Companies 

Scottish Friendly reports record sales

Scottish Friendly reports record sales

Mutual Scottish Friendly has reported a “record-breaking” 18 per cent increase on its sales for 2015.

The financial mutual saw sales reach £25.5m in 2015, an increase from the £21.6m reported in 2014.

It claimed sales growth was driven by investment Isas, life and pensions policies, as well as protection products.

Investment sales were up 14 per cent, which Scottish Friendly said was largely due to strong demand from its own brand distribution and the group’s business partners.

Protection sales jumped 20 per cent, helped by the firm’s business partnerships with brands such as Beagle Street, Smart Insurance and British Seniors Insurance Agency.

Fiona McBain, Scottish Friendly’s chief executive, claimed the company’s continuing sales growth was led by the My Isa platform proposition, originally developed in 2012.

“Scottish Friendly’s white labelling of protection products to key business partners goes from strength to strength, making an increasingly important contribution to our recent business success. This is set to be a growth area for us in the future.”

In June 2015, Scottish Friendly took over Marine & General Mutual, a move which doubled Scottish Friendly’s assets under management to over £2bn.

Ms McBain described 2015 as a “landmark year” for Scottish Friendly.

“In line with our agreed strategy, we will carry on seeking out opportunities that will benefit our members and our partners and continue offering quality products and services.”

katherine.denham@ft.com