Mutual health and life insurer The Exeter has reported a 20.9% rise in gross premium income to £125.1 million for 2024, marking a strong year of growth underpinned by increased demand for health and income protection products.

At its Annual General Meeting, the mutual confirmed that new business premium income rose to £35 million, up from £31.3 million in 2023. Health insurance was a key driver, with new premiums in the segment increasing by 19.2%.

Income protection also saw continued momentum, growing by 5.5%.

Membership grew by 5.8% to reach 146,385. The Exeter highlighted its continued investment in digital services and member support as contributing factors.

The mutual’s HealthWise app, which offers virtual GP, physiotherapy and mental health appointments in partnership with Square Health, saw usage rise sharply. In 2024, members booked more than 10,000 health and wellbeing appointments through the service – a 175% increase on the previous year.

Internal staff engagement at The Exeter also improved, with the mutual recording a score of 87%, up from 83% in 2023. Feedback pointed to a strong sense of purpose, meaningful work and a clear sense of enablement among employees as key drivers of the improvement.

The mutual maintained its focus on charitable initiatives, with employees raising more than £51,000 in 2024 alone. This marked the conclusion of a three-year partnership with FORCE Cancer Charity, during which more than £127,000 was raised. Macmillan Cancer Support has been named as The Exeter’s new charity partner for 2025.

Isobel Langton, chief executive of The Exeter, said: “2024 was another strong year for The Exeter that saw our teams provide exceptional support to our members and advisers.

“2In addition to paying more claims, we also grew our overall membership number, delivered an increase in new business and gross premium income, and saw increased engagement amongst colleagues.

“These hugely positive results were achieved during a period of significant digital transformation that saw our amazing colleagues collaborate across multiple projects.

“2Our continued investment in technology and our people, will allow us to provide members and advisers with a more intuitive and efficient experience.

“I’m proud of what we’ve achieved and look forward to building on this momentum.”