COMMONWEALTH LIFE.

Auckland Star, Volume LX, Issue 19, 23 January 1929, Page 4

COMMONWEALTH LIFE.

, T ne second report of the Commonwealth Life (Amalgamated) Asurant-es, Ltd., an amalgamation of the Commonwealth Life Assurance Society, Ltd.. and the Citizens and Graziers' Lite Assurance Co., Ltd., covering the year ended September 30, shows that new business completed during the year was 17,704 policies, assuring £1.336,414. Renewal premiums in the ordinary department amounted to £37,006, and in the accident department £2119. In the industrial department premiums totalled £66,320. Claims paid in the ordinary department came to £6498, in the accident department £2765, and in the industrial department £5013. New business and renewal expenses amounted to £65,211, and administrative expenses to £27,076. Total income increased from £114,155 to £125,883, which was made up of £120,922 from premiums, and £4961 from interest. Excess of income over expenditure was £18,063. The assurance fund was ,£89,130, an increase of £18,063. The percentage of renewals was 84. Capital is £149,415. The directors write that the Chief obstacle to greater success had been the excessive high cost of securing new business, and they have taken stepa to reduce costs materially. Negotiations were proceeding with a view to further amalgamations.