1 Atlantic Life Insurance Company. Commenced business May 9, 1900. E. STRUDWICK, President. ROY M. JONES, Secretary. Principal Office, RICHMOND, VA. Capital Stock. Amount of capital paid up in cash, $300,000.00. Amount of ledger assets December 31st of previous year. ..........$ 4,786,992 95
Income. Total first year's premiums on original policies. ..................$ 597 732 15 Dividends applied to purchase paid-up additions and annuities..... 18,430 94 Surrender values applied to purchase paid-up insurance and an- nuities.. .................................................... 6,484 76 Consideration for original annuities involving life contingencies.... 139 29
Total new premiums.................... ..........'.......$ 622 787 14 Renewal, premiums, without deduction for commis- sions or other expenses..................,...$ 1,203,269 90 Dividends applied to pay renewal premiums........ 112,171 57
Total renewal premiums................................. 1,315,441 46 Premiums reported during the year on U. S. monthly difference lists, etc.................................................... 454 62 Extra premiums for total and permanent disability benefits, $41,- 444.24; and for additional accidental death benefits, $14,334.72, included in life policies....."................................ 55 77g 96
Total premium income........ ..:........................$ 1,994,462 18 Dividends left with the company to accumulate at interest........ 24,953 13 Gross interest on mortgage loans.. .................$ 215,855 72 Gross interest on collateral loans................... 3,913 27 Gross interest on bonds and dividends on stocks... . 17,430 75 Gross interest on premium notes, policy loans, or liens........... ............................... 49,840 63 Gross interest on deposits in trust companies and banks......................................... 7,599 12 Gross interest on other debts due the company..... 1,168 06 Gross rent from company's property................ 2,016 20
Total gross interest and rents............................297,823 75 144 EEPORT OF VIRGINIA BUREAU OF INSURANCE 1919 From other sources Miscellaneous....... e '71 M ...................$ 73 91 .Discount and fees on mortgage loans........................ 13 T>o 76 From agents' balances previously charged off..................... ' 3 14 Gross increase, by adjustment, in book value of ledger assets...... 198 00 Total income...........................................g 2,330,239 87 Sum of both amounts................................... $ 7 117 232 82 Disbursements. For death claims, $304,564.02; additions, S532.00................. .$ 305 096 02 For matured endowments.................................... 29 '812 00 For total and permanent disability, S654.23; and for accidental death benefits, $1,000.00..................................... 1 654 23 Net amount paid for losses and matured endowments.............8 331 562 25 For annuities involving life contingencies................... 2 717 ^2 Refund of war extra premiums................................. 1 '570 o9 Surrender values paid in cash, or applied in liquidation of loans or notes....................................................... 60,662 76 [surrender values applied t6 purchase paid-up insurance and an- nuities. ..................................................... 6^g4 7g Dividends paid to policyholders in cash, or applied in liquidation of loans or notes............................ q 107 on Dividends applied to pay renewal premiums...................... 112'171 56 Dividends applied to purchase paid-up additions and annuities..... 18 '430 94 Dividends left with the company to accumulate at interest.......: 24 '953 13 Total paid policyholders. ...............................f, 572,680 01 Expense of investigation and settlement of policy claims.......... 1 '060 13 Paid for claims on supplementary contracts not involving life con- tingencies. ................................... onn fv\ Dividends and interest thereon held on deposit surrendered during the year..................................................... io,463 70 Commissions to agents—First year's premiums, $367,406.90; re- newal premiums, $89,974.86.................................. 457 381 76 Agency supervision and traveling expenses of supervisors (except compensation for home office supervision).................... 69 810 65 Medical examiners' fees and inspection risks...................... 53 309 96 Salaries and all other compensation of officers, directors, trustees and home office employees................................... 82 338 45 Rent-................................... 6^368 43 Advertising, printing and stationery, postage, telegraph, telephone and express; exchange....................................... 29 042 61 Legal expense................................................... 4'561 29 Furniture, fixtures and safes................................ 4 672 00 Repairs and expenses (other than taxes) on real estate............ 1 877 02 State taxes on premiums......................................... 29 '779 15 ATLANTIC LIFE INSURANCE COMPANY 145 Insurance department licenses and fees........................ S 2 436 22 All other licenses, fees and taxes................................. 1'io7 29 Federal taxes................................................... i3,'4i6 10 Other disbursements—Miscellaneous........................ 14 figs 12 Agents' balances charged off................................ §'331 ^ Gross loss on sale or maturity of ledger assets.................... 1 055 86 Total disbursements. ...................................$ 1,365,186 87 Balance.................................................$ 5,752,045 95 Ledger Assets. Book value of real estate (less $40,000.00 incumbrances).......... .$ 165 685 00 Mortgage loans on real estate................................ 4 102 880 05 Loans secured by pledge of bonds, stocks or other collateral...... '37 ,'900 00 Premiums reported on U. S. monthly difference lists ............ '804 89 Loans made to policyholders on this company's policies assigned as collateral.............................................. 7g2 275 17' Premium notes on policies in force............................... 71 '983 47 Book value of bonds..................................... 3§§ 7§i 50 Cash in company's office.................................... 31 540 57 Deposits in trust companies and banks not on interest............. 15 '573 23 Deposits in trust companies and banks on interest................ 132'455 79 Agents' debit balances.............................. 35 e,si Q\ Furniture and fixtures, $3,000.00; commuted renewal commissions $3,584.38....................................................' 6,584 38 Total ledger assets, as per "balance"....... .............$ 5,752,045 95 Non-Ledger Assets. Interest due and accrued on mortgages.. ...........$ 64,328 24 Interest due and accrued on bonds................. 3 783 54 Interest due and accrued on collateral loans........ 433 13 Interest due and accrued on other assets........... 1 041 15 Rents due and accrued on company's property or lease......................................... 970 83 Total interest and rents due and accrued................. 70 556 89 Gross premiums due and unreported on New Business. Renewals. policies in force December 31, 1919. ...........$ 114 144 69 Gross deferred premiums on policies in force December 31, 1919.. .........$ 35360 13,12154 Totals........................$ 35360 $127,26623 Deduct loading....................... 22277 25,34788 Net amount of uncollected and deferred Premiums.................. .......$ 13083 $101,91835 102,04918
Gross assets............................................$ 5:924,652 02 146 REPORT OF VIRGINIA BUREAU OF INSURANCE 1919 Deduct Assets not Admitted. Furniture, fixtures and safes........................S 3,000 00 Commuted commissions, 83,584.38; agents' debit balances, gross, 535,581.81..................... 39,166 19 Premium notes and loans on policies and net prem- iums in excess of the net value of their policies 21,214 64 Book value of ledger assets over market value...... 7,031 73
Total...................................................S 70,412 56 Total admitted assets...................................S 5,854,239 46
Liabilities, Surplus and Other Funds. Net present value of all the outstanding policies in force on the 31st day of Decem- ber, 1919, as computed by the Bureau of Insurance on the following tables of mortality and rates of interest, viz: Acturaries' table at 4 per cent. on issue of 1900 and 1901..........................................S 293,244 13 Same for reversionary additions.................... 438 55 ——————— $ 293,682 68 American experience table at 3 per cent. on reinsured policies.......................................$ 3,110 51 Same for reversionary additions................... 17 01 ——————— 3,127 52 American experience table at 3^ per cent. on issue of 1902 and thereafter...........................S4,487,748 60 Same for reversionary additions. ................ 49,414 01 ———————— 4,537,162 61 Other tables and rates, viz: American experience table at 4 per cent. on reinsured policies..................................................... 3,225 96 Net present value of annuities (including those in reduction of prem- iums): American experience table at 3^ per cent......................... 42,907 26 Total...................................................8 4,880,106 03 Deduct net value of risks of this company reinsured in other solvent companies.................................................. 95,032 44 Net reserve.............................................8 4,785,073 59 Extra reserve for total and permanent disability benefits, $20,722.12; and for additional accidental death benefits, 87,167.86, included in life policies............................................... 27,889 98 Present value of amounts not yet due on supplementary contracts not involving life contingencies, computed by the Bureau of Insurance................................................... 11,019 02 Present value of amounts incurred but not yet due for total and per- manent disability benefits..'................,................ 742 50 CITIZENS' HOME INSURANCE COMPANY, INCORPORATED 147 Claims for death losses reported for which no proofs have been re- ceived ......................................................5 29,822 67 Dividends left with the company to accumulate at interest, and ac- crued interest thereon....................................... 183 212 09 Premiums paid in advance, including surrender values so applied.. 5,990 63 Unearned interest and rent paid in advance ....................... 18,091 85 Salaries, rents, office expenses, bills and accounts due or accrued... 6,000 00 Estimated amount hereafter payable for federal. State and other taxes based upon the business of the year of this statement.... 13,700 67 Dividends or other profits due policyholders, including those con- tingent on payment of outstanding and deferred premiums... . 15,000 00 Dividends declared on or apportioned to annual dividend policies payable to policyholders during 1920, whether contingent upon the payment of renewal premiums or otherwise............... 44,977 61 Dividends declared on or apportioned to deferred dividend policies payable to policyholders during 1920......................... 22,273 91 Amount set apart, apportioned, provisionally ascertained, calcu- lated or held awaiting apportionment upon deferred dividend policies..................................................... 142,236 50 Reserve, special or surplus funds not included above: Contingency reserve............................................. 21,051 38
Total liabilities, except capital..........................8 5,327,082 40 Capital stock................................................... 300,000 00 Unassigned funds (surplus)......................................... 227,157 06
Citizens Home Insurance Company, Incorporated. Commenced business May 3, 1915. W. W. CRISP, President. JNO. N. LAWLER, Secretary. Principal Office, RICHMOND, VA. Capital Stock. Amount of capital paid up in cash, $25,000.00. Amount of ledger assets December 31st of previous year. .........$ 38,552 73 Income. Industrial life premiums..........................;...;...;..... .SB 24,706 37 Industrial sick benefit premiums................................. 272,290 84 Total premiums........................................ .$ 296,997 21 Less return premiums.............'............................... 406 61 Premium income........................................ $ 296,590 60 148 REPORT OF VIRGINIA BUREAU OF INSURANCE 1919 Gross interest on mortgage loans....... ............$ 540 00 Gross interest on bonds and dividends on stocks.... 440 00 Gross rent from company's property. .............. 360 00
Total interest and rents.................................$ 1,340 00 From agents' balances previously charged off................. .... 360 86
Total income...........................................298,291 46
Sum of both amounts................................. ...$ 336,844 19
Disbursements. For death claims; Industrial life, $8,129.79; industrial sick benefit, $18,154.78...................................................S26,284 57 For sick benefits................................................110,113 49 Total paid policy holders. ................................$136,398 06 Commissions to agents: Life, 88,577.76; sick benefit, $88,984.59...97,562 35 Agency supervision and traveling expenses of supervisors..........28,425 31 Medical examiners' fees and inspection of risks...................1,415 62 Salaries and all other compensation of officers, directors, and home office employees.............................................20,833 95 Rent...........................................................3,322 36 Advertising, postage, telegraph, telephone and express............3,634 77 Furniture, fixtures and safes.....................................559 51 State taxes on premiums.........................................2,351 96 Insurance department licenses and fees...........................89 00 Federal, State and all other taxes................................2,414 79 Agents' balances charged off.....................................121 07 All other disbursements.........................................1,948 67 Total disbursements.................................... 8299,077 42 Balance.................................................S37,766 77 Ledger Assets. Book value of real estate. ..........'.:...........................$6,300 00 Mortgage loans on real estate. ..................................9,000 00 Book value of bonds.............................................11,000 00 Cash in company's office....;....................................7,462 15 Deposits in trust companies and banks not on interest.............549 09 Bills receivable, $1,055.53; furniture and fixtures, $2,400.00........3,455 53
Total ledger assets, as per "balance" ....................$37,766 77 CONTINENTAL LIFE INSURANCE COMPANT, INCORPORATED 149 Non^Ledger Assets. Interest due and accrued on mortgages. ............$ 135 00 Interest_due and accrued on bonds................. 220 00 Total interest due and accrued.......................... .$ 355 00 Gross assets............................................$ 38,121 77 Deduct Assets not Admitted. Furniture, fixtures and safes....................... S 2,400 00 Bills receivable................................... l,'055 53 Book value of bonds over market value............ 880 00 4,335 53 Total admitted assets. ..................................$ 33 7g6 24 Liabilities. Net reserve.....................................................g 5,055 00 Policy claims.................................................... 96 25 SB Total liabilities, except capital.......................... $ 5 151 25 Capital paid up. ................................................ 25 ,'000 00 Unassigned funds (surplus)...................................... 3 g34 99 Total liabilities. ........................................$ 33 786 24
Continental Life Insurance Company, Incorporated. Commenced business October 5, 1914. EDWIN G. COVER, President. H. A. BARTHOLOMEW, Secretary. Home Office, RICHMOND, VA. Executive Office, WASHINGTON, D. C. Capital Stock. Amount of capital paid up in cash, $100,000.00. Amount of ledger assets December 31st of previous year. ..........$ *192,827 97
Income. Total industrial premiums, less $1,373.62 return premiums. ........$ 877,481 79 Gross interest on mortgage loans ...................$ 1,011 26 Gross interest on collateral loans .................. 402 30 Gross interest on bonds and dividends on stocks.. 3,174 43 Gross interest on deposits in trust companies and banks........................................ 3,120 78
Total interest and rents................................. 7 708 77 Agents' cash bonds... .......................................... 3 000 00
Total income. ...........................................$ 885,490 56
Sum of both amounts....................................$ 1,078,318 53
Includes $70,000.00 increase in capital stock during year. 150 REPORT OF VIRGINIA BUREAU OF INSURANCE 1919 ^ Disbursements. For death claims................................................8 92,597 35 For sick and accident claims..................................... 211,770 11 Total paid policyholders. ................................$ 304,367 46 Paid stockholders for dividends.................................. 25,000 00 Commissions to agents.......................................... 74,666 69 Compensation of managers and agents not paid by commission. ... 274,095 75 Agency and traveling expenses of supervisors..................... 8,674 03 Medical examiners' fees......................................... 495 50 Salaries and all other compensation of officers, directors and home office employees............................................. 44,412 20 Rent............................................................ 6,428 87 Printing and stationery, postage, telegraph, telephone and express. 13,507 38 Legal expense................................................... 180 00 State taxes on premiums......................................... 8,005 06 Insurance department licenses and fees........................... 50 00 Federal taxes................................................... 7,947 88 Borrowed money repaid, $15,000.00; interest thereon, 8413.67...... 15,413 67 Miscellaneous disbursements..................................... 2,589 83 Total disbursements.......................... ...........$ 785,834 32 Balance................................................ .$ 292,484 21 Ledger Assets. Mortgage loans on real estate.................................... S 10,000 00 Book value of bonds, $94,469.42; and stocks, $1,100.00............. 95,569 42 Deposits in trust companies and banks not on interest............ 23,859 00 Deposits in trust companies and banks on interest................ 146,630 45 Cash in hands of managers....................................... 2,480 59 Furniture and fixtures........................................... 4,669 75 Total ledger assets as per balance.......... ..............$ 292,484 21 Non-Ledger Assets. Interest due and accrued on mortgages .............$ 50 00 Interest due and accrued on bonds................. 917 89
Total interest due and accrued...........................967 89
Gross assets............................................8 293,452 10 Deduct Assets not Admitted. Furniture, fixtures and safes..................................... 4,669 75 Admitted assets........................................ $ 288,782 35 HOME BENEFICIAL ASSOCIATION 151 Liabilities. Net present value of all outstanding policies in force on the 31st day of December' 1919, as computed by the Bureau of Insurance, on the following tables of mor- tality and rates of interest: American experience table at 3^ per cent......................... S 109,365 00 Industrial sick benefit policies................................. .'. 56,556 21
Net reserve.............................................$ 165,921 21 Total policy claims.............................................. 2,310 78 Salaries, rents, office expenses, bills and accounts, due or accrued.. 4,000 00 Estimated amount hereafter payable for federal, State and other taxes....................................................... 11,483 21 Cash bonds of agents and managers.............................. ' 4,423 00
Total liabilities, except capital..........................S188,138 20 Capital paid up.........................................100,000 00 Unassigned funds (surplus).......................................644 15
Total liabilities. ........................................$ 288,782 35
Home Beneficial Association. Commenced business 1899. n. D. WATKINS, President. W. S. MORTON, Secretary. Principal Office, RICHMOND, VA. Capital Stock. Amount of capital paid up in cash, .530,000.00. Amount of ledger assets December 31st of previous year ..'........$ 939,566 48
Total premium income................... ...............$ 1,986,388 60 Gross interest on mortgage loans ...................$ 30,479 83 Gross interest on bonds and dividends on stocks.... 7,541 26 Gross interest on deposits in trust companies and banks...... ................................... 4,888 51 Gross interest on other debts due the company..... 406 17 Gross rent from company's property. .............. 9,585 62
Total interest and rents.................................52,901 39 152 REPORT OF VIRGINIA BUREAU OF INSURANCE 1919 Income from other sources.......................................S 211 70
Total income............................................$ 2,039,501 69 Sum of both amounts. ...................................$ 2,979,068 17 Disbursements. Death claims...................................................5 249,258 76 Sick and accident claims........................................ 524 658 80 Net amount paid for losses ..............................$ 773 917 5g Surrender values paid in cash.................................... 342 00 Total paid policyholders. ................................$ 774,259 56 Paid stockholders for dividends.................................. 150 000 00 Commissions to agents.......................................... 519 238 15 Compensation of managers and agents not paid by commission.... 103,504 00 Agency supervision and traveling expenses of supervisors.......... 12 090 34 Medical examiners' fees and inspection of risks................... 16 038 61 Salaries and all other compensation of officers, directors and home office employees............................................. m 525 81 Rent.................................................^......... 7^031 32 Advertising, printing and stationery, postage, telegraph, telephone, express and exchange........................................ 19 901 02 Legal expense................................................... 2,'500 00 Furniture, fixtures and safes..................................... 913 85 Repairs and expenses on real estate.............................. 549 29 Taxes on real estate............................................. 1 456 14 State taxes on premiums......................................... 19 106 81 Insurance department licenses and fees........................... 220 00 Federal taxes.................................................... 38 927 94 Agents' balances charges off ..................................... 291 42 Interest on borrowed money..................................... 60 71
Total disbursements. ....................................$ 1 777 644 97
Ledger Assets. Book value of real estate........................................ 119 747 02 Mortgage loans on real estate.................................... 568,811 75 Loans made to policyholders on this company's policies held as col- lateral. ..................................................... 505 00 Book value of bonds............................................. 191,896 87 Deposits in trust companies and banks on interest................. 316,618 14 Bills receivable, S484.00; agents' balances, 83,270.42............... 3,754 42
Total ledger assets, as per balance. ......................$ 1,201,423 20 HOME BENEFICIAL ASSOCIATION. 153 Non-Ledger Assets. Interest due and accrued on mortgages............. 8 5,359 88 Interest due and accrued on bonds................. 1,418 47 Interest due and accrued on bank deposits.......... 3,337 75 Rents due or accrued on company's property or lease. 595 00 Total interest and rents, due or accrued................. .$ 10,711 10 Net amount of uncollected and deferred premiums................ 40,705 07 Gross assets............................................$ 1,252,839 37 Deduct Assets not Admitted. Agents' debit balances, gross...................... $ 3,270 42 Bills receivable................................... 484 00 5,952 48 Admitted assets................'......... ...............$ 1,246,886 89 Liabilities. Net present value of outstanding policies in force on the 31st day of December, 1919, as computed by the Bureau of Insurance, on the following tables of mor- tality and rates of interest, viz: American experience table at 3^ and 4 per cent. ................. .$ 280,674 00 Industrial sick benefit........................................... 236,377 85 Net reserve.............................................$ 517,051 83 Claims for death losses in process of adjustment... .8 1,730 00 Claims for death losses for which no proofs have been received...................................... 1,928 50 Total policy claims...................................... 3,691 50 Premiums paid in advance....................................... 40,013 74 Commissions to agents, due or accrued........................... 11,615 46 Medical examiners' fees, due or accrued.......................... 1,644 81 Estimated amount hereafter payable for federal, State and other taxes....................................................... 65,000 00 Total liabilities, except capital........... ...............$ 639,017 34 Capital paid up................................,....."........... 30,000 00 Unassigned funds (surplus)...................................... 577,869 55
Total liabilities. .................,......................$ 1,246,886 89 154 REPORT OF VIRGINIA BUREAU OF INSURANCE 1919 Life Insurance Company of Virginia Commenced business April, 1871. JOHN G. WALKER, President. A. CARLTON McKENNEY, Secretary. Principal Office, RICHMOND, VA. (ORDINAHY DEPARTMENT). Capital Stock. Amount of capital paid up in cash, 8800,000.00. Amount of ledger assets December 31st of previous year.......... $17,902,979- 69
Income. Total first year's premiums on original policies................... S 479 ,OS1 11 Dividends applied to purchase paid-up additions and annuities..... 1,139 50 Surrender values applied to purchase paid-up insurance and an- nuities. ..................................................... 2,725 29 Consideration for supplementary contracts involving life contin- gencies ..................................................... 58 00
Total new premiums..................................... $ 483,003 90 Renewal premiums, without deduction for commis- sions or other expenses........................$ 952,190 97 Dividends applied to pay renewal premiums........ 1,683 68 Surrender values applied to pay renewal premiums.. 81 84
Total renewal premiums................................. 953,956 49 Premiums reported on U. S. monthly difference lists, etc......... 50 57 Extra premiums for total and permanent disability benefits, $2,- 020.40; and for additional accidental death benefits, $9,527.73, included in life policies...................................... 11,548 13
Total premium income.................................. 8 1,448,559 09 Consideration for supplementary contracts not involving life con- tingencies. .................................................. 4,736 00 Gross interest on premium notes, policy loans, or liens............ 35,730 59 Federal tax on insurance received................................ 15,000 68 Industrial department........................................... 5,837,967 92
Total income............................ ...............$ 7,341,994 28
Sum of both amounts................................... .$25,244,973 97
Disbursements. For death claims................................................8 432,351 89 For matured endowments........................................ 11,029 89 For total and permanent disability............................... 105 00
Net amount paid for losses and matured endowments............. S 443,486 78 For annuities involving life contingencies......................... 2,923 10 LIFE INSURANCE COMPANY OF VIRGINIA 155 Surrender values paid in cash, or applied in liquidation of loans or notes.......................................................$ 40,358 60 Surrender values applied to pay renewal premiums................ 81 84 Surrender values applied to purchase paid-up insurance and an- 'nuities...................................................... 2,725 29 Dividends paid to policyholders in cash, or applied in liquidation of loans or notes............................................ ' 15,317 41 Dividends applied to pay renewal premiums...................... 1,683 68 Dividends applied to purchase paid-up additions and annuities..... 1,139 50
282 70 11,410 66 53,544 38
Total paid policyholders .................................$ 507,716 20 Expense of investigation and settlement of policy claims, including 85.75 for legal expense....................................... 28 12 Paid for claims on supplementary contracts not involving life con- tingencies. .................................................. 2,300 00 Commissions to agents—First year's premiums, $263,484.77; re- newal premiums, $60,018.96.................................. 323,503 73 Agency supervision and traveling expenses of supervisors (except compensation for home office supervision)................... 282 70 Branch office expenses, including salaries of managers and clerks... 11,410 66 Medical examiners' fees and inspection of risks................... 53,544 38 Salaries and all other compensation of officers, directors, trustees and home office employees................................... 62,823 64 Rent. ................ ......................................... 8,556 00 Advertising, printing and stationery, postage, telegraph, telephone and express; exchange.......................'. ............... 10,515 98 Legal expense................................................... 2,393 97 Furniture, fixtures and safes..................................... 991 65 State taxes on premiums......................................... 20,865 61 Insurance department licenses and fees......."................... 144 00 All other licenses, fees and taxes................................. 1,843 52 Federal taxes................................................... 15,092 50 Miscellaneous disbursements...................................... 6,870 53 Industrial department........................................... 4,071,732 69
Total disbursements. ....................................$ 5,100,615 88 Balance.................................................$20,144,358 09
Ledger Assets. (See report of Industrial Department). Non-Ledger Assets. (See report of Industrial Department). Deduct Assets not Admitted. (See report of Industrial Department). 156 REPORT OF VIRGINIA BUREAU OF INSURANCE 1919 Liabilities, Surplus and Other Funds. Net present value of all outstanding policies in force on the 31st day of December, 1919, as computed by the Bureau of Insurance, on the following tables of mor- tality and rates of interest, viz: Actuaries' table at 4 per cent. ...................................$ 254 043 00 American experience table at 3 per cent. ...........8 962,437 00 Same for reversionary additions................... 4,011 00 ——————— 966,448 00 American experience table at 3 % per cent........................ 3,030,516 00 Other tables and rates, viz: Intermediate, 1912, 3^ per cent..................... $ 10,255 00 American experience, 3^ per cent., with 125 per cent. mortality.-................................... 51,055 00 American experience, 3i per cent., with 150 per cent. mortality..................................... 74,435 00 American experience, 3^ per cent., with 200 per cent. mortality...........'.......................... 4,309 00 i extra premiums.................................. 651 00 ——————— 140,705 00 Net present value of annuities (including those in re- duction of premiums): American experience, 4 per cent. ...................$ 8,361 00 American experience, 3 per cent.................... 607 00 ——————— 8,968 00 Total. ..................................................$ 4,400,680 00 Deduct net value of risks of this company reinsured in other solvent companies. ................................................. 11,879 00 Net reserve.............................................$ 4,388,801 00 Extra reserve for'total and permanent disability benefits, 813,- 653.00; and for additional accidental death benefits, $2,488.00, included in life policies ...................................... 16 141 00 Present value of amounts not yet due on supplementary contracts not involving life contingencies, computed by the company.... 17,811 00 Claims for death losses in process of adjustment, or adjusted and not due..........................$ 5,115 00 Claims for death losses reported for which no proofs have been received............................ 11 426 87 Reserve for net death losses incurred but unreported 10,000 00 Claims for matured endowments due and unpaid.... 417 76 ' Due and unpaid on annuity claims involving life con- tingencies. .................................... 105 10 Total policy claims...................................... 27,064 73 Premiums paid in advance, including surrender values so applied.. 3,163 54 Unearned interest and rent paid in advance....................... 13,644 55 Commissions due to agents on premium notes when paid.......... 1,885 22 Commissions to agents, due or accrued........................... 4,261 22 LIFE INSURANCE COMPANY OF VIRGINIA 157 Salaries, rents, office expenses, bills, and accounts due or accrued.. S 7,015 17 Medical examiners' and legal fees, due or accrued................. 4 190 50 Estimated amount hereafter payable for federal, State and other taxes based upon the business of the year of this statement.... 38 778 94 Dividends or other profits due policyholders, including those con- tingent on payment of outstanding and deferred premiums..... 243 88 Dividends declared on or apportioned to annual dividend policies payable to policyholders during 1920, whether contingent upon the payment of renewal premiums or otherwise............... 604 85 Dividends declared on or apportioned to deferred dividend policies payable to policyholders during 1920........................ 5 201 76 Amount set apart, apportioned, provisionally ascertained, calcu- lated, declared or held awaiting apportionment upon deferred dividend policies............................................. 191 982 69 Industrial department.......................................... 13,929^413 57
Total liabilities, except capital......................... .$18,650,203 62 Capital stock................................................... 800,000 00 Unassigned funds (surplus)................................. ...'.. 1 249 936 12 Total...................................................$20,700,133 74
Life Insurance Company of Virginia. (INDUSTRIAL DEPAHTMENT). Capital Stock. Amount of ledger assets December 31st of previous year.......... $17 902 979 69
Income. Surrender values applied to purchase paid-up insurance and an- nuities. .....................................................$ 26,382 59 Dividends applied to pay renewal premiums...................... 7 021 22 Industrial premiums paid in cash................................. 4 259 183 88
Total premium income.. .................................$ 4,292,587 69 Consideration for supplementary contracts not involving life con- tingencies.. ................................................. ^ i,686 17 Gross interest on mortgage loans. ..................$ 862,074 34 Gross interest on collateral loans................... 5 097 00 Gross interest on bonds and dividends on stocks.... 98,152 76 Gross interest on deposits in trust companies and banks......................................... 21,506 98 Gross rent from company's property............... 35,398 90
Total gross interest and rents............................1,022,229 98 Miscellaneous income............................................18 743 98 Borrowed money................................................500 ,'000 00 158 REPORT OF VIRGINIA BUREAU OF INSURANCE 1919 Gross profit on sale or maturity of ledger assets. .................$ 2 720 10 Ordinary income................................................ 1,504',026 36 Total income...........................................$ 7,341,994 28 Sum of both amounts....................................825 244 973 97
Disbursements. For death claims................................................S 1 229 012 09 For matured endowments ....................................... 11 290 55 Weekly indemnity claims........................................ 87 00 Net amount paid for losses and matured endowments............ .f, 1,240,389 64 Surrender values paid in cash, or applied in liquidation of loans or notes....................................................... 49,214 53 Surrender values applied to purchase paid-up insurance and an- nuities. ..................................................... 26,382 59 Dividends paid to policyholders in cash, or applied in liquidation of loans or notes............................................ 613 79 Dividends applied to pay renewal premiums ...................... 7 021 22
Total paid policyholders.................................81 323 621 77 Expense of investigation and settlement of policy claims, including $23.02 for legal expense...................................... 112 54 Paid for claims on supplementary contracts not involving life con- tingencies. .................................................. 2,061 17 Paid stockholders for interest or dividends....................... 160 000 00 Commissions to agents.......................................... 751 757 3i Agency supervision and traveling expenses of supervisors (except compensation for home office supervision).................... 26 642 72 Branch office expenses, including salaries of managers and clerks... 352,262 54 Medical examiners' fees and inspection of risks................... 43 198 71 Salaries and all other compensation of officers, directors, trustees and home office employees................................... 251 294 41 Rent. ........................................................... 56',037 16 Advertising, printing and stationery, postage, telegraph, telephone and express, exchange....................................... 57 162 82 Legal expense................................................... 9 ^581 19 Furniture, fixtures and safes..................................... 3 673 22 Repairs and expenses (other than taxes) on real estate............ 3,682 07 Taxes on real estate............................................. 8 224 90 State taxes on premiums......................................... 66 546 22 Insurance department licenses and fees........................... 421 00 All other licenses, fees and taxes................................. 12,867 89 Federal taxes................................................... 11 841 97 Miscellaneous disbursements..................................... 43 199 40 Agents' cash bonds.............................................. 150 00 Borrowed money repaid, $840,000.00; interest, $8,696.13........... 848,696 13 Gross loss on sale or maturity of ledger assets.................... 25,146 69 LIFE INSURANCE COMPANY OF VIRGINIA 159 Gross decrease, by adjustment, in book value of ledger assets.... .$ 13,550 86 Ordinary disbursements......................................... 1,028,883 19 Total disbursements. ...'.................................$ 5,100,615 88 - Balance. ................................................820,144,358 09 Ledger Assets. Book value of real estate........................................ 8 450,330 12 Mortgage loans on real estate.................................... 15,751,528 34 Loans secured by pledge of bonds, stocks or other collateral...... 92,000 00 Loans made to policyholders on this company's policies assigned as collateral................................................... 621,174 59 Premium notes on policies in force............................... 1,432 31 Book value of bonds, $2,575,162.62; and stocks, $48,025.00......... 2,623,187 62 Cash in company's office......................................... 29,156 62 Deposits in trust companies and banks not on interest............. 3,499 11 Deposits in trust companies and banks on interest. ............... 569,196 21 Bills receivable................................................. 1,469 33 Premium lien notes. ............................................ 1,249 48 Premiums reported on V. S. monthly difference lists, etc.......... 134 36 Total ledger assets, as per balance....................... .$20,144,358 09 Non-Ledger Assets. Interest due and accrued on mortgages. ............$ 279,425 33 Interest due and accrued on bonds. ................ 27.054 30 Interest due and accrued on collateral loans........ 796 33 Interest due and accrued on premium notes, policy loans or liens.................................. 814 49 Total interest and rents due and accrued................. 308,090 45 Market value of real estate over book value........................ 52,987 88 Market value of bonds and stocks over book value.................. 5,059 38 New Business. Renewals. Gross premiums due and unreported on policies in force December 31, 1919. $ 6,356 16 $ 92,663 66 Gross deferred premiums on policies in force Decenber 31, 1919............ 31,495 62 95,831 62 Totals........................$37,851 78 $ 188,495 28 Deduct loading. ...................... 3,51446 29,25000 Net amount of uncollected and deferred > premiums........................ .$34,337 32 $ 159,245 28 193,582 60 Premium extension notes........................................ 14,527 73
Gross assets............................................$20,718,606 13 160 ^REPORT OF VIRGINIA BTTEEATT OF INSURANCE 1919 Deduct Assets not Admitted. Bills receivable...................................$ 1,469 33 Premium notes and loans on polic.es and net prem- iums in excess of the net value of their policies.. 3 06 Book value of ledger assets over market value...... 17,000 00
Total admitted assets.................................. .$20,700,133 74
Liabilities, Surplus and Other Funds. Net present value of all the outstanding policies in force on the 31st day of Decem- ber, 1919, as computed by the Bureau of Insurance, on the following tables of mortality and rates of interest, viz: Standard industrial at 3^ per cent............................... .$13,383,112 00- Net reserve...............................................§13,383,112 00 Present value of amounts not yet due on supplementary contracts not involving life contingencies, computed by the company. ... 65 00 Liability on policies cancelled and not included in "net reserve" upon which a surrender value may be demanded.............. 33,354 00 Claims for death losses in process of adjustment, or adjusted and not due..........................S 15,376 30 Claims for death losses reported for which no proofs have been received............................ 5,142 80 reserve for net death losses incurred but unreported 30,00000 Claims for matured endowments due and unpaid.... 5,081 74 Total policy claims..................................... 55,600 84 Due and unpaid on supplementary contracts not involving life con- tingencies. .................................................. 35 00 Premiums paid in advance, including surrender values so applied.. 110,889 23 Commissions to agents, due or accrued........................... 14 750 71 Salaries, rents, office expenses, bills and accounts due or accrued... 13,692 36 Medical examiners' and legal fees, due or accrued................. . 2,161 65 Estimated amount hereafter payable for federal, State and other taxes based upon the business of the year of this statement.... 142,336 33 Unpaid dividends to stockholders................................ 16 000 00 Dividends or other profits due policyholders, including those con- tingent on payment of outstanding and deferred premiums..... 17,937 51 Dividends declared on or apportioned to annual dividend policies payable to policyholders during 1920, whether contingent upon the payment of renewal premiums or otherwise............... 338 70 DividefMs declared on or apportioned to deferred dividend policies . payable to policyholders during 1920......................... 2,358 06 Amount set apart, apportioned, provisionally ascertained, calcu- lated, declared or held awaiting apportionment upon partici- pating policies. ............................................. 33,017 31 MUTUAL INSURANCE COMPACT OF VIRGINIA 161 Reserve, special or surplus funds not included above: Special contingency asset reserve................................$ IQO 000 00 All other liabilities: Agents' cash bonds, $1<0.00; outstanding checks, unclaimed, $161.56 311 56 Employees' Liberty Loan account, $3,395.25; interest thereon, $08.06. ............................................. Q At-O 01 Ordinary liabilities.................................'.'.'.'.'.'.'.'.'.'.','.'. 4,720',790 05 Total liabilities, except capital......................... .$18 650 203 62 Capital stock...................................... gnn mo 00 L'nassigned funds (surplus)...................................... i 249 '930 12 Total...................................................$20,700,133 74
Mutual Insurance Company of Richmond, Va. Commenced business September, 1896. J. N. WALKER, President. J. STERLING TAYLOR, Secretary. Principal Office, RICHMOND, VA. Capital Stock. Amount of capital paid up in cash, $22,650.00. Amount of ledger assets December 31st of previous year. .........$ 37 540 64 Income. Industrial life premiums............................... $ 22 254 85 Industrial sick benefit premiums...................?............. 196 '483 39 Total premium income........................... « 218 737 74 Gross interest on bonds and dividends on stocks... .$ 778 17 Gross interest on deposits in trust companies and banks..................................... ^.. 52548 Total interest and rents..... i wq cc ... . -......-........... 1 ,WJ 00 All other income............................... 113 'SO Total income....................................:......$ 220,154 69 Sum of both amounts. ...............*........ $ 257 695 33 162 REPORT OF VIRGINIA BUREAU OF INSURANCE 1919 Disbursements. Death claims...................................................8 15,327 19 Sick benefit claims..........'.................................... 70,955 40 ————————— Total paid to policyholders..............................S 86,282 59 Paid stockholders for dividends................................... 626 50 Commissions to agents.......................................... 63,648 95 Compensation of managers and agents not paid by commission. .. . 14,234 92 Agency supervision and traveling expenses of supervisors.......... 282 25 Branch office expenses............................................ 18,240 28 Medical examiners' fees......................................... 1 50 Salaries and all other compensation of officers, directors and home office employees............................................. lo ,002 14 Rent............................................................ 1,242 00 Advertising, printing and stationery, postage, telegraph, telephone and express................................................. 2,291 49 Legal expense................................................... 543 10 Furniture, fixtures and safes..................................... 141 79 State taxes on premiums......................................... 1,736 15 Insurance department licenses and fees........................... 1 00 Federal taxes................................................... 2,874 50 All other licenses, fees and taxes................................. 20 30 Interest on borrowed money..................................... 70 00 All other disbursements......................................... 5,514 85
Total disbursements. ...................................$ 212,754 23
. Ledger Assets. Book value of bonds, 819,016.25; and War Savings Stamps, $841.10.$ 19,857 35 Cash in company's office......................................... 899 03 Deposits in banks and trust companies on interest................ 22,386 95 Bills receivable, 827.38; furniture, fixtures and supplies, $1,770.39.. 1,797 77
Total ledger assets, as per balance.......................844,941 10
Non-Ledger Assets. Interest due and accrued on bonds................. $ 264 48 Interest due and accrued on bank deposits.......... 94 14 Interest accrued on War Savings Stamps........... 24 00
Total interest due and accrued........................... 382 62 « _________ Gross assets............................................$ 45,323 72 SECURITY LIFE INSURANCE COMPANY OF VIRGINIA 163 Deduct Assets not Admitted. Furniture, fixtures and supplies...... ..............$ 1 770 39 Bills receivable................................... 27 38 Book value of bonds over market value............ 1,276 25 S 3 074 02 \ ' ——————— ————————— Total admitted assets. ..................................$ 43 249 70 Liabilities. Net reserve.. _;............................................... .5 3,45400 1 otal policy claims................................... Will Salaries, rents, office expenses, bills and accounts, due or accrued.. 497 17 Estimated amount hereafter payable for federal, State and other taxes....................................................... 1,100 00 Borrowed money, 81,000.00; and interest thereon, $19.40. ......... 1 019 40 Unpaid dividends to stockholders....................... QT! 90 "Dixie Mutual" agreement........................ 1 non nn Total liabilities, except capital ..........................$ 7 944 73 Capital paid up................................... ^........'..'.'.'. 22 ,'650 00 Uhassigned funds (surplus)................................... H 654 97 Total liabilities..................................... $ 49 940 yn
Security Life Insurance Company of America. Commenced business March, 1902. 0. W. JOHNSON, President, j. CHAS. SEITZ, Secretary. Home Office, RICHMOND, VA. Executive Office, CHICAGO, ILL. Capital Stock. Amount of capital paid up in cash, $220,000.00. Amount of ledger assets December 31st of previous year. .........$ 3,315 333 74 Income, Total first year's premiums on original policies. ..................$ 238 359 81 Dividends applied to purchase paid-up additions and annuities..... ' 9 79 Total new premiums. .................................. ,$ 238 369 60 Renewal premiums, without deduction for commis- sions or other expenses........................ 8 569 876 94 Surrender values applied to pay renewal premiums.. 1,146 69 Total renewal premiums................................. 571 Q23 63 164 REPORT OF VIRGINIA BUREAU Or INSURANCE 1919 Extra premiums for total and permanent disability benefits, $8,- 394.87; and for additional accidental death benefits, $2,007.19, included in life policies.. ................................$ 10,402 06 Total premium income .............................$ 819,795 29 Dividends left with the company to accumulate at interest........ . 256 68 Gross interest on mortgage loans ...................$ 85,667 72 Gross interest on collateral loans.................. 1,080 00 Gross interest on bonds and dividends on stocks.... 43,514 79 Gross interest on premium notes, policy loans, or liens.......................................... 43,67810 Gross interest on deposits in trust companies and banks......................................... 1,47861 Gross interest on other debts due the company..... 473 09 Gross rent from company's property............... 390 00 Total gross interest and rents............................ 176,282 31 From other sources: Miscellaneous income. ........................... 3155^ 44 From agents' balances previously charged off..................... 350 00 Gross profit on sale or maturity of ledger assets.................. 1,551 25 Total income. ..........................................$ 1,001,793 97 Sum of both amounts....................................8 4,317,127 71 Disbursements. For death claims.....................................$ 155 >308 °6 For total and permanent disability............................... 700 00 Net amount paid for losses and matured endowments ............. S 156,008 06 For annuities involving life contingencies.......................... 1,114 50 Premium notes and liens voided by lapse......................... 3,500 03 Surrender values paid in cash, or applied in liquidation of loans or notes....................................................... 98,04664 Surrender values applied to pay renewal premiums.............. 1,146 69 Dividends applied to purchase paid-up additions and annuities..... 9 79 Dividends left with the company to accumulate at interest........ 256 68 Total paid policyholders.................................8 260,082 39 Expense of investigation and settlement of policy claims, including 8339.54 for legal expense.......................... 1>220 03 Paid for claims on supplementary contracts not involving life con- tingencies. ............................... 12'651 87 Dividends and interest thereon held on deposit surrendered during theyear. .................:...............-....-..... 97 61 SECURITY LIFE INSURANCE COMPANY OF VIRGINIA 165 Commissions to agents—First year's premiums,, $178,357.79; re- newal premiums, $18,469.91 ..................................$ 196,827 70 Compensation of managers and agents not paid by commission for services in obtaining new insurance........................... 8,637 67 Agency supervision and traveling expenses of supervisors (except compensation for home office supervision).................... 10,802 86 Branch office expenses, including salaries of managers and clerks... 1,998 24 Medical examiners' fees and inspection of risks................... 29,084 71 Salaries and all other compensation of officers, directors, trustees and home office employees................................... " 54,882 51 Rent........................................................... 7,550 50 Advertising, printing and stationery, postage, telegraph, telephone and express; exchange....................................... 16,753 61 Legal expense................................................... 3,082 03 Furniture, fixtures and safes..................................... 2,164 37 Repairs and expenses (other than taxes) on real estate............ 10 00 Taxes on real estate............................................. 152 15 State taxes on premiums......................................... 13,326 14 Insurance department licenses and fees........................... 2,422 78 All other licenses, fees and taxes................................. 364 19 Federal taxes................................................... 811 33 Miscellaneous disbursements..................................... 19,208 52 Agents' balances charged off..................................... 233 34 Gross loss on sale or maturity of ledger assets.................... 47 99
Total disbursements .....................................$ 642,427 44
Ledger Assets. Book value of real estate........................................$ 17,000 00 Mortgage loans on real estate.................................... 1,509,697 49 Loans secured by pledge of bonds, stocks or other collateral....... 18,000 00 Loans made to policyholders on this company's policies assigned as collateral................................................... 1,007,307 53 Premium notes on policies in force............................... 23,949 28 Book value of bonds............................................. 978 802 13 Cash in company's office......................................... 1 691 29 Deposits in trust companies and banks on interest. ............... 77,666 61 Bills receivable, 83,154.46; agents' balances (debit, 826,787.79; credit, $644.99) net 826,142 80............................... 29,297 26 Other ledger assets.............................................. 11,288 68
Total ledger assets, as per "balance"....................8 3,674,700 27 166 REPORT OF VIRGINIA BUREAU OF INSURANCE 1919 Naur-Ledger Assets. Interest due and accrued on mortgages. ............$ 30,290 70 Interest due and accrued on bonds................. 16,305 94 Interest due and accrued on premium notes, policy loans or liens.................................. 5,500 00 Total interest and rents due and accrued................. S 52,096 64 Gross premiums due and unreported in New Business. Renewals. policies'in force December 31, 1919.$ 90795 $ 38,86621 Gross deferred premiums on p licies in force Decenber 31, 1919............ 8,966 64 37,611 39 Totals................,.......$ 9,874 59 $ 76,47760 Deduct loading........................ 6,68773 7,74427 Net amount of uncollected and deferred premiums.........................$ 3,186 86 $ 68,73333 71,92019 Gross assets............................................$ 3,798,717 10 Deduct Assets not Admitted. Furniture, fixtures and safes...................... .$ 7,500 00 Agents' debit balances, gross...................... 26,787 79 Bills receivable................................... 3,154 46 Premium notes and loans on policies and net pre- miums in excess of the net value of their policies. 2,114 00 Book value of ledger assets over market value...... 32,034 41 Total................................................... 71,590 66 Total admitted assets.. .................................$ 3,727,126 44
Liabilities, Surplus and Other Funds. Net present value of all the outstanding policies in force on the 31st day of Decem- ber, 1919, as computed by the Bureau of Insurance, on the following tables of mortality and rates of interest, viz: American experience table at 3^ per cent .........................$ 3,205,689 00 Net present value of annuities (including those in reduction of prem- iums) ....................................................... 15,249 00 Total................................................... $ 3,220,938 00 Deduct net value of risks of this company reinsured in other solvent companies.................................................. 25,040 00 Net reserve.............................................$ 3,195,898 00 Extra reserve for total and permanent disability benefits, included in life policies................................................ 8,705 00 SHENANDOAH LITE INSURANCE COMPANY, INCORPORATED 167 Present value of amounts not yet due on supplementary contracts not involving life contingencies, computed by the company... .$ 45,955 00 Present value of amounts incurred but not yet due for total and per- manent disability benefits................................... 3,450 00 Liability on policies cancelled and not included in "net reserve" upon which a surrender value may be demanded.............. 4,464 01 Claims for death losses in process of adjustment, or adjusted and not due..........................$ 10,01670 Claims for death losses reported for which no proofs have been received............................ 9,260 80 ,, Reserve for net death losses incurred but unreported. 1,000 00 Claims for death losses and other policy claims re- sisted by the company.......... «.............. 14,958 24 Total policy claims...................................... 35,235 74 Dividends left with the company to accumulate at interest, and ac- crued interest thereon....................................... 2,537 69 Premiums paid in advance, including surrender values so applied.. 1,572 03 Unearned interest and rent paid in advance....................... 16,527 00 Commissions due to agents on premium notes when paid.......... 377 00 Salaries, rents, office expenses, bills and accounts due or accrued... 926 27 Medical examiners' and legal fees, due or accrued................. 4,250 00 Estimated amount herafter payable for federal, State and other taxes based upon the business of the year of this statement.... 16,838 00 Contingency reserve fund........................................ 16,000 00 Total liabilities, except capital. .......'..................$ 3,352,735 74 Capital stock.................................................... 220,000 00 Unassigned funds (surplus)....................................... 154,390 70
Shenandoah Life Insurance Company, Incorporated. Commenced business February 1, 1916. R. H. ANGELL, President. W. L. ANDREWS, Secretary. Principal Office, ROAN-ORE, VA. Capital Stock. Amount of capital paid up in cash, $435,650.00. Amount of ledger assets December 31st of previous year. .........$ *843,852 85
Includes ?60,400.00 increase in capital stock during year. 168 REPORT OF VIRGINIA BUREAU OF INSURANCE 1919 Income. Total new premiums............................................ .$ 143,071 55 Renewal premiums, without deduction for commissions or other expenses......................................^ ill,224 18 Dividends applied to pay renewal premiums........ 765 36
Total renewal premiums................................. Ill ,989 54 Extra premiums for total and permanent disability benefits, 83,- 046.42; and for additional accidental death benefits, $631.89, included in life policies...................................... 3,678 31
Total premium income...................................S 258,739 40 Gross interest on mortgage loans...... .............$ 32,112 78 Gross interest on collateral loans.................. 1,090 37 Gross interest on bonds and dividends on stocks.... 2,831 06 Gross interest on premium notes, policy loans, or liens........................................... 553 72 Gross interest on deposits in trust companies and banks........................... ............ 8,04639 Gross interest on other debts due the company..... 12,096 90
Total gross interest and rents............................ 56,731 22 Surplus paid in by stockholders................. ...S 46,965 00 Miscellaneous income.............................. 971 49 ——————— 47,936 49
Total income. ..........................................S 363,407 11
Sum of both amounts....................................S 1,207,259 96
Disbursements. For death claims................................................$ 31 272 82 Surrender values paid in cash, or applied in liquidation of loans or notes....................................................... 302 69 Dividends applied to pay renewal premiums ..................... 765 36
Total paid policyholders.... ..............................$ 32,340 87 Paid for claims on supplementary contracts not involving life con- tingencies. .................................................. . 300 00 Commissions to agents—First year's premiums, $97,773.99; re- newal premiums 82,699.43..................................... 100,473 42 Compensation of managers and agents not paid by commission for services in obtaining new insurance........................... 10,888 33 Agency supervision and traveling expenses of supervisors (except compensation for home office supervision).................... 5,676 33 Medical examiners' fees and inspection of risks................... 15,046 25 Salaries and all other compensation of officers, directors, trustees and home office employees................................... 22,163 00 SHENANDOAH LIFE INSURANCE COMPANY, INCORPORATED 169 Rent...........................................................S 2,080 00 Advertising, printing and stationery, postage, telegraph, telephone and express; exchange....................................... . 7,577 30 Furniture, fixtures and safes..................................... 3,211 81 State taxes on premiums......................................... 3,628 93 Insurance department licenses and fees........................... 206 50 All other licenses, fees and taxes................................. 120 00 Federal taxes................................................... 938 00 Partial payment on stock........................ <.$ 19,764 24 Miscellaneous disbursements....................... 4,489 70
Ledger Assets. Mortgage loans on real estate. ...................................8 630,387 50 Loans secured by pledge of bonds, stocks or other collateral....... 19,637 00 Loans made to policyholders on this company's policies assigned as collateral...... ~............................................. 1,887 97 Premium notes on policies in force............................... 10,562 96 Book value of bonds, 872,700.00; and stocks, 85,460.00............. 78,160 00 Deposits in trust companies and banks not on interest............. 7,812 50 Deposits in trust companies and banks on interest................ 175,658 44 Agents' balances (debit, 852,913.80; credit, 81,077.92) net.......... 51,835 88 War Savings Stamps............................................ 51 72 Total ledger assets, as per "balance"....................8 975,993 97 No-n^Ledger Assets. Interest due and accrued on mortgages............ .8 9 ,392 75 Interest due and accrued on bonds................. 561 20 Interest due and accrued on premium notes, policy loans or liens................................... 100 06 Interest due and accrued on other assets. .......... 791 43 Total interest and rents due and accrued................. 10,845 44 Gross premiums due and unreported on policies in Renewals. force December 31, 1919.......................8 9,93625 Gross deferred premiums on policies in force Decem- ber 31, 1919..................................... 1,29037 Total..................................... 8 11,226 62 Deduct loading................................... 827 73 Net amount of uncollected and deferred premiums................ 10,398 89 All other assets—Furniture, fixtures and safes.................... 5,999 90
Gross assets............................................S 1,003,238 20 170 REPORT OF VIRGINIA BUREAU OF INSURANCE 1919 Deduct Assets not Admitted. Furniture, fixtures and safes.......................S 5,999 90 Agents' debit balances, gross...................... 52,913 80 Premium notes and loans on policies and net prem- iums in excess of the net value of their policies.. 2,944 79
Total admitted assets.'..................................S 941,379 71
Liabilities, Surplus and Other Funds. Net present value of all the outstanding policies in force on the 31st day of Decem- ber, 1919, as computed by the Bureau of Insurance, on the following tables of mortality and rates of interest, viz: American experience table at 4 per cent. on ordinary life and 20 pay life, issues of 1916 and 1917..............................$ 744 59 American experience table at 3^ per sent. on all other issues....... 206,544 57 Reserve on account of extra premiums.......................... . 291 25 Total...................................................S 207,580 41 Deduct net values of risks of this company reinsured in other solvent companies.................................................. 7,496 00 Net reserve.............................................$ 200,084 41 Extra reserve for total and permanent disability benefits, S4,- 934.25; and for additional accidental death benefits, $631.89, included in life policies...................................... 5,118 93 Claims for death losses in process of adjustment, or adjusted and not due..........................$ 1,500 00 Claims for death losses reported for which no proofs have been received............................. 2,500 00 Total policy claims......................."............... 4,000 00 Due and unpaid on supplementary contracts not involving life con- tingencies ................................................... 4,177 00 Dividends left with the company to accumulate at interest, and ac- crued interest thereon....................................... 5,976 10 Premiums paid in advance, including surrender values so applied. . 645 96 Unearned interest and rent paid in advance....................... 325 00 Salaries, rents, office expenses, bills and accounts due or accrued... 2,500 00 Medical examiners' and legal fees, due or accrued................. S64 00 Estimated amount hereafter payable for federal, State and ot icr taxes based upon the business of the year of this statement;... 7,500 00 Dividends or other profits due policyholders, including those con- tingent on payment of outstanding and deferred premiums..... 233 81 UNION LITE INSURANCE COMPANY, INCORPORATED171 Partial payments on stock.......................................S25,632 50 All other liabilities..............................................2,732 32 ————————— Total liabilities, except capital..........................8259,790 03 Capital stock...................................................435,650 00 ^Unassigned funds (surplus).,................... .'...............245,939 68 Total. ..................................................$941,379 71
Union Life Insurance Company, Incorporated Commenced business November 17, 1919. J. C. TEMPLE, President. WADE H. VAN NESS, Secretary. Principal Office, RICHMOND, VA. Capital Stock. Amount of capital paid up in cash during year ....................$ 25,000 00 Amount of surplus paid in during year............................ 8,300 00 Extended at.............................................8 33,300 00 Income. Industrial life premiums......................................... $ 165 55 Industrial sick benefit premiums................................. 1,003 49 Total premium income...................................8 1,169 04 Gross interest on bonds and dividends on stocks.................. 185 55 Total income.............................-. .............$ 1,354 59 Sum of both amounts. ...................................$ 34,654 59 Disbursements. Sick and accident claims........................................$ 76 00 Compensation of agents and managers not paid by commission. ... 1,344 80 Agency supervision and traveling expenses of supervisors.......... 584 61 Salaries and all other compensation of officers, directors and home office employees............................................. 680 00 Rent........................................................... 109 49 Advertising, printing and stationery, postage, telegraph, telephone and express................................................. 765 93 172 EEPORT OF VIRGINIA BUEEAU OF INSUEANCE 1919 Legal expenses..................................................$50 00 Furniture, fixtures and safes .....................................572 90 Insurance department licenses and fees,..........................101 12 Federal taxes....