Foresters Friendly Society acquires Post Office Insurance Society (POIS)
Tuesday, September 30, 2014
Foresters Friendly Society, an established UK Friendly Society, has acquired the Post Office Insurance Society (POIS) from Family Assurance, to add 29,000 new policies to its books and 21,000 new members. The acquisition is part of the Society's strategy to seek growth through transfers of business alongside product sales and adds £68m of funds to its balance sheet.
Paul Osborn, Chief Executive of Foresters Friendly Society states "Foresters is a financially strong organisation and our new POIS members can be assured their policies will be well looked after. Being a mutual, and branch based society, means all our profits are used to enhance the returns to our members. We do this through the addition of bonuses added to their policies as well as providing extra member benefits such as a 24/7 GP helpline, healthcare counselling and discretionary grants to help with higher education costs and dental and optical bills. In fact last year we paid out over £853,000 in support to members. The new POIS members will be able to take advantage of these benefits too."
He adds "Our plan is to increase our membership to 100,000 over the next few years and the acquisition of POIS and 21,000 new members has moved us nearer to achieving our goal."