Stephen McGee

Total sales increased from £46.9m in 2021 to £47.7m in 2022. Although sales of Scottish Friendly’s own-brand investment ISAs decreased by 22% to £14.3m, protection sales increased by 16% to £29.6m.

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 households’ ability to save and invest for the future.

Assets under management decreased from £5.4bn to £4.5bn, reflecting the challenging investment market during the year and the combined impact of premiums received from policyholders and claims paid out. Scottish Friendly members[2] increased by 38,000 to 814,000, with over one million policies administered.

Stephen McGee, Scottish Friendly’s chief executive, 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.”

He added: “At Scottish Friendly, I am proud of the dedication of our colleagues who continue to help our customers and their families achieve financial wellbeing through friendly products and customer care.”

David Huntley, chair of Scottish Friendly, commented: “I am proud of everyone’s efforts at Scottish Friendly in what has been another year of significant economic challenges, both in the UK and throughout the world.

“These results encapsulate the passion and energy that our colleagues bring to their work, mirrored through our purpose and strategy.

“Positive change came with the appointment of our new CEO, as well as other senior personnel to further strengthen the leadership team.

“I have no doubt they will continue to navigate the business through the difficulties of 2023 with grace and determination, and I would again, personally like to thank each and every one of our colleagues for their continued support, enthusiasm, and commitment throughout the past year.”