MEMBERS TO SHARE LOYALTY REBATE

from Ignition Magazine Australia | August 2022

AUTOMOTIVE APPRENTICE SURVEY RESULTS

CML Members to share Loyalty Rebate after bumper year

Eligible Capricorn Mutual Members will share a $4 million rebate after the business achieved strong results in financial year 2021/22.

It’s the second consecutive year the Mutual has been in a position to pay a Member Loyalty Rebate, after $6 million was returned to CML Members in 2020/21.

The Mutual, which is managed by Capricorn Risk Services (CRS), recorded almost $100 million in sales this past financial year, putting it in its strongest ever financial position.

CRS chief executive Jim Glossat said the main reason behind the Mutual’s growth had been more than 1,000 Capricorn Members joining CML in the past year pushing the total membership over 10,000. He said this growth had been faster than anticipated, and had allowed for a profitable year despite the Mutual also paying out the largest claim in its history — approximately $35 million to Members affected by the floods in Queensland and New South Wales in February and March. “The floods were a whole order of magnitude larger than our previous record payout, which was for Cyclone Yasi in the summer of 2011/12,” Jim said.

He said the strong performance was down to the “amazing support” of Members. “The Mutual has a strong financial footing and offers a unique face-to-face service proposition that Members want to be a part of,” Jim said. “As a result, we continue to exceed even our own growth expectations and that allows us to better reward our Members.”

The Member Loyalty Rebate will be paid in July to eligible Members in the form of Rewards Points.

To be eligible for a rebate, you must have been a Member with CML for at least three continuous years (as at 30 June 2022). The rebate calculation has been designed to reward Members for staying with CML, and the longer you have been a Member the bigger the rebate you are eligible to receive. Letters will be sent to eligible Members in coming weeks.

As a Mutual, CML’s constitution states that Members enjoy the benefits when the business performs well, but are never asked to contribute in the unlikely event it makes a deficit.

“We’re delighted to be able to return this benefit to Members again this year,” Jim said. “It shows, once again, that we really are stronger together.”

Rebates are discretionary and past performance is no indication of future performance.