COLONIAL MUTUAL LIFE
RECORD NEW BUSINESS A record amount of new business was announced by the chairman at the annual meeting of the Colonial Mutual Life Assurance Society, Ltd. New sums assured in the ordinary department totalled £15,359.081. and in the industrial department £3,214.893, a total of £18,573,974. Associated with this increase was a further substantial reduction in cost. The society's total income increased to £7,202,764, of which premium income amounted to £5,532,265 and other income to £1,670,499. Since 1935, income has more than doubled. The rate of interest earned by the society's assurance funds in all departments was £4 6s before deduction of land and income tax and £3 16s Id after such deduction The society’s funds rose during the year to £40.141,119, a record increase of £3,197.014.
Payments to policyholders during the year amounted to £2,778,021, making a total of over £45,000.000 so paid since the inception of tile society. The investments are strongly held. 63 per cent, of the assets being invested in Government, municipal and public body securities.
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Otago Daily Times, Issue 26177, 13 June 1946, Page 8
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172COLONIAL MUTUAL LIFE Otago Daily Times, Issue 26177, 13 June 1946, Page 8
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