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68th

.. _ ._ - '_ . ni:;;sUBMir'rED A'r 'riii-:.c_ENE‘RAL

tions as at 81st December, 1914. _ '

__ _ __ 'rim YEAWS BUSINESS.

_ During the year 7,059 _proposals for assurances, aggregating $1_.7_,05_1,68_5, were received by the

by g;iur_Directors, they were eclined. Further information was required in connection with 184 em r, but may be completed during the current year. Policies were issued_in response to 6,624

$15,079,795. he policies' paid for during the twelve months coveted assuranceslfor $14,034,785; __

~ ._ ' I-'run _INcoiii'~1 ' ‘

` The Directors have pleasure in submitting their 68th Annual Report showing-the transactions o__f,tiie_

fa fn”

setting forth the iinancialposi-

of these not be finally disposed of before the end of Dec- thenew assurances assumed to the amount of force`now` amount to $157,407,170.53.

___ ....:.. ,. _ ., _ ,_

The premiums for assurances, new and renewal, after deducting payments made to other .compa-'n'_ies_‘for~ r.eassur`ances,- amounted to $4,825,260.2_4, and the consider-

ations for annuities to $764,690.13. The interest income, including profits realized on the sale of Securities, amounted to $2,844,386._07. _They total _income from all

sources was $8,438,071.11-an increase of $343,185.41 over that of~.i1913.

'riin i’Ai'.\ii~:.'\'*i‘s. = » _ ' ` - .- - _ _ `

The paymentsto policyholdersand their representatives diiring the year, in settlementof deathbclaims-,imatui‘ed "endowments, annuities, dividends and cash val-

ues for policies surrendered, amounted to $3,362,483.99, an. increase of $484,467.88 over those of 1913. In addition to this, loans were made to policyholders on security of their policy contracts with the Company to the extent of $1,869,34l.88. Repayments made _durin g the year-on this account amounted to $742,508.14, mak-

ing a net increase for the year of $1,126,833.74.. . ~

- ~ THE .\ssi~:'rs." _ - _ ' ~

_ The total assets of the Company on the 31st December amounted to $56,103,841.70, an increase during the year of $3',942,046.89. In view ofthe largely increased I payments to policyholders during the past year, this increase in our assets, which is greater than that of 1913, is very satisfactory. _ _

. THE sl’1:l’l.l'.~'. = _ -

The stringent basis of valuation adopted by your Directors in 1900 has again been employed in ascertaining the policy and annuity liabilities, and it was found

that the resulting reassurance reserve amounted to $46,663,866, an increase of $2,387,466 over that required at the end of 1913.____ After providing for all liabilities, for a contingent reserve of $200,000, and after allotment of $1,317,773.81 to those entitled to share during 1914, the net sui-plu_s amounts to $6,198,988.84. 1 The surplus ac- tually earned during the year amounted to $1,533,484.26, which shows that the year 1914' has been one of the best in thehistoiiy of the Company.

» I i‘ii,_\._\'_<_;if:_,s‘?o;N‘ 'riiic _"~ijio'z\_nyii. _

The lamented death of Hon. Geo. A. Cox, Senator, for i'-i:1i‘_.y years this “Conti”-aii},'?s President, took place on the '!.(3tl'i day of Janii-;».'_',' l9!=i, after thc ieport for l_`93.‘~$

had been issued and before the annual' meeting, and F. i.eM. Grasett,.M.B. Edin. Univ., F._R.C,S., E., was elected to fill the vacancy on the Board. Thefuntimely and deep- l regretted death within a few months thereafter of Mr.Edwai°d W. Cox, Whoihad siucceededlfiis father in the Presidency, and the loss to our Board through the recent

Hoskin, K. C. was elected to the Board: ' _ _ `. ' _' '_ L ig.;-._/\ .

’ ` ~ _ °'1fJ1.l’3'f!_'l.1'9¥lIm_`-_"-`._lioetiwr 4 I-"i‘=*f‘V'Lg-S" E M" 4 ` ' ` .

It is with gerat pleasure your Directors acknowledge the valuable afssistance~_rende_i'ed by the members of the London Board and of the Advisory Boards at the var-

ious Branches in the United Kingdom. l _ ` ` ‘ ' ' *

‘_ _'l‘lIE‘ »H'I`Al"l"

. f.” ` -

_ __ _

not conform to the standard set _

____ . .._._l¢__. :__ __

death of Hon. Robert Jaffray, Seiiator, left two vacancies dn the Board. .' To._`f"if11‘th`e`£’$`ei__ll/11'.'Herbert C. Cox was elected to the Board and to the Presidency, and Dr. John

Your Directors again desire to record their appreciation of thefefiiciencyiannid 'teal with"_wh_i`_ch the Of_iicers and members of the Staff, both at the Head Oflice and at

the various Branches, have performed their respective duties. .i ‘ _‘

,On behal_f.oVf the Board _ ' ~

Toronto, llth January, 1915. _ __ _°- __""‘_'j_"~‘__"_j_ HERBERT C. COX, President.

_ __ A EO-ARQ Q-F'»" DIRECTORS

HERBERT C. COX, President and General Manager _ _ _ ._ _'_. . I ‘ I-ION. J. A. LOUGHEED, K, C., Senator.

J. H. PLUMMER. D. C. L., Vice-President, I "“‘““'~"- ° »

President Doniliiioii Steel Corporation. ROBERT BICKERDIKE, M. P.,

Montreal.

ADAM BROWN, l’oslniuidcr_ Iianiilton.

ALEXANDER BRUCE, K. C.

Director National Trust Co.

DUNCAN COULSON, President Bank of Toi' IIRQ

COL. THE HON. SIR JOHN M. '2`$fBSON. K. C. M. G.,

Director Canadian Bank of Coninierce, Hamilton.

A KENNETH MACKENZIE,

(‘ italisi Winnipeg

_ _ ap - ,~, .

` LEIGHTON McCARTHY, K. C.. Vice-Prcsidciit Norllicrii Aluminum Cog.. Ltd. Vics--l’r\\si<lcii\, Union (`iiriiidc Co., oi' Caniidu. » H. A. RICHARDSON,

(li-ii(-nil Miiiiugcr Bunk of Nova Scotln. ROBERT STUART, Chicago, Ill.

\'icu-Prosidciit Quaker Oats Co. Director Canadian Bunk of Commerce. _ E. R. woon, f

Presidoiit Uciitrnl Caiiadri Loan and Savings Co.

F. LCM. M. B. Edin. U\liV., F. R. C. S., E. _ _ 4 \'i1:o-l’resideiit National Trust Co.

Director Consuniers' Gas Co. “l’olicyliolders` Dlrectois ‘

DR. JOHN HOSKIN. K; C.,

l’i-csldent Ciinadn Landed and National liivestnieiit('o. - _ `

Director Toronto General Trust Corporation.

` _ i ' _ 31%

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$»;‘ N ‘_

STATEMENT Fon THE YEAR ENDING 315;, __DEcEiviBER, 1914.

_ Receipts '

Balance of Ledger Assetts as at 31st December, 1913... - $50,159,808.78 First Year’s Premiums...... .................................. ..$ 524,215.57 __ __ __ Renewal Premiums ....... ........................ 4,400,126_89 _ ’

Annuity Considerations ..................................... 764,690.13 Single Premiums applied to purchase Bonus Additions.. _ 65,387.27

5,754,4l 9.86

Less .Rerassuance Premiums ................................... .. 164,469.49

Total Net Premium Income ................................ ._ 5,589,950.37 interest (including Rents) ......... ................... _ "2,707,974;65 Profit on Sale of Securities .................................... ._ 136 411 42 _ Dividends left to accumulate at Interest ................... ._ 3,734.67

.TotalOrdinai°y income ......................................... ._ ` ' _ _ 8é38_,071;1_1

‘ __ - $5s,597,s79.s9

_ f Paynnents

Death. Claims (including $125,325.10 Bonus Additions) ........... ._ $2,060,587.48

_ Endowments' Matured' (including $25,616.06 Bonus Additions .... ._ 410,729.06

Surrender. Values paid to Policyholders ................................. .. 396,119.83 Dividends' te _Peiicyholders(exclusive of Bonus Additions) ._ ...... __ 274,607.67 . Annu_1_ti_es,_._.,_._,_., .... . . . . . . . _ . . _ . .......................... __ 220,439.95 ' Coinmissions, Salaries, etc... ........ ............... .............. ._ 882,609.92 '1`axes‘.‘;‘._`I§i¢ence's and Government Fees (exclusive of Taxes on

A Real E_state).,_.. ...... ................... _.1 .......... .......... ._ 6O,65968

All _other Expenditure_s_._ . . . . . . . .__/..__.~_ .................... __ 317.511 76 __ Div1den_dat_-8_p. _c. on $l,000_,000_.0Ofpa1d up Capital ................ __ 80,000.00 ‘ ‘Depreciation _in value of Securities ....... ......................... 55,587 50

Balance of. Ledger Assets ................................................. ._ 53,839,027.04

l' W

- __ __ _ _ $5s,s97,87»_s9

' A_ssets V

Government, Municipal and other Bonds, Stocks and '

Debentures ..................................... ._ ....................... _.$19,002,499;39

Mortgages on Real Estate ............ ............................ ._ 20,496,155.44 Loans on Policies ......................... .............. .L ............... __ 9,028,482.46 Real Estate (including Company’s buildings in Toronto, Mont- - _ real, Ottawa, St. John, Winnipeg, Regina, Edmonton. Calgary, Vancouver and London, England) .................................... ._ 3,6l0,682.29

Loans on Stocks and Bonds, etc ...................................... ._ -787,380.27 Cash in Bank and on hand ......... .................................. __ ___9_1_3,827.19

Ledger Assets ........................ ...... _» . . . . . . .... . _ , . _ _ . ___ $53,839.027.04

OTHER ASSETS _ _-

Premiums in transit, and half-yearly and quarterly premiums _

payable within nine months, less cost of _collection ........ ._ 853,144.07 _ '

- _ i (Rcscrvr on lbuvc ilern included in Liabilities) .. ». . j ' Interest and Rents due and accrued ................................. ________1_,41_1_,_670_5_9

` i‘~"*§ l..ial:gIl_|'¢§i__ep_s__ _f

Net Re-assurance Reserve: Hm. 3 p. c. Basis for all participating-

assurances issued after 31st, December,l899, and Hm. 3 1-2 _p.c. '

_for all other assurances;British Government Annuity Experience, _ .3 p._c. and 3 _1-2 p. c. for Annuity Contracts. ............. ....... ._ $46,663,866 Instalment Claims Reserve ........................................... 213,078. Contingent Reserve., .......................................... ._ _ ......... ._ 200,000.

00 00 00

Claims in course of settlement ..................................... __ _ ............ ._ 340 211.83 Surrender Values claimable on policies subject to revival ......... ._ 2171428.00

Dividends to Policyholders in course of payment ________________________ __

Taxes on Premiums, including Provincial Taxes in dispute....._. _ 976,296

86,599.

64 20

Due on account ot General Expenses. ....................................... ._ 18 666 43 Annuity Payments Outstanding ............................................ " 17707538 Premiuins and Interest paid in advance ...................... ._ ° ‘18'865`62 Shareholders’ Account .............. ` 152`765`g; §a'pit_al Stock paid up __ .... _ _'ff 1,000'00'0:00 urp us ....... _._ _______ ._ ...... ._; .......................................................... ._ ' 6,`19`8f988.84'

- S $56»1°3'84.1-Z9.. f:.'.';"§'. _ . ` _ $56;`1T>‘3Z8>iiT70

A "l"l-lE‘ CANADA I-.l‘F"E2 DQNIPANY , 5'

_ _ Aunironrs savour x ‘ _ ~ _ ._i_

To the President, Vice-President and Directors of the Canada Life Assui`?ii‘iicef'.C6{n1$a1"ijf, ' f f";_f_ _ _ 14»thj,]am|a1-y, 1915_ _ _ .

Gentlemen 1- f _ ‘

The audit of the Company’s books, which _has been carried on continuou`sly..throughout thefzyeai-, has been completed to the 31st__`z_-December, 1914_ Thé v,,r},§,f`§

securities representing the Com_pany’s loans and investments have also been-examined »_t;'ng_i_*_t_lf|,e__Cash and Bank _Balances duly verified. _ _ r _ I hereby certify that satisfactory vouchers have been _produced fox* the `i?ariou8"éhti‘1es_ i_n’the books, and I believe the same to be _correc_t. The accompanyin state.

ments of “Receipts and Payments” and of “Assets and Liabilities” correctly set__fo_i'tli,_tl;e___p_9sition of the Company’s affairs at the close of the ear. g

. » . . _ . _ _ _ _ < Yours falthfvlly. RALPH YOUNG, i._c.A.,' A..dit,,,~

i A fr _=..i 'ci-.~'.;_:. -' ' _ - _ __ ' i `

sand dA ' a. ` " ° ii'.¢'iLPi'~ipii°`i'r°<>UNc, r c A., Auditor HERBERT c

. K

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_ _ _ ~'a"r -9--'im `.‘**J3yf‘g;»_ ' ' ` .

and General Manager. i C, R. AQRES, Se¢m.”y

I Charlottetown ` ~_ _ 4 . Bfllllih ' (V ‘ 5"* 'i ‘ f”.`7ilwf ‘ _ ' _~' --

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