Scottish Friendly Records 48% Sales Growth in 2011
Scottish Friendly, Scotland’s largest mutual society, has today (Tuesday 11 January 2010) announced a record 48% increase in sales figures which sees the second consecutive year of double digit growth for the company.
The financial services group saw like-for-like sales, based on the industry standard of regular premiums plus one tenth of single premiums, leap 48% in the past 12 months to £12.9 million from £8.7 million in 2009.
In addition, despite the challenging economic climate, Scottish Friendly’s regular premium business increased 2% to £5.7m in 2010 while single premium sales rose 144% to £5.7 million, as the financial services organisation reaped the benefits of its partnership programme with leading industry names such as Nucleus Financial, the Phoenix group, Royal London and Admiral.
Scottish Friendly’s sales and marketing director Neil Lovatt said:
This has been yet another exceptional year for sales at the Scottish Friendly group. We are especially pleased this impressive sales growth has been achieved at the same time as we have substantially reduced our cost of acquiring new business. More new business at more cost-effective rates, leads to even more value for our members.
Much of the success of our sales effort has been down to our highly efficient back office, which has allowed us to tailor products to our partners’ and customers’ needs. In today’s economic climate, the ability to be flexible and quick to market has paid dividends to the group and our members.
While we expect the market for savings to be difficult in 2011, we are confident we will continue to attract high profile partnerships, distribution deals and develop new investment products throughout 2011.