The Colonial Mutual

Press, Volume XCVIII, Issue 28950, 18 July 1959, Page 16

The Colonial Mutual

Life Assurance Society, Limited

Record new business and premium income were feature* of the eighty-fifth annual report of ’ The Colonial Mutual Life Assur. ance Society, Limited. New sums assured written during the year ended December 31, 1958, totalled £123.095,230, an excess of approximately £2l million over the previous year. A new record was also established by the Society’s New Zealand Branch, with new sums assured of £20,789,928, an increase ot £4J million over 1957. Premium income rose t<% ? £21,649.376 and total income to £28,497,608, an increase of approximately £2J million. The total surplus for the year was £5,075.000, of whieh £4,596.000 will be distributed in the form of reversionary bonuses on increased scales. These in- '■ creases, with others in the last six years, have increased the bonus scales by about 60 pet ' cent, in that period. The rate of interest earned on the assurance funds was £5 8s 3 per cent, the highest tor 28 years. The nett interest earned after providing for land and in* come tax was £4 16s 6 per cent Since its inception, the Society has paid to its policy-holders or their dependents, over £l2O million and has made available for . home finance over £3O million. —Extended report by arrangement.