Financial mutuals sector grows by 13%

The financial mutual sector has grown its premium income by 13% and assets by over 8%. If the planned transfer of Cooperative Financial Services to Royal London goes ahead before the year end, the sector will have exceeded £100 billion in assets for the first time, equating to over 6% of the total UK insurance market.    

AFM which was launched 18 months ago has capitalised on this, attracting a number of new members and developing a wide range of services.  

Martin Shaw, CEO of AFM said:

"These results show how the sector has grown and how much potential it has to grow further, as a result of renewed interest from Government and consumers who see the mutual sector as a viable alternative to shareholder-owned companies.   

"The creation of the new site reinforces this growing confidence in mutual insurers. Furthermore its bright design, incorporates the strong AFM branding which started life on 1 January 2010 and should be a launch-pad for even greater success, encouraging more mutuals to become involved in our work"