Scottish Friendly announces record sales in 2015
Financial mutual posted £25.5m in 2015, an 18% increase on 2014
Scottish Friendly, Scotland’s largest financial mutual, has today announced it achieved record-breaking sales in 2015. The financial services group reported a rise from the £21.6m it posted in 2014 to £25.5m in 2015. This 18% increase was driven by sales growth across investment ISAs, life and pensions policies and protection products.
Investment sales were boosted 14% largely due to strong demand from Scottish Friendly’s own brand distribution as well as the group’s business partners. Protection sales jumped 20% thanks to Scottish Friendly’s range of business partnerships with leading brands such as Beagle Street, Smart Insurance and British Seniors Insurance Agency.
June 2015 marked a milestone for Scottish Friendly when it took over Marine & General Mutual, a move which doubled Scottish Friendly’s assets under management to over £2 billion.
Scottish Friendly’s chief executive, Fiona McBain, said:
Our continuing sales growth has been led by the attractive My ISA platform proposition originally developed in 2012 for our customers and business partners. Scottish Friendly’s white labelling of protection products to key business partners also goes from strength to strength, making an increasingly important contribution to our recent business success. This is set to be a growth area for us in the future.
All in all 2015 was a landmark year for Scottish Friendly. Not only did we achieve record sales, the highlight of the year was the completion of the takeover of Marine & General Mutual which more than doubled our assets under management. In line with our agreed strategy, we will carry on seeking out opportunities that will benefit our members and our partners and continue offering quality products and services.