The Exeter reported a loss of £4.26m for 2025, an improvement on the £8.51m deficit it posted in 2024, as claims and adviser commission rose across its health and protection products.
However, the mutual reported growth in premium income across all three open product lines – private medical insurance (PMI), income protection (IP) and life insurance – and its overall membership rose by 3.5% to 151,503 members.
The figures were reported by the mutual ahead of its annual general meeting (AGM).
PMI claims soar
For it’s PMI or general business, membership was stagnant at 50,121, while gross written premiums rose by £4m or 5.6% to £76.5m, up from £72.5m.
However, new business premiums dropped by 25% from £25.4m to £19.1m.
Furthermore, PMI claims paid rose by 20% or £8.8m to hit £52.4m.
Life and IP
The mutual saw membership increases across both its long-term insurance products – life and income protection.
IP membership rose by 8.1% or 5,374 to reach 71,599.
This coincided with a 12.4% rise in gross written premiums to £41.8m which included new business premiums rising by 21.6% to £7m, compared with £5.8m in 2024.
Life insurance customers rose by 30.2% to 29,783 from 22,868 as its product continues to settle in the market.
Life gross written premiums rose by 7.4% to £16.7m with new business premiums increasing from £3.7m in 2024 to £5.6m in 2025.
Claims and benefits for both protection products totalled more than £20m but when accounting for reinsurance coverage this cost the mutual £8.6m, up from £8.1m in 2024.
Commission to advisers up 20%
Across the business, commission paid to intermediaries increased by 19.4% to £37m from £31m in 2024.
Protection advisers saw the greatest gains here with commission received hitting £19.7m, up by £5.7m or 40% as the mutual grew its book in this market.
Commission for health insurance advisers rose less steeply to £17.3m from £16.9m.
The mutual said the figures reflected another strong year, with growth in premium income and membership, underpinned by a continued focus on supporting members and advisers.
The Exeter CEO Isobel Langton (pictured) said she was incredibly proud of what the organisation had achieved, and most importantly, the support to members and advisers.
“This has been another strong year for the business, reflected in the value of claims paid, growth in our membership and gross premium income,” Langton said.
“These results are a real testament to the care, commitment and expertise of our colleagues across the business.
“Their hard work and collaboration have been central to such a successful year, while ensuring we continue to do the right thing for our members.”
