Scottish Friendly has announced overall sales of more than £50m, the second highest in its 163-year history.
Its £23m of profits were distributed to eligible members and £4.5m was shared to those invested in the main With-Profits Fund through the ProfitShare scheme.
Sales of Scottish Friendly’s own brand products saw significant growth, increasing by approximately 30% year-on-year, driven primarily by new Isa and Junior Isa business.
Total assets under management stood at £4.2bn, down from the previous year due to investment market returns and the impact of policyholder premiums and claims.
Scottish Friendly has also recently announced the acquisition of pension and annuity in-payment books of business from Fidelity International.
The acquisition consists of a book of unit-linked Section 32 pensions business comprising £2.14bn liabilities across 76 schemes and covering 40,000 policyholders.
It also consists of the in-payment annuities book, with liabilities of £7.3m and around 1,000 annuitants.
The mutual continues to push for Junior Isa reform, calling for changes to allow grandparents and other family members to open accounts on behalf of children.
Scottish Friendly CEO Stephen McGee said that 2024 “marked another milestone” in the mutual’s “rich 163-year history”.
Alan Rankine, Scottish Friendly’s chief financial officer, described it as “another year of solid performance despite continued geopolitical and economic challenges”.
