2022 another record year for Foresters Friendly despite the cost-of-living crisis
Foresters Friendly Society has continued to offer its members a compelling financial services solution as it achieves another record year of results.
Continuing its strong new business growth path, compared to 2021 business results, Foresters has:
- Increased annual premium income (monthly direct debits and salary deductions) by 60%.
- Increased policy volumes (new plans opened) by 51%.
The business results demonstrate another strong performance against the Society’s strategic objective of organic growth following the re-opening of all its distribution channels post-pandemic.
Sally Waterfield, Head of Marketing at Foresters Friendly Society commented “The results demonstrate that Foresters Friendly continues to 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.
2022 has been a challenging year for many UK households – most notably record inflation levels resulting in food and energy price increases hitting pockets. This was very different to 2021 which brought its own unique challenges but household finances were, on the whole, assisted by COVID lockdowns which, for some, resulted in more disposable income and a better opportunity to save.
We’ve seen some members adapt the way they are saving to switch to a more regular and affordable method, which we celebrate given the challenging times we are in. Little and often is far more successful than never at all, and it’s great that our members have responded in this way for themselves and their children or grandchildren.
During the challenging times in 2022, we have continued to provide additional support to our members in the form of discretionary grants that have assisted with job losses and unexpected changes in circumstances. Providing financial support in this way really means that we can put our members at the heart of all we do.
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.
After nearly 190 years of existence, Foresters Friendly really does continue to provide a financial solution for all.”