Scottish Friendly saw an increased revenue in 2018 as demand for investment Isas rose.
Its annual results showed the mutual had a significant increase in demand for stocks and shares ISAs, with sales up 27 per cent on the previous year to £12.1m.
Scottish Friendly said the increase was driven largely through direct marketing and a focus on e-business.
Total sales for the year hit £38.6m, the second highest level in Scottish Friendly’s 157-year history, and its member total hit a record 594,000, up nearly 6.3 per cent on the year before.
The mutual's funds under management increased by 3.7 per cent to £2.8bn, boosted by the acquisition of the £320mn Mobius Life book of business in November 2018.
Scottish Friendly’s chief executive, Jim Galbraith, said: “We are delighted with the performance of the business in 2018 and it shows our resilience in difficult market conditions.
“The year 2019 is set to be another exciting year for Scottish Friendly, with the transfer of a significant book of life and pensions business from Canada Life set to nearly double our assets under management later this year.”
Mr Galbraith said the management team had a very clear vision for the business and remained focused on growing at a healthy pace while delivering excellent long-term benefits to members.
He added: “It is particularly pleasing to see that despite recent stock market volatility and wider economic uncertainty, our Investment ISA products have seen a significant increase in demand, resulting in strong growth with sales up by more than a quarter in 2018.
“This year is about continuing to demonstrate our tremendous strength as a mutual business, delivering new and innovative products and ensuring we continue to offer the same gold-standard service our customers have come to expect.”
imogen.tew@ft.com
