Scottish Friendly, Scotland’s largest financial mutual, has today announced it achieved record-breaking sales in 2017. The financial services group reported a substantial 32% rise from the £33.9m it posted in 2016 to £44.8m in 2017*. This increase was powered mainly by improved sales of protection products as well as increased demand for investment ISAs from Scottish Friendly’s direct marketing operation.
Protection sales jumped 50% to £32.3m thanks to Scottish Friendly’s range of business partnerships with leading brands such as Beagle Street, Smart Insurance and Union Insurance, a new partnership for Scottish Friendly in 2017. Investment sales in 2017 overall were similar to 2016. While there was lower demand from the group’s business partners, investment sales from Scottish Friendly’s own brand distribution grew by 38% to £10.1m.
Scottish Friendly’s chief executive, Jim Galbraith, said:
2017 has been another tremendous year for Scottish Friendly, demonstrating the progress that a well-run mutual can make. Our strong sales have largely been led by working with key distribution partners and this is likely to continue as a growth area for us.
The My ISA platform proposition developed in 2012 for our customers and business partners has also attracted healthy sales growth from our own brand channel and we will add to this product suite in 2018.
As we approach a critical stage in Brexit negotiations and with inflation causing UK households to be economically stretched, there is considerable uncertainty ahead. We are nonetheless positive about the prospects for 2018 during which we will carry on seeking out opportunities that will benefit our members and our partners and continue offering quality products and services.
*Sales are reported in the industry standard of Annual Premium Equivalent.