Annual report & accounts
Each year we report how we've been performing - including how we’re moving forward with the delivery of our strategy and purpose.
Our 2025 highlights
Our progress in 2025 reflects our ongoing commitment to putting customers first - helping people make informed choices and feel more confident about their financial future. Alan Rankine our CFO shares some highlights.
£56.1m (APE) new business sales
New business sales, as measured by APE, were of £56.1m versus £50.6m in 2024. The increase of 11% was due to strong sales of Scottish Friendly products, which grew by over 60% compared to 2024, partially off set by sales of protection business, which fell by 8% compared to 2024.
£4.4bn assets under management
Up from 2024 (£4.3bn restated), this reflects the positive investment market returns during the year and the combined impact of premiums received from policyholders and claims paid out, as well as reductions to the value of the reinsurance asset due to actuarial assumption and model changes.
13.0% investment return
Investment returns contribute to bonuses we pay to With-Profits policyholders within our Main With-Profits fund. The positive investment return was primarily driven by strong global equity markets, which recovered sharply following the mid-year weakness caused by US tariff actions. With-Profits policy pay-outs benefit from our smoothing policy, which can help to reduce the impact of market volatility.
£4.9m ProfitShare
Key to our ability to deliver against our purpose is driving value for our members. To this end, we have distributed a total of £23.0m to eligible members in the last year, including £4.9m shared through our ProfitShare scheme.
854,750 members
We remain committed to deepening member engagement and operating a strong, sustainable business that continues to deliver positive outcomes for members.
197% solvency ratio
Our solvency ratio reduced from 216% over the year to 197%, and remains well above regulatory requirements and our own risk appetite thresholds.
“Guided by a clear commitment to growth and investment, we continue to deliver long-term value for our members and their families.”
John McGuigan, Chair
