ABSTRACT
SOME months since there was a good deal of discussion as to Insurance Companies, of which the real cause was not told to those who read it. It could not be written, though it was well known that at least one large Insurance Office, the “Albert,” was insolvent; that it could not long continue to pay claims; that unless it was belied it already paid claims with difficulty. This was the real reason why those conversant with the subject selected it, though it would have been a libel to say why they did so. But now the calamity has come. The real state of the “Albert” office is known, if not accurately, at least sufficiently and approximately. Two actuaries of eminence1 have made a rough estimate, pending a more elaborate investigation, the result of which is this:–
LIABILITIES.
£
Present value of liabilities on policies (after giving credit for the value of premiums)
£1,147,487
Present value of liabilities on annuities
150,445
Claims admitted and general debts
110,000
________
1,407,932
ASSETS.
Funds in hand
271,500
Uncalled capital estimated to yield
150,000
421,500
Deficiency
986,432
