25 May 2022
Foresters delivers record level of new plans in the first quarter of 2022
New plan volumes increased by 107% compared to 2021 and 46% compared to a non-pandemic affected first quarter in 2020.
The unit linked plans the Society provides via its POIS brand led the way with the Foresters with profits ISA and Lifetime ISA continuing to deliver a strong performance on both new plans opened and premium income.
Following a record year in terms of premium income (payments into plans) for Foresters in 2021, the Society has maintained premium income levels during the first 3 months of 2022 which is extremely pleasing given the cost of living crisis affecting UK consumers.
Recognising in 2020 that the pandemic would adversely affect some of its members, Foresters adapted its Foresters Support Fund grants to cover claims for hardship caused by the Coronavirus. Over £100K was provided to members during the pandemic through discretionary grants to assist with changing financial circumstances and their impact. These grants are not required to be paid back.
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 approx. £3.5million to members in discretionary grants throughout 2020 and 2021.
As a mutual society that puts all members at the heart of its purpose, discretionary grants from the Foresters Support Fund are available to members who may face financial hardship.
Sally Waterfield, Head of Marketing at Foresters Friendly Society commented “Our business results indicate that Foresters remains a trusted provider of choice. It is positive that despite economic conditions restricting household income consumers are still recognising the importance of saving for their future financial security – something the pandemic highlighted as important when challenging times may present themselves.
Foresters continues to adapt our offering to suit as wide an audience as possible through our savings and investment plans, but we also recognise the relevance of our member benefits as the UK navigates more turbulent times. We will support our members, existing and new, throughout their time with us as a trusted, long-standing and dependable provider”.
Notes
Should members wish to claim benefits, please use this form.
You could get back less than you pay in to the Society’s range of plans.