Cirencester Friendly has reported growth during 2016, with income, assets and membership all increasing.
Premium income rose from £15.6m in 2015 to £16.3m in 2016, an increase of 4.4%, whilst investment income was up 11% from £1.8m to £2.0m. Total income for the year was £21.7m, representing an impressive 23.3% increase on 2015’s figure of £17.6m.
£4.7m in bonuses were awarded to the members from trading surpluses, which is an increase from the £4.3m paid in 2015.
In excess of 94% of claims were paid in 2016, during a year which also saw several important developments for Cirencester Friendly, including the launch of My Extra Benefits, a package of additional benefits available to new and existing members. During the year, the Society placed on risk a total of 3,880 new contracts – an increase of 5.5% in comparison with 2015, with Membership rising to more than 36,300.
Paul Hudson (pictured), chief executive at Cirencester Friendly said: “I am thrilled that income, assets and membership have all increased in what has been an extremely strong year for Cirencester Friendly.
“We are proud to provide exceptional support to our members, through our high claims paid ratio, bonuses and additional benefits including Friendly Voice supported by RedArc. 2016’s excellent figures are testament to the exceptional support from financial advisers, backed by the hard work and dedication of the Society’s employees.
“2017 heralds my 20th year leading Cirencester Friendly and I look forward to another exciting and profitable year ahead.”