New York Life Insurance Company

REPORT OF TUF. SUPERINTENDENT OF THE INSURANCE DEPARTMENT GF THE STATE OP ItsTEW YOEK, ON THE EXAMINA.TION OF THE UtaHM o:f yoek city. I SUR A XCE D EIM RTM EN T, Albany, October 24th, 1877. The Superintendent having personally, and through the services of the Deputy Superintendent, aided by the forco of the Department, coniinenced and oompleted a searching exarnination into tho affairs of the New York Live Insurance Company of the City of New York, it affords him unqualified pleasure at being able to anuounce and uiako jiublio the gratifying fact that the result of this examination is inost satisfactory, and that, from the data in posscsBion of the Department, tho solvency of this, or other companies undergoing a similar tost, can bo reaclily ascertained, at little expense, for many years to come. This Company was organized in 1846, and no iuvestigation having been been made, either by the Department or other propcrly constitued public authority, prior to the dato when the Dopartmont was formod, rauch time has necessarily been expended to bring the matter to a conclusión. The services of forty-one gentlemen of character, standing, and cxperience, have boen procured, who have valued and appraised the property situated in forty counties in this State and in the State of New Jersey, covered by 2,029 niortgagos amounting to tho sum of $17,354,847.81, and forty ninc pieces of property owned by the Company amounting in value to the sum of $2,541,576.46 ; which services have been intelligently and efficiently performed. The abstracts of title to oach and every piece of these largo amounts of propeity have been closely oxamined and reponed on to the satisfaction of tho Superintendent. All other inrestments, amountiug to $10,311,045.67, have boen carefully looked into, and evidence of payment by tho Company, either by check or otherwise, for sucb investments, demanded and given, although many of these payments were ruado twenty years ago. The cash securities of the Company, the cost of whieh on the books amounts to $9,730,529.91, are of the most unexceptionable character, and are worth $580,515.76 more than cost. The Superintendent personally examined these securities, taking the letter, nuuiber and denomination of each security, and preserving the record of the aame in the Department. In every instance where securities had depreciated n value, such depreciation had been promptly charged to profit and loss account, and all items of doubtful character, had boen stricken off by the Conr pauy from its assets, and omitted nom its reports. Complete seriatim lists ot olicies, premium loans, and unoollected iuid deferred premiums have been nade, and are on file in the Department. LIABILITIES. Every item of liabilities, real and actual, or contingent, as sworn to by the oflicers in the last Annual Report made to the Department, a copy of which is ïerein embraced, has beeu closely scrutinized, and the statements in said report 'ound to be true to the letter, and no other liabilities were found to exist. MISCELLANEOUS. The different Departments - Medical, Actuarial and Agency - have been eviewed, with the most satisfactory rosults- gentlemen entirely competent and assiduous have been found in charge of eacli branch, to whose conduct and iorformance of their duties ruuch is due. Agents collecting fuuds of tho Company at different poiuts are held to a igid accountability, remittances being required at tho larger poiuts tri-weekly, vhile at the suiallest points settlements are not allowed to be delayed loiiger hau one week. Bonds are required where the sums handled are sufficient to UBtify the sarue. The system of book-keeping adopted by the Company, after many years of experience, seems to be perfect,- the checks by one división on another bong so complete, that uo wrong eau be done to policy-holders by i'alse entrics of any kind short of wide-spread collusion among many employés, all of whom were found to be exceedingly courteous, and, acting under inBtructions from ;ho principal officers of the Company, were prompt in furnishing full informaion us to every detail. Judged by the hardest test that could be applied under the law, and with very doubtful item eliminated from thoir resources, the net surplus, as shown by the detailed statement of this Company, which follows, amounts to $5,962,878.79. This exhibit clearly establishes the fact that where a Life Insurance Commny is honestly, ably and prudently managed, thoro is no occasion to forca a howiug of solvency by including in its assets prospective value of real estáte, and excesses of premium payments to be received. I"or the reasons above given, the Superintendent has no hositation in stating that this great Corporation is entitlod to public confldence and its officers to his warmest coinmendation. ASSETS. Real Estáte, 12,473,087.50 Bonds and Mortgages, 17,205,232.84 Stocks, Bonds, etc, owned by the Company : Cost Value. Maiket Value. Merchants Bank, N. Y., stock, $15,758.75 $i6,joo.oo Bank of America, N. Y., stock, 8,484.00 10,164.00 Bank of the Republic, N. Y., stock, 1,470.00 1,470.00 American Exchange Bank, N. Y., stock, 10,125.00 10,500.00 Metropolitan Bank, N. Y., stock, 5.381.25 6,400.00 United States Bonds, 3.792.i'3-97 3.892,763.34 Central Park Loan 25.233-7S 26,750.00 Delaware and Hudson Canal Co., stock, 44,800.00 44,800.00 Delaware and Hudson Canal Co., bonds, 400,000,00 400,000.00 New York Streei-Opening bonds, 549,967.10 576,110.00 New York County Bounty bonds, 41,104.00 42,000.00 New York City Consolidated bonds, 645,596.25 745,875.00 New York County Consolidated bonds, 1 13,928.75 131,625.00 N. Y. City (Monïsania & West Farms) b'ds, 60,000.00 60,000.00 N. Y. Central and Hudson Rivsr R. R. b'ds, 1,019,382.50 1,170,000.00 New York and Harlem R. R. bonds, 1,074,075.00 1,178,333-33 Brooklyn City bonds, 983,144.80 1,024,700.00 Jersey City bonds, 442,425.00 450,590.00 Yonkers Town bonds r78,479.i6 183,700.00 Newark City bonds, , 129,875.00 131,210.00 Flushing Water bonds 77,600.00 80,000.00 Rensselaer and Saratoga R. R. bonds, 9.519.92 10,155.00 Eastcliester bonds 5,000.00 5,000.00 Richmond Citybonds, 46,250,00 56,500.00 Tennessee bonds, 8,000.00 8,000.00 Georgia bonds, 2,730.00 360000 Alabama bonds 15.840.00 15,840.00 South Carolina bomls, 8,960.00 8,960.00 Mississippi warrant, 15,285.71 20,000,00 Totals, -59,730,529.91 510,311.045.67 io,3u,o45.67 Premium Notes and Loans 781,585.39 Cash in Banks and Trust Companies, 1 8 Interest due and accrued on Bonds and Mortgages 224,052.75 Interest due and accrued on Stocks and Bonds 42,320.39 Interest due and accrued on Premium Notes and Loans, 25.709.37 Rents due and accrued, 8,476.17 Premiums due and unreported,... ; $125,027,15 Premiums deferred, 432.695-4 Total $557.722-55 Dcduct 20 per cent. estimated cost of collecting above, 111,544.51 Net amount, 446,178.04 Total admitted Assets, $32,945,621.30 Items not admitjsed : Agents' Balances -. ?36.I54-'9 Cost value of Real Estáte over present present appraised values, 68,488.96 Loans on Mortgage in excess of present value,, , 149.605.00 Total, $254,248.15 Total Gross Assets, $33,199,869.45 LIABILITIES. Death Losses and Matured Endowments not due, #418,393,19 Death Losses and Claims resisted, 97,200.00 Premiums paid in advance, 17,038,32 Estimated liability 011 Lapsed Policies, 10,000.00 Net Re-insurance Reserve, 26,440,111.00 Total Liabilities, $20,982,742.51 Surplus as regards policy-holders, on the basis of admitted assets, as determined by this report, $5,962,878.79 Surplus as regards policy-holders on the basis of total assets, as reported by the Company, $0,217,126.94 Estimated Surplus of Tontine policy-holders, included in the above, $517,504.84 JOHN F. SMYTH, Superintendent.