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Scottish Friendly, Scotland’s largest mutual society, has today announced a 16% increase in sales figures in 2011 which sees the third consecutive year of double digit growth for the organisation.
The financial services group saw like-for-like sales of its savings and investment products, based on the industry standard of regular premiums plus one tenth of single premiums, rise 16% in the past 12 months to £15.0 million from £12.9 million in 2010.
The strong growth was achieved despite the challenging economic climate and the government abolition of the Child Trust Fund. Scottish Friendly’s regular premium business increased 7% to £6.6 million in 2011 while single premium sales, supported by sales of the Scottish Friendly Onshore Bond on the Nucleus platform, rose 25% to £8.5 million.
Scottish Friendly’s chief executive Fiona McBain said: “This has been yet another impressive year for sales at the Scottish Friendly group.
“We have continued to reap the benefits of our partnership programme with leading industry names such as the Phoenix group, Royal London and Admiral.
“In addition much of the sales success in 2011 has been down to our considerable investment in our web based distribution channel. In June, we launched our new website which provides customers with more efficient access to our product range with greater choice and flexibility.”
“We expect the market for savings and investments to be difficult in 2012”, added McBain. “However as we approach our 150th anniversary we believe that, as we have consistently proven with our three part ‘diversify and grow strategy’, we can use our flexibility to our advantage in such times.”
Scottish Friendly is not responsible for the accuracy of the information displayed on externally linked third party websites. The Scottish Friendly Group of Companies consists of the following companies: Scottish Friendly Assurance Society Limited – Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Member of AFM, Member of ABI: Life, Savings and Investments. Scottish Friendly Asset Managers Limited – Authorised and regulated by the Financial Conduct Authority. Member of The Investment Association. Registered in Scotland No 187215: OEIC Managers, ISA Managers. Scottish Friendly Insurance Services Limited – Authorised and regulated by the Financial Conduct Authority. Registered in Scotland No 113007. SFIS (Nominees) Limited - Registered in Scotland No 397351. Head office: Scottish Friendly House, 16 Blythswood Square, Glasgow G2 4HJ.