Life, 1914-01-29 · page 29 of 40
Life — January 29, 1914 — page 29: what you’re looking at
What you’re looking at
This is **not a cartoon or satire**—it's a corporate financial statement from New York Life Insurance Company's 1913 annual report to policyholders. The page presents the company's financial performance in its 69th year of operation. Key figures include: $212.8 million in new business, $124 million in income, and $41.7 million invested that year. The company emphasizes strong earnings power (4.54% average return on assets) and notes a 0.32% increase in earning power since 1905. The statement highlights investments in bonds (railroad, municipal, foreign), farm loans, and real estate mortgages. A notable mention addresses the Federal Income Tax's impact on policyholders and thanks them for protesting "unfair legislation." This is straightforward corporate communication—no satire intended, though Life magazine's inclusion reflects how financial reports were presented to the public in this era.
📄 Transcribed text from this page (OCR, searchable)
Machine-transcribed from the original scan — historical spelling and the odd misread are preserved.
NEW-YORK LIFE INSURANCE COMPANY 346 BROADWAY, NEW YORK SIXTY-NINTH YEAR TO THE POLICY-HOLDERS: Our sixty-ninth was, in some respects, our greatest year. Some of the notable facts are these: New Business (109,763 Policies) ........ . on Gain over 1912 sees 34,000,000.00 Risks in force Jan. 1, 1914 (1,101,655 Policies) . 2,27 3,000,000.00 Gain over Jan. 1, 1913 . ‘ sense * 103,000,000.00 Dividends allotted (1914) . eect eeeee eeees . . . . 17,600,000.00 Increase over 1913 ..- teens wees eee : Mesiclele a : 10,000.00 Income™ . 124,000,000.00 Disposition of Income: Death claims wamaeeae +++ $26,000,000 Matured Endowments, Surrender x eee 4 2 °3s%000,000 Dividends .. 15,000,000 Expenses, ete. ana wae 15,000,000 Added to Reserves ..... la at wane + 43,000,000 $124,000,000.00 THE INVESTMENTS OF THE YEAR (OUTSIDE OF LOANS ON POLICIES) WERE. .................:.cscsescsssssssssesssecssseseseee$41,740,459,14 INVESTED TO PAY $.07%. As follows: Domestic and Canadian, State and Municipal Bonds .......00...008 a wee $8,421,095.17 INVESTED TO PAY 4.78%. Representing thirty-four cities, ten counties and five school districts, located in twenty-two State id two Provinces. Foreign State and Municipal Bonds . vee fe Tetdode tt Representing eleven countie Railroad Bonds INVESTED TO PAY 58%. Loamn-om Raslnces: Properly scascssxiessicuscinreeasewe Orr ee rere err eee rrr Tere re eee ee eer ere eee ere Teer Seer ery . 1§,189,078.66 INVESTED TO PAY 5.58%. Loans on Farms (New Department) a , beeeeee 920,885.17 Miscellaneous Bonds .......... ee eee reer et oe Te reer cere y eee eT 203,277.50 INVESTED TO PAY 4.88%. ANALYSIS AND EARNING POWER OF LEDGER ASSETS ON DECEMBER 31, 1913: Railroad Bonds (4.27% ) Foreign Government and Municipal Bonds (4.19%) Policy Loans ($%+).....++ < Premium Notes (5% +)... 4,598,039.71 Mortgage Loans, including Farm Mortgages (4.97% ; 152,970,898.44 State and Municipal Bonds (4.04%)..... : : ‘ 53.177,784.79 Miscellaneous Bonds (6.67% ).. . a . 7,003,132.23 Stock (Received from Reorganizations) és : 284,046.88 Real Estate Owned (4.36% )es-seseeeees ze 9.196,586.10 Cash (2.50%). ....06 sues ss anew , saves Sasa sie 7:140,755.82 “$762, 850, 703.40 AVERAGE EARNING POWER OF ie AS OF DECEMBER 31, 1913: (0 INCREASE IN EARNING Oe DECEMBER 31, 1905: 32% TRANSLATED into income, this incrcase, if maintained, will yield an added income in 1914, and annually thereafter of........ $2,441,000.00 LIABILITIES: Reserve to cover contract obligations . +++ $642,598,782.00 Other reserves (taking securities at Marl : J) “10§°898,958.00 $748, 497,740.00 ice of bonds and the high rate obtainable on real estate moneages made the year a good one for investment. g_of the Federal Income Tax was materially improved and policy-holders generally benefited by the intelligent response made to our letter to pol x2 ar oeighe sent out last April. The united protest of policy-holders against unfair legislation is something that all legislatures, Federal and State, will have to reckon with in the future. _ P : A statement consisting of 168 folio pages, giving in minute detail the transactions of the year, schedules of the Company's assets, and a vast deal of additional information, will be filed with the Department of Commerce in Washington, with the Government of each State (except one) of the United States, and with the Governments of all the leading Countries of the world. A brief of this, containing important details, will be sent to policy-holders during 1914, and will be mailed to any one on request. DARWIN P. KINGSLEY, President. January 8, 1914.