“Strong year” for Cirencester Friendly

Published on

Cirencester Friendly has reported an annual increase in premium income, membership and funds under management.

Premium income for 2018 rose from £17.3m in 2017 to £18.2m, an increase of 5.2%.

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, added: “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.”

Latest POLL

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

Square 1 Media announces May Mortgage Market Debate

Square 1 Media is to hold its next Mortgage Market Debate on Wednesday, 21 May,...

Coventry BS maintains status as one of the best workplaces

Coventry Building Society has been named one of Great Place to Work's UK’s Best...

Atom bank breaks Near Prime record

Atom bank has reported another record-breaking month for Near Prime activity. Over the course of...

Berkeley Alexander appoints new BDM

General insurance provider Berkeley Alexander has announced the appointment of Grant Robinson as a...

Other news

Lenders must step up on high LTV products

Things are on the up for borrowers with a smaller deposit. The financial information...

Square 1 Media announces May Mortgage Market Debate

Square 1 Media is to hold its next Mortgage Market Debate on Wednesday, 21 May,...

Coventry BS maintains status as one of the best workplaces

Coventry Building Society has been named one of Great Place to Work's UK’s Best...