‘New business leader’

Press, 3 February 1987, Page 21

‘New business leader’

National Mutual remained the market leader in gaining new lifeinsurance business in New Zealand last year, the new national manager, Mr Steve Somogyi, told a press briefing in Wellington yesterday. In new superannuation (single-premium) business, there was 11 per cent growth to S2IM.

The annual report for the year ended September 30 shows that personalpremium income was up to $147,714,000 from $131,274,000 the previous year. Company superannuation income was up to $81,442,000 from $73,442,000. Net investment income was $218,536,000, up from $185,719,000.

Total payments under policies were also up from

$130,048,000 to $172,876,000. The main measure of the growth of the association, the increase in the policyholders’ funds, rose to $513,211,000 from $263,912,000.

The National Mutual was interested in obtaining a banking licence should suitable market opportunities arise, Mr Somogyi said yesterday. Following deregulation of banking in Australia, National Mutual and the Royal Bank of Canada had begun a joint venture which resulted in National Mutual becoming the fifth largest bank in Victoria. The deputy general manager, Mr Murray Austin, said it was easier for an insurance company to begin a banking operation than it was for a bank to

sell insurance. No definite plans had been made but National Mutual might well start a new banking service rather than acquire an existing operation or enter into a joint venture arrangement, Mr . Austin said.