The Spectator, December 7th, 2002
AUSTRALIAN Mutual Provident is going the way of the Holy Roman Empire, as a triple-barrelled misnomer. First of all it stopped being a mutual society, and acquired shareholders. Then, armed with their money, it set out for the mother country on a shopping spree, and paid a great price for the Pearl. It has now learned the hard way how much capital the life assurance business can consume when things go wrong. This week brought another round of sackings and shrinkages. Anxious policyholders must wonder whether the life offices would be in so much trou...
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