National Mutual new business rose 12 p.c.
,; PA Wellington The National Mutual Life ; I Association wrote new ari- > nual insurance premiums of f|sB.3M in New Zealand in the 11 year to September 30, says I the company’s report on its ;'New Zealand activities. • i The total premiums ineluded 54.4 M in superannuation premiums and j 53.9 in other new premiums, i! New sums assured exceeded SSOOM for the first time. ; At September 30 National :) Mutual had total assurances •lof $2721M. 1 The bonus rate had been
kept at the level set in the previous year, in spite of the substantial increase in tax for life insurance companies which the Government introduced on April 1 last year. I „ The maximum rate of tax for life' companies was raised 66.6 per cent, but for this tax increase the bonus rate would have been increased, and maintaining the rate was achieved only’ by cost savings and bv higher ) investment earnings, said I the New' Zealand manager '(Mr G. M. J. Hoskins). Mr Hoskins said that the New Zealand Government should urgently consider the taxation of life offices in the light of its general approach in helping companies ease their tax-burden.
The present tax exemption |to individuals for life assurance premiums and superannuation was no longer adequate, and should be reviewed if the Government wished to maintain worthwhile incentives for longterm personal savings, he said.
New investments for the year totalled $46.5M, which was slightly lower than in the previous year, but personal loans increased sharpJv. Housing loans were 512.6 M ($9.9M), farm loans SI.9M ($613,090) and loans on policies $5.3M (S4.IM). National Mutual Deposit and Loan Co, Ltd, issued its first prospectus in February 1977, resulting in a 20 per cent increase in public deposits with the company in the year to September 30. The company increased net orofit about 50 per cent. National Mutual Life Nominees, Ltd, was trustee for debenture holders of 38 New Zealand companies which have issued a total amount of debenture stock in New Zealand of about S2BOM.
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Press, 15 April 1978, Page 19
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340National Mutual new business rose 12 p.c. Press, 15 April 1978, Page 19
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