INCREASED RESERVES
Mutual Life And Citizens Sir John Peden, speaking at the annual meeting of the Mutual Life aud Citizen's Assurance Co., Ltd., in Sydney, said that the company, anticipating an increase in death claims and taxation, and a reduction of interest rates ou investments, had decided to add to ite reserves by setting aside £225,000 from the surplus on the ordinary branch and £64,500 from the surplus on the industrial branch. At the same time it hud been possible to allot .substan-tial reversionary bonuses to policyholders. The total amount of funds held iu Australia by life offices, he said, was well in excess of £200,000,000, which was oniy a little short of the total savings bank deposits. This showed the value placed on life assurances by all sections of the community, and the importance of life offices iu the financial structure of the nation. The company had subscribed one-fiftietti of the total issue of the first loan in the present war, and would continue to subscribe and help throughout tiie war.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/DOM19400429.2.129.5
Bibliographic details
Dominion, Volume 33, Issue 182, 29 April 1940, Page 12
Word Count
172INCREASED RESERVES Dominion, Volume 33, Issue 182, 29 April 1940, Page 12
Using This Item
Stuff Ltd is the copyright owner for the Dominion. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons BY-NC-SA 3.0 New Zealand licence. This newspaper is not available for commercial use without the consent of Stuff Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Log in