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In 1997 Colonial’s stockbroking arm was established. Colonial listed on the Australian and New Zealand stock exchanges in 1997, ending 124 years as a mutual company and beginning a new era as a publicly owned company. [3] Colonial carved out a unique position for itself in the financial services sector.
For example, Northwestern Mutual expects to pay more than $5 billion in dividends to participating policyowners in 2008. Northwestern Mutual has paid its policyowners more than $65 billion in dividends, since the company was founded 151 years ago. [10] Mass Mutual Financial Group's Web site defines life insurance policy dividends. [11]
The company was established in 1988 when the State Bank of New South Wales created First State Fund Management as a subsidiary. In 1994, Colonial Mutual acquired the State Bank of New South Wales from the NSW Government, and on 23 September 1996 the merged entity was rebranded as Colonial State Bank, with First State Fund Management being branded as "Colonial First State" (CFS).
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Mutualization or mutualisation is the process by which a joint stock company changes legal form to a mutual organization or a cooperative, so that the majority of the stock is owned by employees or customers. [4] Demutualization or demutualisation is the reverse process, whereby a mutual may convert itself to a joint-stock company. This process ...
The brokerage arm started operations in 1995 and launched its share trading website in 1997. [2] [3]CommSec initially offered only Australian equities trades, but has since expanded into derivative products, international equities, managed funds, self-managed super fund (SMSF) administration, contracts-for-difference (CFDs), margin lending and short-term deposits.
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A with-profits policy (Commonwealth) or participating policy is an insurance contract that participates in the profits of a life insurance company. The company is often a mutual life insurance company, or had been one when it began its with-profits product line.