C
THE HONG KONG GOVERNMENT GAZETTE, APRIL 4, 1941.
No. 391.
SUPREME COURT.
503
THE WING ON LIFE ASSURANCE CO., LTD.
Report of the Registrar of Companies under Section 18 of the Life Insurance Companies Ordinance 1907 (Ordinance No. 11 of 1907), upon the Valuation of Mr. ALFRED B. CULLEY, F.I.A. for the five years ending 31st December 1939.
The Valuation Balance Sheet of the Company and the Results of the Valuation under Heading IX of the Fifth Schedule, as shown by Mr. CULLEY'S Statement, are as follows:
VALUATION BALANCE SHEET OF THE WING ON LIFE ASSURANCE CO., LTD. AS AT 31st DECEMBER, 1939
Dr.
To Net Liability under Assurance
and Accident Transaction (as per summary statement)
To Surplus
Cr.
By Funds
as per balance sheet under Schedule 2:
1,080,453.00
292,093.57
Life Assurance
Fund
$1,361,251.55
Child Endowment
Assurance Fund.
Accident Insurance
Fund...
9,622.94
1,672.08
1,372,546.57
$1,372,546.57
The Surplus shown by the Valuation is
Deducting the surplus brought forward at 1st January, 1935
and adding the profits distributed during the quinquemium :-
to Shareholders
to Policyholders
$1,372,546.57
$ 292,093.57 238,090.43
54,003.14
320,000.00
31,229.45
$405,232.59
The total profit made during the quinquennium is
*
The total distributable profit for the quinquennium is made up as follows:-
Surplus at 31st December, 1939
Distributed to shareholders and policyholders during the
quinquennium
Total
$ 292,093.57
351,229.45
$ 643,323.02
Under Article 150 (b) the amount to be set aside so that the policyholders receive no share thereof is $451,831.84 which is made up as follows:-
Interest earned on assets representing paid up capital Less loss by depreciation on assets representing paid up capital.
$ 508,600.00 56,768.16
$ 451,881.84
In accordance with sections (c) and (d) of Article 150 the distribution of the total distributable profits is to be made thus:
Total distributable profit
Deduct $451,831.84 under Art. 150 (b)
Balance
60% of this balance to policyholders 40% of this balance to shareholders
:
$ 643,323.02 451,831.84
$ 191,491.18
$ 114,894.70 76,596.48