Throwback Thursday: Insurers earnings revealed
Insurance Post’s Throwback Thursday steps back in time to July 1970 to remind you what was going on this week in insurance history when the Chartered Insurance Institute revealed how much Fellows earned.
23 July 1970: CII members earnings revealed
The Chartered Insurance Institute polled members to find how much they earned for the first time since 1967.
The survey, completed by more than 4,000 members, showed the median yearly pay packet for a Fellow ranged from £1,620 for those aged between 26 and 30 to £2,880 for those aged between 56 and 60.
In today’s money, the typical starting salary for a young Fellow would be £21,717 while those closest to retirement picked up £38,609.
Equitable Life moves offices
Equitable Life was moving to new premises in Princess Street, Manchester.
Equitable Life was the UK’s oldest mutual life assurance company, established in 1762, before closing to new business in 2000.
Parts of the business were sold off and the remainder of the company became a subsidiary of Utmost Life and Pensions in January 2020.
Equitable Life sold guaranteed annuity rate policies, which promised a guaranteed rate of return on a fund that included terminal bonuses.
However, the cost of maintaining these policies became too high when market annuity rates fell below the guaranteed rates.
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