Scottish Friendly builds momentum with 16% sales growth in 2011

Press release – 17th January 2012

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.”

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