THE HONG KONG GOVERNMENT ETTE, NOVEMBER 28. 1941.
Page
1869
No. 1431.
SUPREME COURT.
THE LUK HỘI TONG LIFE ASSURANCE CO., LTD.
Report of the Registrar of Companies and Mr. H. R. STURT, F.I.A., under Section 18 of the Life Insurance Companies Ordinance, 1907, (Ordinance No. 11 of 1907) upon the Valuation of Mr. E. R. CHILDE, A.I.A., for the 8 years ending 31st December, 1940.
This Company was incorporated on 10th September, 1927. Under Section 14 of the Life Insurance Companies Ordinance, 1907, the Company is obliged, once in every five years, to cause an investigation to be made into its financial condition by an actuary and is further obliged to cause an abstract of the report of such actuary to be duly deposited with the Registrar of Companies so that the Registrar may report thereon to the Governor. Such report must be published in the Gazette. The last report covered the five years ending 31st December, 1932, and was gazetted on 2nd February, 1934.
The Company should have caused its next actuarial investigation into its financial condition to be made covering a period not exceeding the five years ending 31st December, 1937, but it failed to do so until the year 1941, when the Company applied for and obtained under Section 33 of the Ordinance, an extension of time to 31st December, 1940. The present report, therefore, covers the eight years ending 31st December, 1940.
The Valuation Balance Sheet of the Company and the results of the Valuation under Heading 9 of the Fifth Schedule, as shown by the Actuary's statement, are as follows:
VALUATION BALANCE SHEET OF THE LUK HOI TONG LIFE ASSURANCE CO., LTD., AS AT 31ST DECEMBER, 1940.
Dr.
To Net Liability under Assur- ance transactions (as per summary statement pro- vided in Schedule 5)
Surplus
Total..
Cr.
8
C.
$
C.
By Life Assurance Funds (being Reserves for Policyholders
102,706.01
as per balance sheet under Schedule 4)
164,739.73
62.033.72
164,739.73
Total.
164,739.73
22
The surplus brought forward from the last Valuation made as at 31st December, 1932, was $42,983.07 and the "surplus
surplus" at 31st December, 1940, was $62,033.72 (as shown above) so that the surplus has increased by a $19,050.65 during the eight years.
sum of
At the same time sums aggregating $146,700.11 have been transferred from Profit and Loss account to the Life Funds, so that a net loss of $127,649.46 is shown by the Life Assurance business.