Cirencester Friendly’s profits grow 5%

Cirencester Friendly’s profits grow 5%

Cirencester Friendly’s profit grew 5.2 per cent last year to £17.6m, buoyed by strong relationships with advisers, the company’s chief executive said.

In 2014 the mutual’s total income figure was £16.7m.

Cirencester’s annual report and accounts revealed premium income rose 5 per cent from £14.9m in 2014 to £15.6m in 2015, while investment income was up 5.7 per cent from £1.7m to £1.8m.

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A total of £4.3m in bonuses was awarded to members from trading surpluses, while membership surpassed 35,000 last year.

In addition, 94 per cent of claims were paid in 2015, although this figure remained static compared to the previous year.

Paul Hudson, chief executive at Cirencester Friendly, said: “This is testament to the hard work and dedication of the society’s employees, the strong relationships we have with advisers and our commitment to support our members when they need us most.”