Scottish Friendly funds approach £1 billion
- Funds under management up to £997m
- Life and pension sales up 135%
- Financial Services Company of the Year 2013 Award
Scottish Friendly (SFA), the Glasgow-based financial services group and Scotland’s largest mutual, today (Wednesday 30 April 2014) announced an increase in its funds under management to £997m at 31 December 2013, a 10% rise from 2012 (£904m).
The increase in funds under management comes on top of a 135% increase in core life and pension sales from £8.5m in 2012 to £20m in 2013, based on the industry standard measure of regular premiums plus one tenth of single premiums.
Strong growth in sales from new partnerships announced in 2012 – with BGL and Smart Insurance – helped to more than double core sales, increase membership numbers and improve acquisition costs. Towards the end of 2013, Scottish Friendly also began new partnerships with Hello Insurance and Sorted Insurance.
In January 2014, Scottish Friendly announced a major new partnership with Ascentric, part of Investment Funds Direct, where Scottish Friendly will provide an onshore bond for Ascentric’s investment platform.
In 2013 Scottish Friendly produced a radical rethink of ISA product design to shift the stocks and shares ISA from an investment for the wealthy and well advised to a truly mass market product. Scottish Friendly’s new ISA range has already become the organisation’s biggest savings and investment product line, resulting in online sales increasing by more than 50% over 2013.
Michael Walker, Chairman of Scottish Friendly, said:
The strategy for growth continued to deliver success in 2013, despite tough economic conditions for a large number of our potential customers. We have no intention of resting on our laurels and, with more announcements about further products and partnerships to come shortly, we fully recognise the need to continue to invest, innovate and diversify to meet the challenges ahead.
Fiona McBain, Chief Executive, said:
Scottish Friendly’s excellent growth figures for 2013 capped a remarkable year for the Group, a key highlight of which was receiving the Financial Services Company of the Year Award at the 2013 Scottish Business Awards.