16 April 2021
Foresters Friendly Society achieves outstanding single premium growth in the first quarter of 2021
With England placed into its third lockdown and the other UK nations in a similar position as a result of the Coronavirus pandemic, Foresters Friendly Society saw a significant increase in single premium investments in the first quarter of 2021 (January – March inclusive).
The premium income was mainly in the form of new plans being opened, with the Foresters stocks & shares ISA leading the way, followed by payments into its Investment Bond and Lifetime ISA products. Top ups to existing plans by existing members also continued to increase in the quarter.
Single premium income increased by 128% (compared to the same time frame in 2020), with the Society’s Digital and Member Development channels delivering outstanding single premium income growth of 243% and 131% respectively.
During the financial crisis of 2008/2009, many mutuals delivered record sales volumes. People saw mutuals and friendly societies as a safe pair of hands, and those customers for whom with-profits savings were appropriate valued the product’s ability to smooth out the peaks and troughs of the market.
It would appear that the pandemic of 2020/2021 has created a similar pattern with Foresters well placed to provide a trusted home for premium income through its well-established digital presence and wide selection of distribution channels. Over the years, the Society has also invested in the technology to provide existing members with a range of ways to top up existing plans, re-launching its digital top up forms at the end of 2020 to enhance the member journey further.
Recognising in 2020 that the pandemic will no doubt have adversely affected its members, Foresters adapted its Foresters Support Fund grants to cover claims for hardship caused by the Coronavirus.
As at April 2021, the Society has paid out over £90K to members in the form of grants to support those experiencing hardship caused by the pandemic and these grants do not require paying back. Members who have received grants have unanimously fed back that this financial assistance has helped to remove some of the stress they were feeling and reaffirmed how Foresters continues to make a difference to their lives by putting them at the heart of everything the mutual Society does.
Foresters has a long and strong track record of giving back to its members in this way, through its member benefits package, and are proud to have paid £1.7million to members in discretionary grants in 2020 alone.
Rachel Webb, Chief Executive of Foresters Friendly Society commented “Despite the worldwide challenges of 2020 which continued into 2021, we have maintained our position as a trusted provider of savings and investment plans which is reflected in the sales results we have achieved in the first quarter of 2021. Our commitment to working hard and providing a first class service for our existing and new members, plus our well-established distribution channels and capability, alongside the confidence and trust that prospects and members have in Foresters as a credible provider, has assisted our Marketing and Sales team in achieving such fantastic results.
As a mutual Society, we put our members interests at the heart of everything we do and I am proud of what we have collectively achieved in the quarter and the support we continue to provide to members during these often uncertain times”.
Notes
Should members wish to claim for covid-19 financial assistance, please use this form . Our team are working hard to respond to requests in a short amount of time.
You could get back less than you pay in to the Society’s range of ISAs and the Investment Bond.