MUTUAL LIFE

Evening Post, Volume CXXVII, Issue 92, 20 April 1939, Page 12

MUTUAL LIFE

A RECORD YEAR

Results of the Mutual Life and Citizens' Assurance Company, Ltd., tor its 52nd year surpass all records. The new ordinary branch business written was £8,233,135, and the new industrial branch business £4,440,654—a total of £12,673,789, representing a large increase over the previous best figures. The increase in funds was £ 1,566,732, the largest in the company's history; whilst the total income increased by £282,229 to £4,297,965. The low percentage of income absorbed in expenses reflects economical management, and the funds of the company are soundly invested, as will be seen in the list of assets hereunder. The effective rate of interest earned on funds and reserves was £5 0s Id percent, in the ordinary branch and £4 16s lOd in the industrial branch. - The result of the year's operations has enabled the M.L.C. to maintain the high bonus rates paid for the year 1937 The assets amount to £28,225,003 19s 2d, invested as follows:—Government securities, municipal loans, and loans to public bodies, £18,001,379 18s lid; loans to co-operative - building societies (under Government guarantee), £1,216,937 10s lOd; loans on policies, £1,824,605 18s 2d; loans on mortgage, £5,324,647 11s sd; freehold property, £698,975 12s sd; outstanding premiums, £149,754 8s lOd; interest accrued, £304,496 17s 7d; other assets, £704,206 Is; total, £28,225,003 19s 2d. Government and municipal loans account for 63.78 per cent, of investments.