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Local Friendly Society announces solid growth...

Added on: 19th March, 2018 by Dawn_14167

Local Friendly Society announces solid growth...

Chief Executive, Tony Burdin

Last Updated:
Mon, 19 March 2018

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Sheffield Mutual Friendly Society today announced its financial results for 2017, with the main highlights being the growth in assets of 22% and a 13% increase in premium income - largely due to the continued popularity of its with-profits Investment ISA.

2017 Business & Financial Highlights:

• Total assets increased by 22% to £138.4 million (£113.8 million in 2016)
• Premium income increased by 13% to £19.7 million (£17.5 million in 2016)
• Traditional membership grew by 6% to 11,294 (10,678 in 2016)
• New policies increased by 4% to 1,996 (1,915 in 2016)
• Including the Child Trust Fund the Society now has 78,317 policies and accounts

Sheffield Mutual generates investment returns for its policyholders through a diversified with-profits fund, which achieved an excellent investment return of 8.01% in 2017. This result, combined with the fact that Sheffield Mutual has no shareholders to pay, enabled the Society to distribute annual bonuses to policyholders worth in excess of £1.5 million.

The Society has strengthened its financial base and the available capital resources of £17.15 million (£15.04 million at 31 Dec 2016), which are the surplus assets in excess of mathematical reserves, are 163% of the regulatory solvency capital requirement.

Commenting on the results, Tony Burdin, Chief Executive, said: "We’ve had a very good year by all key measures and I would like to thank my excellent team of staff for their hard work and dedication. It is the friendly, efficient and personalised service they provide, as well as our excellent policy returns, which sets us apart from many of our competitors.”

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