reported at $492.833.318, the net gain for year being $31,522,665. The highly satisfactory results of the operations of the past year permit the continuation of surplus distribution to policyholders on a very liberal basis. Surplus Fundc and Special Investment Reserves were increased to $12.465,009. Considering the high security standard of the Company‘s investments, the rate of interest earned on the inyented assets, 6.13%, is very gratifyâ€" ing, and The expense ratio of 13.68%, was the lowest in the history of the Company. These figures indicate good management of policyholders‘ funds. Reports Presented At Annual Meeting Cause Of Unbounded Confidence and Optimism ADDRESS OF THE PRESIDENT Largest Profits In History Net Profits Up Dividends To Policyholders Greater Than Before Yrare Saaine ASSETS INCREASED TO $116,662,059 Our investments in bonds, debenâ€" tures and stocks increased during the year $3,014,694.03, mostly in high zrade bonds, and at December 31st, 1930, amount to $45,085,987.45, and of this sum 66.5% is invested in Government Guaranteed and Muniâ€" clpa} securities, 12% in first mort gage bonds of rallway, public utility and parochial organizations, 19.67 in miscellaneous bonds, including the moat prominent industries and undertakings of the Dominion, and 1.9% in atocks, preferred and com mon. Our common stock holding | which are about oneâ€" half of our tat |stock holdings, are confined to tw (high â€" grade public utility dssue [ which have long records of dividen« dictributions and earnings and ore serves â€" which afford ascurance o Aa moat of the Company‘s farm mortgages are on the security of proâ€" perties in Western Canada the Comâ€" nany‘s contribution to the developâ€" ment of the Western Provinces has Overdue intereat en urban acâ€" counta was oily oneâ€"fifth of one per cent, and on total mortgages and aole agreements 1.69%. As in previona years the Compan: made â€" substantial | {nvestments f1 fl:et mortgages on improved rea eatate, confining ourselves mainly t« urban centers. The mortgage Invest monta during the year incrersed $2 161,525 71, and at December 31st 1930, amount to $42,342.981.7)1. Of this total amount $32,.431.583.70, or 76.707.. is invested in first mort Tages on urhan properties, and the balance â€"$9.931,398.01, or 23.30%, â€"is sepreaented by farm loans. continuity 37.91% of the assets of the Comâ€" pany ate invested in bonds and de:â€" bentures, 36.30% in first mortgages on improved real estate, 18.94%, in policy loans in which the security is unquestioned, 1.68%, in real estate, and .74% in stocks. {have been increased to $12,468,009.41, Ilnclude general investment reserves ard free surplus available for conâ€" tingencies of ample amount to take care of any adverse factors. Our mortality experience has again been favorable and the rate of duterest earned on invested funds is the high tigure of 6.13%. The guiding principle of the inâ€" vestment policy of the Company ha always been "Security Firat," and we have continued, and will conâ€" tinue, to be governed by this prinâ€" ciple. In a time of depression and decline in security values the investâ€" ments of financlal institutions must bear the closest scrutiny, and the poltcyhoiders of this Company will, I am sure, be very gratified to know that our investments, valued on the bas‘s authorized by the Dominton Department of Insurance, show an appreciation _ of $1.840,630.65 or 1.08%, over the figures at which they are carried In the Company‘s books. It is a notable fact that while the market value of bonds, debentures or stock may go up or down there has been no depreciation in the value of life policies, but rather the usual appreciation due to increase of yean; ir force, and, considered in relation to commodity prices, the values of life insurance policies are much higher than a year ago. Guiding Principle "Security First" Life Insurance Has Confidence Of Public The year 1930 was a very difficult one for all classes of business and ’will be remembered by reason of constantly growing depression in all lines of activity. The situation has i,been reviewed in many annual addresses and it is not necessary for ‘me to repeat what has already been said with which you are all familiar. Life insurance is fortunately one ’huslner:s which has been lese materiâ€" ally affected than most by the general adverse conditions, as the decline of life insurance sales in 1930 was relatively s«light, clearly indiâ€" cating the value of life insurance and the confidence of the people in its stability. As a speaker recently saldâ€"people might chase raimbows at times but they continue to put their faith in the solid protection of life insurance for the ultimate se curity of their families. 1 am sure that these very favor able results must be very gratifying to the policyholders; and I desire to extend my heartlest congratulations to the office and field forces for the cutstandiug _ evidence _ of _ their efficiency and industry which the statements of the ye@ present. Policies Increase In Value President Mutual Life Assurance Co. of Canada. entivre energies are being devoted to giving the farmers of the West, for the present particularly in Manitoba and Eastern Sackatchewan, the highâ€" est type of expert farm management service under the direction of a comâ€" petent and experienced Chief Farm Manager and his staf of Zone Managors. | Manitoba, Saskatchewan and Alberta who have a suffticient number of high grade dairy cows, beefâ€"cattle and hogs to consume a large portion of their 1930 grain crop ctand to reaâ€" lize much more for their wheat and barley through milk, beef and pork production than can be realized at ‘the present time for cash grain. This situation is bearing fruit in forcing many farmers to the conâ€" Clusion that their future prosperity depends upon a diversified producâ€" tion which will assure them their living and operating expenses quite apart from cash grain. We still beâ€" lieve that, while in some sections of the West natural conditions are not fuvorable to other than wheat growâ€" Ing the future success of a very large mimber of the farmers of Western Canada can best be obtainâ€" ed by a proper diversification of crops and the raising of live stock, under competent management, which will bring about a better farm proâ€" duction than has hitherto prevailed and a aubstantial reduction in the cnst of production of grain and live stock which will enable Canada to snccessful‘y meet woild competition in agricultural products. For this reason our Company hbas taken a. very keen interest during recent vears in the development of mixed firming in the West, and in coâ€"operâ€" ation with four other Canadian Life compantes, two trust companies and the Canadian Pacific Rallway has played an important part in the forâ€" mation â€" and development of" the Colonization _ Finance Corporation. This organlzation, 1 believe, is desâ€" tined to do much to assist the farâ€" mers of Western Canada, as their The farmers of Western Canada have sustained heavy locsea in l‘Ol'l" nection with the 1929 and 1930 crops,| and a few of our Western farm mortgagors are finding it difficult to meet their interest payments, not because they suffered from poor ('rup«.ihut because of low grain prices. It is manifest that grain prices will not soon again reach the high figures that were maintained for sume years prior to 1930, and this illustrates the necessity of an imâ€" provement in present methods and In many caces the adoption of other methods, the elimination of waste, increased officiency and a greater divercification of production. It may: be that the present low cach prices of all grains may prove to be not an vnmixed ovil, as those farmers in been substantial. These investments have been mado in selected areas an the recommendations of our own managers and inspectors, and our experience in the main has been satisfactory. We have every reacon to expect that it will continue to be so. althour‘ we anticipate that the succecs of some of our farmer borrowers who may be having diffiâ€" culties will depend upon the degree of coâ€"cperation we secure from them In taking advantage of assistance we propose to offer them to help them out of their present difflculties. MR. W. H. SOMERVILLE General Manager Mutual Life A svrance Co. of Canada Help Educate Western Farmers MR. R. 0. MeCULLOCH f The changes which have occurred | n the Company‘s Balance Sheet and Cash Account for 1930 in relation to [the previoma year have been set out ‘In the report of the Directors, and the President in his address has fdeal! more fully with some of theae; ®ut there is one outstanding item 10t found in Balance Sheet or Cash Account which may be regarded as converging in one figure all the varyâ€" ing elementa which contrfbute to produce the reaults presented, vis., the Surplus Rarnings for the year It is the figure for Surpias Earnings which reftects the resuits 6f opera, tion respecting interest carnings, mortality experience and expenses ; The President haa requested me to comment upon the 61st annual stateâ€" ment and to deal with any events or developments of the past year likely to be of interast. The President then called on the General Manager, Mr. W. H. Somerâ€" ville, who commented on the Finanâ€" clal Statements and said:â€" THE GENERAL MANAGER‘s ADDRESS Address delivered by Mr. W. H Somerville at the annual meeting of the Mutnal Life Aesurance Company of Canada on Thursday, February 5. 1931 h "I join with the President in conâ€" gratulating you on the splendid showing our Company has made during the past year. "I am pleased to aecond the motion for the adoption of the report." Importance to a life insurance comâ€" any. In addition to all this, the enâ€" '&T\Llnvemment Income of a Mutual COmpany~ bélongs to the policy holders. "During a trying . period, our field force has, as herelofore, been in eympathy with our ideas of high grade business and have kept these standards before them in the solicitâ€" ing of new business. The result of this coâ€"operation is shown not only in the large volume of new buainess, but In the permanency of this busiâ€" nessâ€" a matter that is of very great "The lowest expense ratio in our history _ reflects credit on â€" our economical and efficlent manageâ€" ment. Our lapse ratlo during a year of depression justifies the statement that our underwriting was done in telligently. ‘"Before seconding the adoption of the report, I should like to emphasize a few of the outstanding features in the President‘a address. "The intrinsic values of our Comâ€" pany‘s policles of assurance have not been affected by adverse businers conditions: they stand today unâ€" diminished and cecure. ; l3t Viceâ€"President of the Comx;;n; in the following words:â€" Mr. Chairman and Gentlemen:â€" While it is important that we should recognize and face the diffiâ€" cultfés In which the business of the country is involved by the depres sion through which we are passing. and it is natural that attention should be directed at meetings such as this to the possible remedies for some of these difficulties, I think we should not overlook the other side of the picture and that we should recognize the fact that depressions, like booms, eventually pass away and that, just as many people were far too optimistic during 1928 and 1929, many are toâ€"day far too pessiâ€" mistle. This country has available resources to answer (he require ments of large markets here and abroad and the products of our agriâ€" [cullure. forests, mines and other reâ€" sources and the industry of our com:â€" munity will undoubtedly bring back conditions of prosperity in, I hope, the not too far distant future, although it would be only rashness to attempt to indicate the time withâ€" in which this will come about, and our past experience indicates that we will probably not recognize that: it has come until sometime after lt“ has actually arrived. I have pleasure in moving the adoption of the Directors‘ Report. VICEâ€"PRESIDENT‘8 ADDRESS The motion to adopt the report was seconded by Mr. Louis L. Lang, While a similar curvey has not yet been made in Saskatchewan and Alberta, the greater portion of these provinces will undoubtedly lend it self to a sane permanent developâ€" ment of mixed farming. With this prospect for the future we feel conâ€" fldent that the farmers of Western Canada will in due course recover from the unfortunate reverses oxâ€" perieuced in 1929 and 1930, and that ar the years go on most of the West will present a plcture in the main of the family farm where happiness and contentment prevail as the result of a wellâ€"balanced properly diversified production. During 1930, at the instance of the Directors of the Colonization Finâ€" ance Corporation, their Chief Farm Manager made a survey of farming conditions in the Province of Maniâ€" toba, and in a recent report he exâ€" pressed himself as follows: ‘"The belief that a more permanâ€" ent type of farming can be carried on successfully in Western Canada has been confirmed by a study of the farm problems of this provâ€" ince in the past few months. In all parts of the province here and there an â€" individual is growing sweet clover, alfalfa and raising live stock. The success with which these crops grow everywhere demonstrates‘ that the soll and climate are well adapted for this purpose. The attending reâ€" sults in weed control and soil renewâ€" al confirm our experience in handâ€" ling this problem." Mixed Farming The Remedy Much Cause For Optimiazm _ Among disbursements in our Cash Account, Dividends Paid Policyholâ€" dere totailed $5,080,789.46, which is an increase of $507,614.96 over the corresponding payments of 1929. 1 have just meationed that the Surplus Earnings for 1980 were $5,254,351.81; and in case it may be thought that the dividends being paid approach too closely the surplus being earned, it will be of interest if I present an analysis of the items appearing in ‘lhhlmlea under Special Reserves and Surplus Funds, and explain what Is included in the item "Dividends Paid Policyholders." and to the many who have entrusted needs, it is extremely gratifying to be abie to report Surplus Karnings for the year of $5,254,351.81, the largest in the history of the Com ‘n:ny.”ud §211,316.41 greater than 1929 The Company‘s Free Surplus availâ€" able for contingencies at the end of 1929 amounted to $4,052,007.15. The Surplus Earnings of 1930, $5,254,351â€" 81, added to the li‘reg Surplus of a year ago gave us a total surplus fund of $9,306,358.96; of which $4,377.â€" 845.06 was either paid or allotted to policyholders; $300,000 was used to increase the provision for Dividends Payable to Policyholders in 1931 to $1,300,000; $326,490.94 was appropriâ€" ated to General Investment Reserve. increasing this reserve to $1,400,000; the balance, $4,302,022.96 remains as Free Surplus available for continâ€" gencies, an increase of $250,015.81. Included in Dividends Paid Policyâ€" holders of $5,080,789.46 are Annual Dividends applied in reduction otf premiums, Dividends paid in cash or allotted to policies providing for accumulation of divigends, Quinâ€" quennial Dividends paid in cash or applied to purchase temporary reducâ€" tions in premiums, and Survivorship Distribution Dividends pald in cach. The amount of Survivorship Distriâ€" bution Surplus paid in cash in any year depends upon the number of policies surviving to receive diviâ€" dends out of the new Issue of twenty years previously and is, consequentâ€" ly, a varying quantity. Such surplus paid in cash in 1930 totalled $863,â€" 545.99; but only a small part of this 245.99; but only a small part of this sum was earned in the year 1930, most of it being earned in previous years and carried as a Liability unâ€" der Special Reserves and Surplus for all or part of Dividends Over Five Million 1910 1930 A. E. Pequeznat, A.J.A., F.A.S., Issistant General Manager H. M. Cook, A.1. A., F.A.S., Secretary “. '-. ‘;ll). |‘ \.Q.. Treasurer W . H. Somerville, AJ.A Clyn Osler, K.C. C. F. Sine Isane Pitblado. K.C.. LLD. Hume Cronyn L. J. Breithaupt Year but not paid . .. Dividends left with the Company at interest Taxes............ Other Liabilities. ... ... ...........0........ Special Reserves and Surplus Funds.. ... .. .. Unpaid Policy Claims and Dividends to Policyhoiders, due Policy Reserves Premiums in course of collection Interest due and accrued ... ... .. Total.........22220.2000 00000 Mortgage Loans on Real Estate ... ... ... . .. Stocks.....2..222.0222 .. Real Estate, including Head Office Building Loans on Policies................... .. .... Bonds Net Surplus earned . ............2...2.... New Assurances paid for 1930............. Dividends paid Policyholders ... ... ... . .. Surplus Funds and Contingency Reserves Total Assets.........2.02200000000 0000000 Insurance in force The 6Ist Annual Statement of i substantial progress in the past year. R. 0. McCulloch President Total.......... E«tablished 1369 Financial Statement as of December 31st, 1930: ASSETS Ist Viceâ€"President 61st Annual Statement Rate of Interest carned on Invested Assets 6.!3‘7{; Lowest expense ratio in the Company‘s history. Income Assets "fl'ifl*‘;‘u};‘ffl â€" 439.858 $ 1,696,076 % _ 176.151 3,020,996 16,279.561 804,759 25.843.721 116.662,059 _ 13,394,440 PROGCRESS OF THE COMPANY General Manager BOARD OF DIRECTORS which item in the reduction to $3 071,566.56 from the figure at which it stood a year ago, $2,123,985.178, re flects these substantin} dividend payâ€" }-au. There will again be a considâ€" erable reduction next year, because the A’ul Distribution of Dividends was introduced by our conru: in 1911, and the new eystem proved poâ€" pular at the expense of the Survivorâ€" l-mlp Distribution plan. ; Earnings Exceptionally Good i 1 referred to the Surplus Earnings as converging in one figure the reâ€" sults of operations respecting interâ€" \nl earnings, mortality experience, and expenses; ang as the Surplue ‘Bamlnu have been exceptionally good, it follows that aun analyels of the three factors which produced them must also ‘have been satisfacâ€" tory. I need not enlarge upon the Net Interest Earning Rate of 6.13% ; but with respect to the ratio of General Expenses to Total Income of 13.68%,â€"the lowest in the Comâ€" pany‘s history, against 1445% in 1929, it is noteworthy that the actual d‘sbursement in cash on account of \General Expenses in 1930 was less than, the disbursement in 1929. If taxes, over which the Company has no control, were excluded the reducâ€" tion in the expense ratio would be lgrealer than it is. The lower exâ€" pense ratio may be accounted for to some extent by the reduced producâ€" t‘on of new business as compared with the preceding year, as well as by the general economy in adminis tratilon which obtains throughout our organization and enables us to take care of an increased business with a very small Increase in staff. The third factor of importance in contrlbuting favorably to Surpius Earnings was the Company‘s â€" exâ€" perience with respect to mortality. In our statement for the year 1929 the total of the Death and Disability Claims paid, plus the labllity held for Unpaid Policy Claims, was $3,â€" 117,004.32, which represented an inâ€" crease of $415,414.15 over the corresâ€" ponding figure in 1928. In the year 1930 the expenditure for Death and Disability Claims, plus the liability held for Unpaid Death Claims. was $3,673,513.28â€"the inâ€" crease, $556,508.96, being somewhat ‘arger than a year ago; and the inâ€" creased claims, particularly under Funds in the item "Dividends Allot Hon. J. Fred Fraser E. G. Long, K.C. C. F. Sise Assurance Company OF CANADA MUTUAL LIFE Death And DisabiHity Claims LIABILITIES C. M. Bowman Chairman of the Board Maj.â€"Gen. Hon. 8. C. Mewburn, K.C., C.M.G 2nd Viceâ€"President ‘ . J. Fred Fraser W. G. Watson . Long, K.C. T. A. Russell, LL.D. . Sise W. J. Blake Wilson LD. Hon. J. E. Perrault, K.C. OFFICERS WATERLOO, ONT. W. Carlisale, Supt. of Agencies J. M. Livingaton. M.D., J. M. I,uing, A.I.A., I-‘.A.S., Actuary H. Holmes, A.I.A., F.A.S., of the Company shows THE Paid to effect of raising our mortality satle to some extent. in 1980 more then 6 normal number of claims were I® ported on policies of iarge amounts under applications which came from Our mortality experience under policies issued on the Nonâ€"Medical bask; continues favorable, and the Double Indemnity Claims under policies providing payment of twice the sum assured if death occurs by accident were well within the premiums collected for this benefit. Conserving Oid Business I think the belief, if It ever was widely held, that life insurance comâ€" panies regard with complacence a high lapse or termination rate, has been dissipated because of the efforts put forth by companies to conserve fesued business. Lapses irvolve a double lossâ€"a loss to the public that pays the premium on the policy and an expense to the comâ€" bany that issues it. The slowing up (Continued on Page 7) nature and under the law of aver ages should not frequently recur. The liability in our statement for Unpaid Policy Claims, $585,222.4%, Jt 4 mlln‘:‘ &: I::n:-pur $66.28 greater t Ing figure reported in 1929. The re latively large increase is accounted for by the fact that a large number of claims were reported shortly before the close of the year, under which it was not possible to arrange settiement ‘before the year ended. For instance, between December 15th and December 3ist, 1930, claims were reported on seven lives which were insured under 21 policiea for a total of $140,380. Three of these persons had two policies each; one had three policies and three had four policles. This experience re veals not only more than a normal number of claims in a short period on men insured for fairly large amounts, but that with growth in the Company‘s outstanding insurance in force we must expect a higher inourâ€" ance coverage on each life; and this latter tendency is further indicated by the fact that in the year 1930, 12.01% of our Paid for New Business eame from persons who had previ ously insured with us. Associate Actnary Medical Director $ 13,710,800 ©4,855,279 492,833,318 $116,662,059.64 $ 94,605,681.07 $116,662,059.64 $ 44,220,138.33 42,342,981.71 865,849.12 1,965,485.99 22,100,398.41 142,529.29 2,138.1143.24 2,886.533.55 & â€"5,254,351.00 60,526,212.00 5,080,789.00 12,468,009.00 116,662,059.00 492,833,318.00 797,688.00 8,039,521.96 229,081 .90 522,077.26 12,468.009.45 Nonâ€"Medical Policies Businesa in Foree m&:nd is 6441, lm 1929. The re ase is accounted t a large number reported . shortly