Cirencester Friendly has released its 129th Annual Report and Accounts, showing continued growth during 2018, with premium income, membership and funds under management all increasing.
Premium income rose from £17.3m in 2017 to £18.2m in 2018, an increase of 5.2%. Being a mutual organisation, which is owned by and run for the benefit of its Members, almost 50% of this premium income was returned to Members through claim benefit, bonuses, interest and other benefits. Total funds hit £144.7m, a 4.3% increase on 2017.
2018 saw 95.2% of all claims paid, during a year which also saw improvements to one of the Society’s income protection contracts, My Earnings Insurance, which was relaunched as My Earnings Protected. This upgraded contract continues with the Society’s theme of providing long term cover. In addition, Member Rewards, a portfolio of money-saving discounts and offers was added to the growing suite of Member Benefits.
Paul Hudson, Chief Executive at Cirencester Friendly said: “I am delighted that premium income, assets and membership have all increased in what has been another strong year for Cirencester Friendly.
We are proud to provide exceptional support to our Members when they need it most, both through our high paid claims rate and our bonuses paid. This is a testament to the hard work and dedication of the Society’s employees and their relationships with Advisers.
Following another strong year in 2018, we look forward to the year ahead, with the key appointments of a new Finance Director and Operations Director, plus the relocation of our Head Office which will enable staff to be on one purpose-built site. 2019 will be a very exciting year for Cirencester Friendly.”
David Macgregor, Commercial Director at Cirencester Friendly said: “As an intermediary focused firm, we rely on Advisers to recommend our Income Protection products to their clients. Our tremendous 2018 results are a testament to the continued level of support we receive from an ever-growing number of Advisers and I would like to take this opportunity to thank them for entrusting us to help protect their clients’ lifestyles.”