COLONIAL MUTUAL

Evening Post, Volume CXIII, Issue 139, 16 June 1927, Page 13

COLONIAL MUTUAL

BUSINESS FOE THE YEAR

Judging by an announcement in' another column, the Colonial Mutual Life has made remarkable progress since its foundation in 1873. Last year's business constituted a record, both in regard to volume of new business and surplus. Bonuses on whole life and endowment assurance policies in the ordinary department are on a very generous scale, ranging from £2 2s per cent, for the first year, up to £6 on policies of longest duration, and in addition a sum of £100.000 was set aside out of the year's surplus as a contingency reserve fund. In the industrial department bonufes are also declared annually, and range from £1 per cent, for the first year to £2 10s on policies which have been fifteen years in force. After providing for theße bonuses, a sum of £30,000 was also set aside as a contingency reserve fund.. The, society is purely mutual, and all surpluses belong to the policy-holders, who retain the sole control of its management. In furtherance of the mutual idea many liberal features have been introduced by the Colonial Mutual, notably the institution of a free nursing service in the main cities, and the distribution of free health literature to industrial policy-holders. In the accident department the mutual idea is also the keynote of the society's policy, and the surplus . arising out of each year's operations is distributed annually in the shape of bonus additions to the benefits conferred by the policies. For last year the bonus so distributed amounted to £2 per cent. The Colonial Mutual Life has now an army of policy-holders, numbering about 250,000, which is a tribute to its management, and an indication of the great part played by life insuwnce in the complex structure of modern civilisation.