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"The threat of inflation is a serious one and if the individual does not make every effort to stem the tide of unwise spending, there is no doubt that controls will be instituted. Along with everyone else, I dislike controls and regimentation. We are all individualists who work best when we have freedom of thought and action. It is in ‘our own inâ€" terests to do all that we can so that it will not be necessary for controls to be put into effect. If "One of the grave problems we face today in Canada, is the trend toward serious inflation. A great deal has been said and written about this subject and business men generally are doing what they can to check the upward spiral. But more can be done. The power is in the hands of every individual in our country to do something more about it. All of our citizens, and especially those who own life insurance policies, should practice in their daily lives the same habits of thrift and careful spending which can do more thJan anything else to prevent inflation. Hoarding and excessive buying merely acâ€" celerate the trend to higher prices and cheap dollars The sound principles of saving are more important today than they have ever been. The insurance comâ€" panies provide our citizens with one of the best mediums of saving for individuals. With life insurâ€" ance, men and women not only save money, but build up subâ€" stantial estates. Dollars invested in life insurance are not availâ€" able for the purchase of nonâ€" essentials and, in addition, beâ€" cause they are invested in Govâ€" ernment Bonds, utilities and housing, they combat inflationary trends. Inflation A Problem "The excellent results for 1950 which have been covered so thoroughly by your Viceâ€"President and Managing Direcâ€" tor, Mr. Upton, in his report are, I feel sure, gratifying to us all. Mr. Upton mentioned in his report that our assets were over $99,000,000 but, since December 1950, this figure has increased and now is over the Hundred Million mark. Our Company is moving ahead, we are making splendid progress, and the day is not far off when we will have a halfâ€"billion of insurance in force. 1950 has been one of the most progressive and satisfactory in our sixtyâ€"two years of operation. I am sure that all members of the Dominion Life family are well pleased with the results and that they feel with me, that 1951 will show as good results, if not better, in our steady march forward." Waterloo, February 9.â€"Mr. J. E. Frowde Seagram, President, The Dominion Life Assurance Company, while making a motion for the adoption of the Financial Statement at the 62nd Annual General Meeting, held at the Head Office in Waterloo today, spoke as follows: President J. E. Frowde Seagram Says 1950 One of the Most Progressive and Satisfactory Years in Company‘s History DOMINION LIFE‘S 62nd ANNUAL REP Total Income Assets Trend Towards Serious Inflation One of the Grave Problems We Must Face Policy Reserves Premium Income Insurance in Force February 16, 1951 Company Enters Group Accident, Health TWENTY YEARS OF PROGRESS same habits of _ "We all realize that the interâ€" 1 spending which national situation is a serious one an anything else and that there are dark clouds on ation. Hoarding the horizon. In a life insurance iying merely acâ€" company, we must look ahead inâ€" 1 to higher prices sofar as we are able, in order to ars. The sound maintain the safety for which the iving are more life insurance business is noted. than they have The officers of the Company have insurance comâ€" considered it expedient, in the ur citizens with face of threatening events, to ediums of saving adopt underwriting practices, in With life insurâ€" connection with certain of our women not only contracts which will protect the t build up subâ€" interests of the policyholders, and Dollars invested We will continue to exercise care "During the year, our license from the Department of Insurâ€" ance to enter into the Accident and Health field was granted. Our Group Life Department has been enlarged. New and experiâ€" enced group personnel have been added and we are now in a posiâ€" tion to offer a wide range of group Accident and Sickness bencfits and group Pension Plans, Enter New Field in our selection of risks, in the light of changing international conditions. Other Canadian comâ€" panies have adopted a similar practice, having in mind the safety of their policyholders." Care In Underwriting we can forestall inflation and rising prices, and we are not thrust into another world war, Canada, in the latter half of this century, should progress year after year. We have a wealth of natural _ resources which are awaiting development and we have a long way to go before we reach the limit of productive capacity in our industries." REVEALS EXCEPTIONAL PROGRESS IN 1950 $146,538,137 iddition to group life coverage 25,237,677 18,983,312 4,603,679 6,582,204 1930 INAL â€"DO $188,368,428 40,556,449 46,503,252 8,160,163 5,217,118 1940 "For some years, it has been difficult to accommodate our inâ€" creasing business in our present Head Office quarters. The expanâ€" sion which we have been conâ€" sidering for some years cannot, we feel, be delayed any longer. The need for more adequate acâ€" commodation for our Head Office staff is steadily becoming more urgent. We have engaged a firm of architects and, at the present time, they are working on preâ€" liminary plans for our new office building. In our consultation with them, particular attention has: been given to functional details,‘ so that our operations in our new building will be conducted even more efficiently than they are ati the present time. We are hopeful that we will be able to break! ground at our new site by the Fall of this year." Progress on New Building "Canada can accommodate a large number of selected immiâ€" grants and they can be successâ€" fully established here if we deâ€" velop sanely and soundly. Canâ€" ada has the potential to support a population of over twentyâ€"five millions of people, and as our country grows, we must grow with it and be prepared to meet the demands of an increasing population and the problems of industry, agriculture, and housâ€" ing which increasing populations will involve." "According to the Citizens Reâ€" search Institute of Canada, imâ€" migration figures are still far below the goal that we could reasonably anticipate. From Conâ€" federation to 1900, an average of 48,000 new Canadians were adâ€" mitted to Canada each year. This figure increased to 200,000 in the years from 1900 to 1913. From the end of the last war to March 31st, 1950, the‘average number of new arrivals admitted to Canada per year, had dropped to about 77,000. I submit to you that Canâ€" ada‘s postâ€"war immigration has lagged far behind national needs; especially in view of the mass migrations in Europe and the high level of prosperity we have been enjoying in this country. 1} "We need a larger population here in Canada if we are to take advantage of the bright future which is before us. An accelerâ€" ated immigration policy should be established and implemented by the Goverrment with the least possible delay. There has been a tremendous’ acceleration in the demand for‘ group coverage in recent years‘ and we are )ptimisnc about the future success of this new diviâ€" sion of the Company. and Pension Field $442,490,220 12,125,264 99,535,819 80,569,575 18,195,666 1950 RY OOR CONDITI | _ "Let us hope ‘that, out of the |deliberations of the United Naâ€" \tions and the right good will of ‘all men, peace will once more prevail in the world so that we will be able to Jook forward to ‘a bright, happy and prosperous future." of Galt, Chairman of the Board, The Dominion Life Assurance Company. The 62nd annual report was presented to the Annual Meeting of the Comâ€" pany at the Head Office in Waterloo on February 9th. The vear 1950 showed exceptional progress in all phases of the Company‘s onperations "At this time, I wish to express my sincere thanks to the Direcâ€" tors for their wholehearted coâ€" operation during the year just past. The Executive Officers and Staff have also contributed much to the excellent results which have been attained this year and I wish to express my appreciation to them. "As you all know, Messrs. S. C. Mackenzie, G. F. C Pangman, and H. Schaus were recently apâ€" pointed Assistant General Manâ€" agers. These appointments are further indications of our proâ€" gress and have been made in anticipation of the increasing responsibilities which all departâ€" ments of the Company will be called upon to face in the future. These men in their new capacities, will add to the strength and exâ€" pedite the growth of the Comâ€" pany. "I regret to report the death during 1950, of Mr. Roy Nowlin who founded our Lansing Branch in 1930 and who was forced to retire in 1946, due to ill health. Thomas G. Baker, an agent who joined the Company in 1917 and who was retired in 1935, also passed to his reward this vear. _ _"We learned with a real sense of loss, during the past year, that our General Superintendent of Agencies, Mr. J. J. Murray, who has been with us since 1931, found it necessary to retire at the end of the year, on advice of his physicians. His association with the Company over a period of thirty years, has seen us grow from $145 millions of insurance in force to over three times this amount. In his capacity as Genâ€" eral Superintendent of Agencies, he has contributed greatly to our progress. May I express to him our sincere appreciation of his efforts in the Company‘s behalf. Personnel Changes President, The Dominion Life Assurance Company. The 62nd Annual Meeting was held at the Head Office of the Company in Waterloo, February 9th J. E. FROWDE SEAGRAM G. A. DOBBIE THE WATERLOO (Ontario) ECHRONICLE ‘"The cash paid out to policy owners and beneficiaries during 1950 amounted to a total of $5,375,030. _ Of these payments. death and disability claims toâ€" talled $2,036,125; policies surrenâ€" dered prior to maturity $1,527.â€" 985; dividends to policyowners $735,653; . matured endowments $686.881; and income to annuiâ€" tants $388.386 tants $388,386 1949 "Payments made under claims 46‘ pavable in instalments, together case Payments to Policyowners and Beneficiaries "Income from all sources in 1950 amounted to $18,195,666. The major item of $12,125,264 flowed from premiums received from our policyowners. Interest and dividends.amounted to $3,390,222. Amounts left on deposit by our policyowners, and other receipts, at $2,680,179 rounded out the total." Income ‘"We have grown so accustomed in past years, to recording subâ€" stantial additions to the total life assurances in force, that we may be inclined to lose sight of the cumulative effect of these addiâ€" tions. Ten years ago, the total assurances in force amounted to $188,000,000. Five years ago, this total was $272,000,000. "The increase in assurances in force amounted to $37,993,739, bringing the total assurances in force at the end of 1950, to $442,490,220. "We are an international orâ€" ganization. The flow of premium dollars from outside of Canada to our Company and to other Canadian companies who export life insurance, helps Canada to maintain a favorable currency position in world markets. As in previous years, our outâ€"ofâ€"Canada business continues to show vigorâ€" ous growth and accounts for approximately 29°% of the new assurances referred to." Assurances In Force "It is pleasing to report that the averageâ€"size policy issued in 1950 reached an allâ€"time high of $5,535. We believe this figure to be substantially higher than the average policy being written by other Canadian companies. "In 1950, our aggressive and wellâ€"trained field force has again responded to the challenge of the times. We have good reason to ‘believe that the quality of the service being rendered by our sales force to our policyowners, both new and old, has more than kept pace with the growth of our business. The fact that a new allâ€"time record of new assurances effected, increased and revived, of $64,686,585 was estabâ€" lished, indicates that our repreâ€" sentatives are well equipped to deal with the complex and everâ€" changing financial problems of the individual and the family. It appears that, we can look forward with justification to a continued expansion of the essential serâ€" vices we have to offer. _ "The _ sixtyâ€"second _ Annual Report of The Dominion Life Assurance Company, which it is a privilege to present today, is an accounting of our stewardship for the year ending December 31, 1950. "It should be noted that the Company transacts business in three currencies â€"Canadian dolâ€" lars, United States dollars, and Sterling. In this report, United States dollars are taken at the rate of one dollar Canadian, and Sterling at the rate of three Canadian dollars to the Pound." New Assurances Waterloo, February 9th. â€"The Viceâ€"President and Managing Diâ€" rector of The Dominion Life Assurance Company, Mr. A. S Upton, presented the 62nd Finanâ€" cial Statement to the Annual General Meeting held at the Head Office of the Company here toâ€" day. While reviewing progress made during 1950, Mr. Upton spoke as follows: Over $64,600,000 of New Assurances Issued Viceâ€"President and Managing Director Reviews 62nd Annual Report Increase of $37,900,000 Shows Insurance in Force - Now Over $442,000,000 Average Size of Policies Issued in 1950 Exceeds | _ "The social significance of our activity in the mortgage field will be more readily grasped when it is considered that just under 1300 families were provided with living accommodation in 1950. It is heartening to note that. in the plans were arranged under a monthly repayment system, callâ€" ing for a much smaller outlay than the mortgagor would be required to pay as a tenant for similar housing "Policy loans at $4,505,989 show an increase of approximately half a million dollars in volume over 1949 They remain. however. at 46‘, of our assets, as was the â€" ‘"The Mortgage account inâ€" creased by $4,468,160 during the year, bringing our total investâ€" ment in Mortgages to $26,195,436, on December 31, 1950. This reâ€" presents more than twice the amount of mortgage loans outâ€" standing five years ago. "It is interesting to note that 98% by number and 94°% by volume of our new loans were made on the security of property designed for dwelling purposes Over 92 of these mortgages will be repaid as to principal and inâ€" terest, on the monthly repayment plan. |_"On December 31, 1950, the ‘total assets of the Company ‘amounted to $99,535,819. This ‘represents a substantial and enâ€" couraging increase during 1950, of $8,322,018. "It is gratifying to report that there is no overdue interest on this large block of assets, and that no bonds or debentures are in default. "Bonds and Debentures account for $60,508,855 of total assets, and Stocks, Preferred and Common, $4,152,503. The total book value of securities held was $64,661,357 at the end of the year. "To many people, the words ‘Life Insurance‘ and ‘Trusteeship‘ are practically synonymous. This is a legacy which our business has inherited after over a century of proven reliability in adminisâ€" tering the combined savings of thousands of policyowners. Beâ€" cause of our trusteeship, we feel the real sense of responsibility which we have, to preserve and increase the assets of the Comâ€" pany for the benefit of our policyâ€" owners. "Studies of Mortality are conâ€" stantly being made at the instiâ€" tutional level. Our actuaries and medical underwriters have reâ€" ceived statistical information reâ€" garding thousands of tase hisâ€" tories. This is enabling us, as well as other companies, to asâ€" sume risks at no detriment to our p;esent policyowners, on perâ€" sons who would have been conâ€" sidered uninsurable some years ago." Assets "Practically all Life Insurance Companies reflect this improveâ€" ment in their reports with respect to Mortality, and our Company is no exception to the rule. The net death strain in 1950 was again very favourable. Heart disease in its various forms was again the chief cause of death and acâ€" counted for more than oneâ€"third of all the claims paid in 1950. "Continued advances in preâ€" ventive medicine and an overâ€" all improvement in living stanâ€" dards, combine to work for the betterment of the health of the nation. Mortality "In addition to the above payâ€" ments $6,393,079 was credited to the policyowners‘ reserves which are set up to increase the amount on hand to provide all payments under insurance and annuity contracts." with the withdrawal of amounts previously left on deposit, amounted _ to _ an _ additional $1,579,150. Percentageâ€"wise "During the first halfâ€" present century, life insurt1 this continent has develop expanded far beyond thr sanguine expectations of ginal founders. Tried an and not found wanting q major wars, the epidemic‘ early twenties, and the ece blizzard of the early thir The Future Outlook "Surplus â€" earnings fc show a very satisfactory 4 over the amount earne Out of these earnings, were paid to _ poli amounting to $735,653, amount of $75,000 was tr; to establish the Accid Sickness Branch. In ad substantial increase was the policyowners‘ divide serve and unallotted surp increased by $428,510." "The other liabilities tc owners are fully describe balafce sheet and req particular comment in port." Surplus Earnings "It is this fund which, with in-;‘ terest and future premiums, is»‘ sufficient to provide all payments under the insurance and anuuityJ contracts outstanding at the end of ©‘1950. It should be noted ti. the reserves held are substantj ly in excess of Govern quirements, and that all reserves are determined interest rate of 3% or l "Turning now to the liabilities shown on the balance shet, the principal item, policy ard anâ€" nuity reserves, now strads at $80,569,575, showing an mcrease for the year of $6,393,079. "It is encouraging to report a moderate increase in the rate of interest earned on the Company‘s assets in 1950, at 3.75%, in comâ€" parison with 3.71% in 1949, and 3.59% for 1948. We look forward to a further increase in this imâ€" portant factor in 1951." Liabilities Interest Rate this item is at its lowest point for the last quarter century." . 1950 â€" OUTSTANDING \ { * FOR DOMINION R DURING THE YEAR 172 THE ASSETS SHOWED , an $8,322,018 INCREAS a $37,993,739 INC EYE CIAtilL 54424 NEW BUSINESS pAID FOR REVIVED, AMmOoUNTED P22A U Sntialh AnND NOW TOTALS $442A PraAYyMENTS To PoLICY ow lENEFlClAR|E§ WERE $5,375,000 en y m 9 000 AND NOW TOTAL $99,535,819 BUSINESS IN FORCE SHOWED or wiIch 633 POLICY o;, was PAID licy OWNERS HEAD OFFICE YEAR 195 "It must be there is toda; segment of chief nnJ with present in political a ing. "Since life guarantee . p many years i charged wi of manageme funds must financial gu: unit. sented the Statement at eral Meeting in Waterlog. Viceâ€"Presiden Director, The Assurance Co , INCRE 1o a 1o L