LARGER LIFE BONUSES.
The Guardian Assurance, besides declaring higher bonuses in its Life Department this year, has taken two very important steps in the direction of greater generosity to its policy-holders. First, bonuses will now vest immediately, whereas formerly they were not payable nor could they be surrendered until five years' premiums had been paid, while, (Continued on page 960)
Financial Notes
(Continued from page 959.) secondly, and still more important, the share of profits coming to policyholders is being increased from 80 per cent. to 90 per cent. of the distributable surplus. This does not necessarily mean that shareholders will suffer ; for the next five years their share of profits is that derived from the results of the quinquennium ended on December 31st last, so that the new arrangement can only affect them after 1984, when the additional attractions of Guardian Life policies as the result of this sacrifice should have more than made up for it. At the annual meeting the Hon. Evelyn Hubbard, chairman of the company, intimated that he was about to relinquish the chairmanship, and a fitting tribute was paid to him in recognition of his invaluable_ services over a period of thirty-eight years during which he has been a director, thirty- years of which have been as Chairman of the company. * * * *
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