THE HONG KONG GOVERNMENT GAZETTE, MARCH 8, 1940.
No. 291.
OFFICE OF REGISTRAR OF COMPANIES,
SUPREME COURT,
373
HONG KONG.
IN THE MATTER of the CHINA HONG NIN LIFE INSURANCE COMPANY LIMITED of Nos.
186 and 188 Des Voeux Road Central, Hong Kong;
and
IN THE MATTER of Section 18 of the Life Insurance Companies Ordinance No. 11 of
1907;
and
IN THE MATTER of the Life and Annuity business of the above named Company.
Report by the Registrar of Companies, Hong Kong and HERBERT R. STURT, Esquire, Hong Kong, Fellow of the Institute of Actuaries.
1. This Report upon the life and annuity business of the CHINA HONG NIN LIFE INSURANCE COMPANY LIMITED is made to His Excellency the Governor pursuant to section 18 of the Life Insurance Companies Ordinance, No. II of 1907, upon the statements and abstracts deposited with the Registrar of Companies by the said Company under the provisions of the said Ordinance.
2. The statements and abstracts cover the four years ending the 20th March, 1939.
3. The Valuation Balance sheet made up to the 20th March, 1939, shows liabilities of $1,022,275.20 and outstanding claims under matured policies $38,619.85 against assets of $966,718.90, thus showing a deficit of $94,176.15.
This deficit is arrived at after deducting the undistributed balance of profit brought forward from the previous valuation as on the 20th March, 1935, amounting to $26,496.11.
The actual results of the quadreunium were as follows:- The Surplus on 20th March, 1935, was
of which the following amounts were paid out during the quadrennium, as per Consolidated Revenue Account :-
(a) Dividends and Bonus to Shareholders........
(b) Bonuses on policies at maturity
$ 470,360.29
(c) Dividends to policy holders
(d) Carried to Reserve Fund
leaving the undistributed balance of surplus brought forward
From this must be deducted sums already earmarked for payment as
Bonus under outstanding claims not brought into the Balance Sheet...
$ 204,218.00
64,500.00 112,847.61 62,298.57
443,864.18
$ 26,496.11
3,825.00
$
22,671.11
94,176.15
$ 116,847,26
leaving a net balance of surplus from the previous valuation of The deficit now shown is.................
making a net loss for the quadrennium of...