Nat. Mutual passes the $500M mark

Press, 5 November 1977, Page 19

Nat. Mutual passes the $500M mark

A 16.8 per cent rise in new sums assured resulted in record sales of SSOOM by National Mutual for its life assurance business in New Zealand, in the year to September 30.

New animal premiums totalled SB.3M, a rise of 11.9 per cent from the previous year and the number of new policies written also showed an increase.

It was encouraging that the percentage increase in sums assured was ahead of the inflation rate dnring one of New Zealand’s most difficult years since the 19305, said the New Zealand Manager (Mr G. Hoskins).

He welcomed the decision announced by the Government in its mini-budget to reduce the public sector ratio by lowering the Government stock obligation. There had been a marked increase in Government control of the life insurance industry in recent years and any steps to reduce such direction was appreciated, he said.

“The relaxation, even though relatively minor, would allow opportunities for improved investment returns for policyholders, as well as providing additional funds for the encouragement of exports. “It was also a measure of relief for life offices to be allowed to acquire local authority securities on the secondary market,” Mr Hoskins said.

Total premium income for National Mutual Fire Insurance Company, Ltd, and National Mutual Casualty Division, increased 19.3 per cent and 25.8 per cent respectively.

Support for National Mutual Deposit, and Loan Company, Ltd, after the issue of the first prospectus in February, 1977, had resulted in a 20 per cent increase in public deposits.