HC Deb 09 December 1926 vol 200 cc2304-5W

asked the Financial Secretary to the Treasury whether he is aware that, according to the Statistical Summaries of Industrial Assurance for 1925, issued by the Industrial Assurance Commissioner, there was included under the heading of expenditure a sum of £3,431,152 for miscellaneous and that such sum consisted mainly of transfers to profit and loss account and reserve and contingency funds: whether any part of such sum was used during the year for expenses of management; whether he is aware that the expenses of management, including commissions, is £16.983,868: whether he is aware that, in addition to the sum of £16,531,195, stated in the said summaries to have been paid for claims on death and claims on maturity and surrender, a sum of £17,899,807 was added to the funds to meet the year's increase of liabilities in respect of policies; and whether he will state the total sum paid to or set aside for the benefit of policy owners?


The answer to the first, third and fourth parts of the question is in the affirmative. As regards the second part of the question no part of the £3,431,152 entitled "miscellaneous" was used for expenses of management. In answer to the last part of the question, the sum shown by the Statistical Summaries to have been paid to or set aside for the benefit of policy owners is £34,431,002.