Leading financial mutual, Scottish Friendly, has announced record sales of £47.7m annual premium equivalent (APE) for 2022, reflecting a 2% increase from £46.9m in 2021.
Despite a 22% decrease in the company’s own-brand investment ISAs to £14.3m, protection sales rose by 16% to £29.6m.
These results come amidst a challenging year marked by economic uncertainty and a cost-of-living crisis affecting many UK households’ ability to save and invest for the future.
Assets under management decreased from £5.4bn to £4.5bn, while the number of Scottish Friendly members increased by 38,000 to 814,000, with over one million policies administered.
Stephen McGee (pictured), Scottish Friendly’s chief executive, said: “These results are testament to the dedication of our colleagues and a commitment to continuously learn in order to become even stronger.”
He further expressed pride in the dedication of the company’s colleagues in helping customers and their families achieve financial wellbeing.
David Huntley, chair of Scottish Friendly, added: “I am proud of everyone’s efforts at Scottish Friendly in what has been another year of significant economic challenges, both in the UK and throughout the world.”
He also commended the leadership team’s navigation through the difficulties of 2023 and expressed gratitude for the support, enthusiasm, and commitment of the company’s colleagues throughout the past year.
