Glasgow-based Scottish Friendly, Scotland’s largest financial mutual, said it achieved record-breaking sales in 2016 — a 33% rise from £25.5 million in 2015 to £33.9 million in 2016.

It said the increase was powered mainly by improved sales of protection products as well as increased demand for investment ISAs.

Protection sales jumped 54% thanks to Scottish Friendly’s business partnerships with brands including Beagle Street, Sun Life, Smart Insurance and British Seniors Insurance Agency.

Investment sales were boosted 15% largely due to strong demand from Scottish Friendly’s own brand distribution as well as the group’s business partners.

The results break the record set in 2015, a milestone year for Scottish Friendly when it acquired Marine & General Mutual, doubling Scottish Friendly’s assets under management.

Scottish Friendly’s new chief executive, Jim Galbraith, said: “2016 has been another fantastic year for Scottish Friendly, demonstrating the progress that a well-run mutual can make.

“Our strong sales have largely been led by white label outsourcing to key business partners and this is likely to continue as a growth area for us.

“The My ISA platform proposition developed in 2012 for our customers and business partners has also attracted healthy sales growth and we will add to this product suite in 2017 with our own approach to the Lifetime ISA being introduced from April …

“Whilst Brexit has resulted in considerable volatility it has, of late, resulted in a strong surge in the UK stock market which has been great news for investors.

“Nonetheless, there is considerable uncertainty ahead as we approach notification of Article 50 and the US adjusts to a new presidency.

“While we are cautious about the prospects for 2017, we will carry on seeking out opportunities that will benefit our members and our partners and continue offering quality products and services.”