14 February 2022
2021 a record year for Foresters Friendly with single premium income up by 70%
Foresters Friendly Society has continued its strong new business growth path, delivering the following increases compared to 2020 results:
- Single premium income (lump sums paid into plans) increased by 70%.
- Annual premium income (monthly direct debits and salary deductions) increased by 41%.
- Policy volumes (new plans opened) increased by 33%.
The business results demonstrate a strong performance against the Society’s strategic objective of organic growth.
Foresters’ Digital channel (those joining the Society via its website) delivered outstanding single premium income growth of 125% over 2020. New business from existing members also delivered positive results with an annual single premium increase of 66%.
Sally Waterfield, Head of Marketing at Foresters Friendly Society commented “Foresters Friendly has, and will always, be a trusted provider of financial services that add real value to consumers through a combination of policy returns and our range of member benefits including discretionary grants. With high levels of confidence from our members, and exemplary satisfaction levels, we really do put our members first in everything we do.
2021 has seen us enhance our distribution strategy whilst at the same time refining our approach in existing channels. This has enabled us to reach new audiences and deliver impressive growth, whilst also ensuring that we have effective communications strategies with existing members.
Once again, our team of dedicated and friendly staff have gone above and beyond in delivering sustained and high levels of member service, which we thank them for and of which we continue to be very proud.
We welcome our new members with open arms and we look forward to supporting their financial and wider needs over the coming years. And, we thank our existing members for their loyalty.”