Foresters Friendly Society see 36% increase in premium income
As at the end of October 2019, Foresters Friendly Society has increased premium income on its savings and investment plans year-on-year, with a 44% increase in single premium investments and an 8% rise in annual premium investments compared with figures for the same period in 2018. The Society has also achieved an 18% overall increase in policy sales.
Investments into the Foresters with profits Investment Bond and Stocks & Shares ISA have increased significantly as have sales of its Post Office Insurance Society (POIS) unit linked plans. Earlier in the year, Foresters partnered with AXA Investment Managers which has allowed the addition of several new asset classes in the alternatives space. This has helped to give Foresters a unique competitive advantage over similar providers to improve the marketability of its products to new members as well as the returns that can be achieved for existing members.
Foresters’ Order Insurance with profits Fund (OIF) was commended for performing well above average throughout a five-year investment period, ranking 5th best-performing fund overall in the Barnett Waddingham annual with profits fund survey. The Foresters fund was also best in class in its medium-sized fund category – funds containing £50-£200m.
Erik Vynckier, Interim Chief Executive of Foresters Friendly Society commented “Our results for 2019 show a continued year-on-year increase in uptake of our range of investment and savings plans – contributing to what has overall been an excellent year for us so far. One benefit of taking out a savings plan with Foresters or POIS is that membership of the Society comes at no additional cost, meaning that all our members can enjoy the benefits this brings, such as access to our discretionary grants and community events.”