Scottish Friendly has seen new protection sales increase 16% year-on-year, according to the mutual’s annual results.
The insurer confirmed to Health & Protection that it saw protection new business increase to £29.6m in 2022 from £25.0m in 2021. These figures exclude premiums paid by existing policyholders.
Overall, Scottish Friendly member numbers increased by 38,000 to 814,000, with over one million policies administered.
Across the group, total sales increased from £46.9m in 2021 to £47.7m in 2022.
However sales of Scottish Friendly’s own-brand investment ISAs decreased by 22% to £14.3m along with assets under management decreasing from £5.4bn to £4.5bn.
The mutual said this reflected the “challenging” investment market during the year and the combined impact of premiums received from policyholders and claims paid out.
Scottish Friendly chief executive Stephen McGee said: “As I celebrate my first anniversary, I want to thank them for the support I have received from across the business which has been incredible.”
He added: “We continue to live in uncertain times, with ongoing challenges facing the economy and the rising cost of living continuing to affect households and our customers.
“However, as the economy begins to recover, we would expect both our new customer numbers and the amounts saved to grow.”
David Huntley, chairman of Scottish Friendly, added: “I am proud of everyone’s efforts at Scottish Friendly in what has been another year of significant economic challenges, both in the UK and throughout the world.
“These results encapsulate the passion and energy that our colleagues bring to their work, mirrored through our purpose and strategy.”
