Insurance suppliers incorporated under the Companies Act. This includes: 1. Proprietary companies, i.e. limited liability companies generally constituted under the Companies Act with a subscribed share capital. The shareholders have the ultimate rights to the profits, but in the case of a life insurance company provision has to be made for a share of the profits to go to ‘with profits’ policyholders. 2. Mutual companies. These are notionally owned by the policy holders who share in the distributable profits in proportion to the sums assured and conditions of their policies. Such companies have been common in life insurance but some have demutualised.