INVESTMENTS BY C.M.L.

Press, Volume C, Issue 29524, 27 May 1961, Page 16

INVESTMENTS BY C.M.L.

12 p.c. Increase Last Year Investments of the Colonial Mutual Life Assurance Society, Ltd, amounted to £ 104.8 m at December 31, an increase of £ 11.2 m, or 12 per cent, on 1959. Largest increase was in its holdings of ordinary shares, which rose by £4.2m, or 46.1 per cent, to £ 13.3 m. Holdings of Government securities were £3.6m (5.2 per cent.) higher at £73m. Other increases included debentures £B.2m (up £l.4m), comnany notes £5.2m (up £o.Bm) and preference shares £4.Bm (up £l.2m). Loans on mortgage at £64.2m were £5.9m higher. Of this increase, more than £2m was applied to home finance. Assets total at £ 198.7 m is £21.1m higher on the year. Freehold Property Freehold property at £ 16.3 m accounted for £3.4m of the rise in assets. On the liabilities side, bank overdraft was increased bv £l.9m to £2m, while deposits were £l.Bm higher at £3.9m. The society’s net earning rate, after tax was £5 4s 6d, against £5 Is 2d in 1959. Policyholders’ funds increased bv £ 16.9 m to £ 186.6 m. Income rose by £3.7m to £ 38.1 m. which included investment income of £9.7m (un £lm). Distribution of a record £6.6m will provide “substantially highgr scales” of bonuses, directors report. Expense rates were appreciably lower, they state.