The Right Mortgage & Protection Network has seen income protection (IP) sales double and private medical insurance (PMI) premium income rise 45%.
The network said its “focus on ancillary sales opportunities” had seen PMI annual premium income grow to £23m so far this year – up 45% from the same period a year earlier.
It added that in the year to date its total number of mortgage completions were 8% up on 2022 at 24,010, while total lending volume was up 4% on the previous year at £4.5bn.
And the network now houses 350 appointed representative (AR) firms, with 26 new businesses having joined so far in 2023.
A total of 127 new advisers have also joined the network, bringing the overall total to 728 advisers, it added.
The network announced the details during its National Training Event held in Birmingham.
The flagship event was focused on supporting firms in broadening their product and service propositions, particularly in areas beyond mortgages such as protection, private medical insurance, general insurance, and later life lending.
Nicola Ventrella, operations director at The Right Mortgage said: “There’s no doubting 2023 has presented a number of significant challenges for advisers, particularly from a mortgage point of view, so we felt it was important to focus on the ways and means by which firms could ride out these current market conditions, while making the most of the business that is available, and ensuring they have as many strings to their service bow as possible.
“This is why we focused significantly on the options and opportunities available to firms away from the central mortgage advice one, and as a network we believe it is vitally important that our AR firms and advisers have access to whatever they need in product areas such as protection or PMI or general insurance or equity release.”
“We have grown our offering in those areas, and we want to ensure firms have a strong strategy in place to cover off as many product needs and solutions for clients as possible.”