Cirencester Friendly increases bonus to members

Cirencester Friendly increases bonus to members

Cirencester Friendly saw its income increase by 5 per cent to £22.8m in 2017, meaning the mutual could pay a bigger bonus to its members.

Premium income from its business activities was up by 6.1 per cent to £17.3m while investment income increased by 14 per cent to £2.4m.

These increases allowed the society to increase the bonuses it paid to its members to £6m, up from £4.7m in 2016.

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Paul Hudson, chief executive of Cirencester Friendly, said"I am delighted that income, assets and membership have all increased in what has been an extremely strong year for Cirencester Friendly. 2017’s excellent figures are testament to the exceptional support from financial advisers, backed by the hard work and dedication of the society’s employees.

"This is a very exciting time for the society and we look forward to the year ahead."

Mr Hudson added with the impending retirement of Peter Brown, who has been deputy chief executive since 2004, the society had appointed the Norman Broadbent Group to help recruit a finance director and an operations director.

During 2017 Cirencester Friendly accepted 94.7 per cent of protection claims and paid a total of £4.7m in benefit.

The year also saw the society's funds hit £138.7m and its membership surpass 37,350.