The Exeter saw its membership rise by 5.8% to 146,385 in 2024 as private medical insurance (PMI) and income protection (IP) saw strong growth, but life insurance and cash plans sales dipped.
The mutual reported a surge in gross premiums of 21% to £125.1m with new business sales up by 11.8% to £3.7m.
Health insurance performed particularly strongly with new business premiums increasing by 19.2%, while income protection also grew by 5.5% to £5.8m.
However, life insurance new business premiums dropped by 9.8% to £3.7m from £4.1m and cash plan sales fell by 38.5% to £244,000.
The insurer said the figures reflected a strong year, with growing demand for health and income protection insurance and a continued focus on supporting members and advisers.
In 2024, members booked more than 10,000 health and wellbeing appointments through its HealthWise member benefits app, a 175% increase on the previous year.
Earlier this month, The Exeter published its claims figures with a total of £61m paid in 2024, up from £41.2m the previous year
Income protection and life insurance claims (including terminal illness) accounted for £17.7m, while £41.8m was paid in health insurance claims across the same period, up from £28.4m in 2023.
In 2024, colleagues raised more than £51,000 for good causes, completing a three-year partnership with Force Cancer Charity that raised more than £127,000 in total.
In 2025, Macmillan Cancer Support was named as the mutual’s new corporate charity partner.
The Exeter CEO Isobel Langton (pictured) noted 2024 was a strong year for the mutual.
“In addition to paying more claims, we also grew our overall membership number, delivered an increase in new business and gross premium income, and saw increased engagement among colleagues,” she said.
“These hugely positive results were achieved during a period of significant digital transformation that saw our amazing colleagues collaborate across multiple projects.
“Our continued investment in technology and our people, will allow us to provide members and advisers with a more intuitive and efficient experience.”
