RECORD PROGRESS

Sun (Auckland), Volume 1, Issue 73, 17 June 1927, Page 2

RECORD PROGRESS

COLONIAL MUTUAL OFFICE RESERVES STRENGTHENED Founded in 1873, the Colonial Mutual Life Office continues to register record business. The annual report of the company discloses another record year 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 dLiration, and in addition a sum of £IOO,OOO was set aside out of the year’s surplus as a contingency reserve fund. In the industrial department bonuses are also declared annually, and range from £1 per cent, for the first year to £2 10s on policies which have been 15 years in force. After providing for these 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 bv the policies. For last year the boaus so distributed amounted to £2 per cent. The Colonial Mutual Life has now policy-holders numbering about 250,000. indicating the great part played by life insurance in the complex structure of modern civilisation.