The Right Mortgage & Protection Network has revealed “strong” growth across private medical insurance (PMI) in a year in which it increased its number of both appointed representatives and advisers.
The network used its National Training Event for member firms to reveal business volume and adviser/firm membership figures for 2023.
During 2023, it completed £6bn of total lending volume amid record months in both January and February in 2024.
In other sectors there was also year-on-year improvements, with GI API up 35% on the previous year, life API up 29%, and private medical insurance (PMI) up 40%.
Network membership grew from 316 in 2022 to 356 appointed representative (AR) firms in 2023, with 40 new businesses and 161 advisers joining, meaning a total adviser headcount of 733 at the end of the year.
Within those adviser numbers, The Right Mortgage currently has 83 private medical insurance specialists, and 104 later life lending specialists – the network added these were two “important” growth sectors for the business.
Martin Wilson, CEO at The Right Mortgage, said: “While 2023 as a whole was a challenging one within both the mortgage and protection sectors, I’m pleased to say that The Right Mortgage showed strong growth and development across a number of areas.
“Strong mortgage lending volumes, and increased activity in other parts of financial services, particularly protection and GI, mean we can be very proud of our performance last year, and the hard work of our adviser firm members.
“It’s particularly gratifying to see strong growth in areas such as PMI and later life lending, as we believe these more specialist opportunities can provide significant business volumes and income for our firms, and we’ll continue to work with our members to help them develop their propositions in these areas.
“Membership continues to grow, and we were very pleased to see so many of our firms represented at the National Training Event where we could highlight our successes, but also provide further information and information on how we can support firms and the wide variety of opportunities available to them.
“I’m pleased to say that 2024 has started strongly, but we are not complacent about this and will continue to work hard to give our members everything they need to be successful in this marketplace.”
