Income protection firm's funds increase to £144million after a strong year
By James Young | 4th June 2019
Cirencester Friendly have reported strong growth in their annual report and accounts for the 2018 financial year.
Premium income rose from £17.3million in 2017 to £18.2million in 2018, an increase of 5.2 per cent.
The company is a mutual organisation that is owned and run for the benefit of its members and almost half of that premium income was returned to members through benefits and interests.
Total funds also increased, up 4.3 per cent to £144.7 million whole 2018 saw 95.2 per cent of all claims paid.
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 Directo, 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."
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