Scottish Friendly in record sales of £25.5m

Fiona McBain

Glasgow-based Scottish Friendly, Scotland’s largest financial mutual, said it achieved record-breaking sales in 2015 of £25.5 million compared to £21.6 million in 2014.

The 18% increase was driven by sales growth across investment ISAs, life and pensions policies and protection products.

Investment sales rose 14% largely due to strong demand from Scottish Friendly’s own brand distribution as well as the group’s business partners.

Protection sales jumped 20% thanks to Scottish Friendly’s range of business partnerships with brands such as Beagle Street, Smart Insurance and British Seniors Insurance Agency.

Scottish Friendly took over Marine & General Mutual in June 2015, a deal that doubled the company’s assets under management to more than £2 billion.

“Our continuing sales growth has been led by the attractive My ISA platform proposition originally developed in 2012 for our customers and business partners,” said Scottish Friendly chief executive Fiona McBain (pictured).

“All in all, 2015 was a landmark year for Scottish Friendly. Not only did we achieve record sales, the highlight of the year was the completion of the takeover of Marine & General Mutual which more than doubled our assets under management.

“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.”