Scottish Friendly sees 147% rise in FUM

Scottish Friendly also saw an 18% rise in total sales from £21.6m in 2014 to a record £25.5m in 2015.

The increase in funds was driven in part by the takeover of Marine & General Mutual in June 2015. The addition of almost 30,000 new members from M&GM as well as new business levels drove Scottish Friendly’s membership up by over 70,000 to a total of 490,000.

Fiona McBain, Chief Executive of Scottish Friendly, said:

“We have had a very strong year and are delighted to report that we have seen funds under management more than double to £2.7bn. The June 2015 transfer of M&GM to Scottish Friendly was a major factor in driving these numbers up and will bring significant economies of scale. 2015 was also notable for record sales, in part due to Scottish Friendly’s substantial set of corporate partnerships with the likes of Beagle Street and Smart Insurance.

“We are confident that we are in an excellent position to keep growing and to rise to future challenges. The foundations are in place for long-term success and we will continue to seek out opportunities for further growth.”