Scottish Friendly has reported that its total sales increased by 2% to a record £47.7 million in 2022 and that the mutual’s membership increased by 38,000 to 814,000.

“Although sales of Scottish Friendly’s own-brand investment ISAs decreased by 22% to £14.3m, protection sales increased by 16% to £29.6m,” said Scottish Friendly.

“This resilient set of results are reflective of a challenging year with economic uncertainty and the cost-of-living crisis which has impacted many UK household’s ability to save and invest for the future.”

Assets under management decreased from £5.4 billion to £4.5 billion “reflecting the challenging investment market during the year and the combined impact of premiums received from policyholders and claims paid out.”

Scottish Friendly CEO Stephen McGee said: “These results are testament to the dedication of our colleagues and a commitment to continuously learn in order to become even stronger.

“As I celebrate my first anniversary, I want to thank them for the support I have received from across the business which has been incredible. Our colleagues have an overriding determination to serve our customers combined with a commitment to the long-term success of the Society.

“Our ambition for Scottish Friendly is to be the UK’s leading mutual insurer, an ambition which is based around how it feels to work at Scottish Friendly, how we serve our purpose and the products and services we provide for our customers.

“We continue to live in uncertain times, with ongoing challenges facing the economy and the rising cost of living continuing to affect households and our customers. However, as the economy begins to recover, we would expect both our new customer numbers and the amounts saved to grow.”