Scottish Friendly, the Glasgow-based mutual, recorded overall sales of £50.6m for 2024, marking the second-highest sales in its 163-year history.
Sales of Scottish Friendly’s own brand products also saw significant growth, increasing by approximately 30% year-on-year, driven primarily by new ISA and Junior ISA business.
The society’s strong performance has enabled it to enhance member benefits, distributing £23.0m to eligible members, including £4.5m through its ProfitShare scheme in 2024.
The solvency position, as measured by Solvency II Pillar 1 capital, increased to a ratio of 216%, up 26% from the previous year, reflecting prudent financial management.
In addition, total assets under management stood at £4.2bn, slightly down from the previous year due to investment market returns and the net impact of policyholder premiums and claims.
The mutual also announced, subject to regulatory approval, the acquisition of pension and annuity in-payment books of business from Fidelity International.
The acquisition consisted of a book of unit-linked Section 32 pensions business comprising £2.14bn liabilities across 76 schemes and covering 40,000 policyholders, and the in-payment annuities book with liabilities of £7.3m and 1,000 annuitants.
In 2024, the society also remained committed to making a positive impact in its local community, through continued partnerships with organisations such as Action for Children and Developing the Young Workforce.
Stephen McGee, Scottish Friendly’s chief executive, said: “2024 marked another milestone in Scottish Friendly’s rich 163-year history, as we achieved our second-highest sales result to date and shared some profits with our eligible members.
“This is a testament to the strength of our strategy and unwavering focus on delivering meaningful value to our members.
“Our acquisition from Fidelity International builds on our recent performance and underlines our ambition to scale responsibly while remaining focused on member value.
Alan Rankine, Scottish Friendly’s chief financial officer, said: “2024 has been another year of solid performance for Scottish Friendly, despite continued geopolitical and economic challenges.
“Our sales results demonstrate the strength of our business model, while our solvency ratio far exceeds our regulatory requirements, highlighting the financial resilience that underpins everything we do.
“We remain focused and confident in our ability to deliver on our strategic goals and continue supporting our members’ financial wellbeing.”
