Foresters Friendly Society announces record sales results in 2015
Wednesday, July 13, 2016
Reporting a 32% increase in premium income to £19million and a consistent year on year total of funds under management of £264million, the mutual provider with over 180 years’ experience has its best year since 2003.
Commenting, Paul Osborn, Chief Executive, said ‘2015 has proved to be another successful year in Foresters’ evolution as we continue to build a strong future from our long-established roots.
Our growth in 2015 has been predominantly driven by the acquisition of the Post Office Insurance Society (POIS) at the end of 2014. The acquisition has increased our reported premium income whilst at the same time helping to reduce the overall costs of administering each policy, reinforcing a sound financial platform from which to build future growth’.
The Society’s strategic objectives remain unchanged - Foresters is actively seeking growth both organically and through further acquisitions.
Reinforcing its mutual status, Foresters paid out over £1million back to its members in the form of dental and optical grants, discretionary benefits and charitable donations. This is in addition to the £1.9million paid out in the form of final bonuses to its policyholders and £0.7million in annual bonuses added to their guaranteed benefits. The Society also maintained its exceptionally high levels of customer (member) satisfaction for the sixth year since its independent annual survey began, boasting a 94% satisfaction level broken down by:
- 96% of new policyholders (Foresters and POIS) surveyed being satisfied with the overall service provided
- 92% of claimants (Foresters and POIS) surveyed being satisfied with the overall service provided.
Osborn added “I would like to thank the management team and staff for their continued support and resolve to work hard for our members and to pursue our ambitions for growth. I would also like to thank our members for their continued engagement and for providing us with regular feedback – together we can succeed in making Foresters Friendly Society bigger and better”.