Life — January 19, 1899 — page 20: what you’re looking at

Machine-transcribed from the original scan — historical spelling and the odd misread are preserved.

-LIFE: FIFTY-FOURTH ANNUAL STATEMENT. ‘January 19, 1899, New York Life Insurance Company, Nos. 346 & 348 BROADWAY, NEW YORK CITY. JOHN A. McCALL, = = = = President. ASSETS. United States, State, City, County and other Bonds (cost val 115,687,034), market value, Dec. 31, 98 §121,579,619 Bonds and Mortgages (777 first liens). . +» $9,002,758 Real Estate (68 pieces, including twelve office buildings) 16,539,000 Deposits in Trust Companies and Banks, at interest.... 8,434,786 Loans to Policy-holders on their policies as security (legal value thereof, $16,000,000)... 9,818,600 Loans on Stocks and Bonds (market value 89,229,7 7,890,845 Stocks of Banks, Trust Companies, &c. ($4,532,086 cost value), market value, Dec. 31, 1898.. 6,050,831 Premiums in transit, reserve charged in Liabilities. 2,280,188 Quarterly and Semi-Annual Premiums not yet due, re- serve charged in Liabilities... . 2,087,274 Interest and Rents due and accrued... 1,440,487 Premium Notes on policies in foree (legal value of pol- icies, $2,500,000). . 1,820,423 $215,944,811 Total Assets. BALANCE SHEET, JANUARY 1, 1899. LIABILITIES. Policy Reserve (per certificate of New York Insurance Department)... es All other Liabilities: Foley Claims, Annuities, Endowments, &c., await- ing presentment for payme: aces 2,858,883—§1 78,068,632 Additional Foliey Reserve voluntarily set aside by the Company. 2,888,626 Surplus Reserve Funds voluntarily set aside by the Company 26,414,284 Other Funds for all other contingencles = 8,623,319— 87,876,179 $175,710,249 Total Liabilities. . ----$216,944,811 CASH INCOME, 1898. 7,644,715 7,987,933 ‘New Premiams ) Renewal Premiums. TOTAL PREMIUM } Interest on Bond: $5,740,819 Mortgages. 1,940,987 Loans to Policy-holders, secured by re- serves on polleies. -» 628,688 Other securities. . 891,358 | Rents received 875,741 Dividends on Stoe! 221,780 TOTAL, INTEREST, RENTS, &c. 9,799,268 Total Income $45,431,916 $35,682,648 EXPENDITURES, 1898. Paid for Losses, Endowments and Annuities. . Paid for Dividends and Surrender values, . Commissions ($3,320,904.33) on New Busin 093,369 ; Medic: { Examiners’ Fees, and Inspeeti of Risks ($449,428), as fo Home and Branch Office .. Taxes, iA Equipment Account, Telegraph, Postage, Commis- sions on $791.92 1 of Old Business and Miscella- neous Expenditu 5,208,754 Balance—Excess of Income over Expenditures for year 14,932,964 $15,890,978 6,128,883 8,770,832 Total Expenditures $45,431,916 INSURANCE ACCOUNT, ON THE BASIS OF PAID-FOR BUSINESS ONLY. | Number of Policies. Amount. In Force, December 81, 1897. . 832,958 $877,020,925 i} New Insurance Paid-for, 1898. BAT 152,093,369 Dld Insurances revived and increased, j 885 2,129,688 Total Paid-For Business. ..407,264 $1,031 ,243,982 EDUCT TERMINATIONS : By Neath, Maturity, Surrender, Expiry, &c... 83,330 373,934 $944,021,120 Rain in 1898 40,976 $87,000,195 New Applications Declined in 1598. . 6,142 15,986,836 87,222,862 COMPARISON FOR SEVEN YEARS. (1891-1898, Dec. 81, 1891. Dec. 81,1898, Gain in Seven Years ---$125,947,290 $215,944,811 $89,997,521 31,854,194 45,431,917 13,577,723 Assets... Income.. Dividends of Year to Policy-Holders 1,260,340 2,759,432 1,499,092 Total Payments of Year to Policy-Holders.... 12,671,491 21,519,865 8,848,374 Number of Policies in Force 182,803 373,034 191,131 Insurance in Force, pre~ miums paid . ...':.. $575,689,649 $944,021 ,120 $368,331,471 I, LOUIS F. PAY. COMPANY, of the City Certificate of Superintendent of State of New York Insurance Department. Albany, Januai 6, 1899, Superintendent of Insurance of the State of New York, do hereby certify that the NEW YORK LIFE "INSURANCE New York, in the State of New York, is duly authorized to transact the business of Life Insurance in this State. I FURTHEK CERTIFY that, in accordance with the provisions of Section Eighty-four of the Insurance Law of the State of New York, I have paused the policy obligations of the said Company, outstanding on the 31st day of December, 1898, to be valued as per the Combined Experience Table of Mortality, at four per cent. interest, and I certify the same to be $175,710,249, I further certify that the admitted assets are $215,944,808. The general liabilities $2,358,383. The net policy reserve, as calculated by this Department, $175,710,249, making the total liabilities per State Jaws, $178,068,632. The additional policy reserve voluntarily set aside by the Company, ®2,838,626. The surplus reserved funds voluntarily set aside by the Company, $26,414,234, Other funds for all other contingencies, R8,623,319, IN WITNESS WHEREOF, I have hereunto subscribed my name and caused my o’Ticial seal to be affixed at the City of Albany, the day and year fret above written. LOUIS F. PAYN, Superintendent of Insurance. 7 PRESS OF THE J. W. PRATT CO. NEW YORK.