Foresters Friendly Society announces record sales results in 2017
Thursday, August 2, 2018
Reporting a 30% increase in premium income to £27million and another annual increase in total funds under management to £280million, the mutual provider with over 180 years’ experience has another record year.
Commenting, Paul Osborn, Chief Executive, said “2017 has seen the Society focus on the younger end of Foresters membership by attracting new members at an earlier stage of their life. In June 2017, a new Lifetime ISA (LISA) was launched. Announced by the Government in the 2016 budget, the LISA has been designed to help people aged 18-39 save for either a first time house deposit or retirement, all with the benefit of the government adding an annual 25% bonus. In addition to the LISA, a Junior ISA (JISA) has also been developed and launched for those wishing to save for children.”
Paul Osborn continues “The Society’s aims are to offer a complementary suite of savings, investment and insurance products and to provide a range of social and benevolent activities that will be relevant to individual members of Foresters Friendly Society from birth through to the end of life.”
The Society’s mission is to be the most member-centric financial mutual in the UK. Reinforcing its benevolent approach and member-centricity, Foresters paid nearly £1million back to its members in the form of discretionary grants and charitable donations. This is in addition to the £2.6million paid out in the form of final bonuses to policyholders and £0.8million in annual bonuses added to their guaranteed benefits.
Paul Osborn added “2017 has seen change throughout the business as new working practices are adopted to meet the requirements of new regulations. I am thrilled with the attitude of managers, staff and members alike towards adapting the business such that it may continue to operate as a modern Society whilst retaining our heritage and core values. 2018 will see more change as investment in enhancing the IT systems for the back end and member-facing front end is made and I am confident this resilience to transforming our operational environment will remain to ensure the Society continues to provide the high levels of service that our members and intermediaries have come to expect.”