National Friendly has reported significant business growth in 2024, with a sharp rise in sales across its Income Protection and Accident Only Income Protection (AOIP) products.
Sales of Income Protection policies increased by 81%, while AOIP sales rose by 53% over the year. Since 2021, new sales across all product lines have more than doubled, reflecting sustained expansion for the friendly society.
Alongside its sales growth, National Friendly reported a 12% increase in new business annual premium equivalent over the year. The society also saw a 47% rise in active firms offering its policies, a result of targeted efforts to strengthen distribution channels and build closer relationships with brokers, the society said.
National Friendly says it maintained its focus on claims efficiency and customer service, paying out 97% of all claims within its three-day service-level agreement. It also continued to receive high ratings from members, achieving a Net Promoter Score (NPS) of 59, indicating strong customer satisfaction.
Graham Singleton, chief executive at National Friendly, highlighted the organisation’s strong performance in 2024, crediting advisers, members, and internal teams for their contributions.
“2024 has been another exceptional year for National Friendly,” Singleton said.
“Our strong performance reflects the dedication of our teams, the trust placed in us by our members, and our close partnerships with advisers and networks. Our purpose has always been to provide peace of mind through affordable insurance solutions to as many families as possible, and these results affirm that we’re delivering on that promise.
“Over the past year, we’ve worked to broaden our product offering and enhance our service levels, ensuring we continue to meet the evolving needs of customers,” he added.
“With the introduction of Friendly Shield and improvements to our income protection products, we’ve optimised application journeys and ensured near-instant access to underwriters, providing families with financial security during uncertain times.”
