.-......-_.

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: