Of the three major elements in the formulae for office premiums, mortality has been subjected to refined investigation; interest has been considered closely, particularly since the war; expenses alone have hardly been considered. We have found only four papers on the subject in the whole of J.I.A., three (19, 153; 44, 415; 49, 111) many years ago, and the fourth (69, 50) before the war. There have been a few papers since in T.S.A., notably Mr Pedoe's (4, 485).Our object is to analyse the expenses of a group of British life offices, so as to provide a reliable basis for comparison of offices, to enable managements to test the efficiencies of their own offices against others, and to provide means for getting standard costs as a tool of administration.
The author develops formulae for harmonic analysis of data given in the form of integral counts. Application to data gives the results that (a) the most important harmonic variation is annual-sickness being larger in winter, and (b) only bronchial and upper respiratory infections show this type of variation: other types of disability show little, if any, seasonal variability.
These notes are intended to elucidate the treatment of income tax and expenses in the analysis of surplus of a commission-paying office transacting ordinary life assurance and annuity business in the United Kingdom only. The Office is assumed to make an annual valuation for internal purposes, but not necessarily to distribute surplus yearly.It may first be remarked that the analysis of surplus forms both a check on the accuracy of the valuation and a guide to the amounts and relative importance of the various sources of profit and loss. We are here not concerned directly with the first of these functions and only with two items of the second. It must be realized, however, that the analysis is related to the valuation bases, which may depart materially from the bases underlying the office premiums, particularly at a time when conditions are changing rapidly, or if there is a substantial proportion of very old business on the books.
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