asked the Minister for Finance in respect of Irish Life Assurance plc. the current valuation of its reserves designated as (a) full reserves over the vitality surplus and (b) accumulated hidden reserves; and if such reserves are regarded by him as share-holders' or policyholders' capital entitlements.
Written Answers. - Irish Life Reserves.
48.
The last published accounts of Irish Life, those to year end 1986, set out in detail the shareholders' funds, £2.5 million, the policyholders' funds, £2,194.6 million, and the investment and revaluation reserve, £260.5 million. There are no hidden reserves except to the degree that there might be proper margins of prudence in the setting of actuarial liabilities or in the valuation of unquoted assets. The company follow a policy of full disclosure.
The entitlement to reserves depends on the individual policy terms and the provisions for distribution of surplus in the company's Memorandum and Articles of Association.