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Gloucestershire Business News

Membership and income up at Cirencester Friendly

A county-based income protection organisation saw membership and income rise during 2019, according to its annual report.

Cirencester Friendly's 130th Annual Report and Accounts, shows premium income, membership and funds under management all increased last year.

Membership went up to over 42,000 and premium income rose from £18.2m in 2018 to £19.9m in 2019, an increase of 9.1 per cent. Being a mutual organisation, which is owned by and run for the benefit of its members, 49 per cent of this premium income was returned to members through claims, bonuses, interest and other benefits. Total funds reached £153.8m, a 6.3 per cent increase on 2018.

A new member benefit of children's critical illness support was introduced in 2019, which provides a lump sum of £2,500, if a member's child is diagnosed with one of 10 listed critical illnesses.

The society is monitoring the impact of coronavirus carefully and has conducted a post balance sheet review which shows that solvency and liquidity remain strong.

Paul Hudson, chief executive at Cirencester Friendly, said: "I am pleased to report that premium income, membership and funds under management have all increased in what was a very successful year for Cirencester Friendly. The excellent results are a testament to the exceptional support from financial advisers, backed by the hard work of the society's employees.

"In what has been a quite extraordinary start to the year, the society remains in a very strong position both financially and operationally to support our members and the independent financial advisers we work alongside."

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