Abstract
The annual valuation of liabilities independently of the interval between successive divisions of profit, an improvement in practice now general among Life Offices, may be attributed immediately to the altered distribution of assets, but is to be referred ultimately both to the persistent decline in the rate of interest during the twenty years previous to 1899, and to the steady increase in the funds of the companies, for the extended powers due to these joint influences led (for obvious reasons) to the investment of an increased proportion of the funds in Stock Exchange securities, and to a decrease in the proportions invested in ground rents and feu-duties or lent on direct mortgage.
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