Getting friendly: Partnerships boost mutual’s core sales

Scottish Friendly, Scotland’s largest mutual, saw its core life and pension sales more than double last year as partnerships forged in 2012 reflected on its results.

Fiona McBain of Scottish Friendly
Fiona McBain of Scottish Friendly

Sales rose from £8.5m in 2012 to £20m in 2013, while funds under management were up 10 per cent at just under £1 billion.

The Glasgow-based financial services group said it enjoyed strong growth in sales from new partnerships announced in 2012 with BGL and Smart Insurance.

It added more partnerships last year, with Hello Insurance and Sorted Insurance, while in January it unveiled a deal with Ascentric.

Chief executive Fiona McBain said: “Scottish Friendly’s excellent growth figures for 2013 capped a remarkable year for the group.”

Chairman Michael Walker said more announcements on products and partnerships were “to come shortly”.

“We fully recognise the need to continue to invest, innovate and diversify to meet the challenges ahead,” he said.