Strong results

Scottish Friendly posts record sales amid warning

David Huntley: outlook is difficult to predict

Scottish Friendly has posted record annual sales but issued a warning over the global economic and political backdrop.

Its latest results are the strongest in the Glasgow-based mutual’s 160-year history. Sales of its own-brand investment ISAs rose by 17% to £18.4 million in 2021 and revenue from its protection products via partners was 22% higher at £21.9m.

Assets under management rose from £5.3 billion to £5.4bn and the number of Scottish Friendly members increased by 31,000 to 776,000.

The figures are the firs following the passing of former chief executive Jim Galbraith in April last year. Stephen McGee, who was appointed as non-executive director in September 2021, took over earlier this month.

He said: “It has been another incredible year for Scottish Friendly given current circumstances and with so much market and economic uncertainty.

“These results are testament to Jim and his legacy. We know that Scottish Friendly has a bright future, but there are still plenty of short-term challenges ahead.

“We are emerging from the worst of the pandemic, but the UK and the rest of Europe faces fresh uncertainty with a rising cost-of-living crisis.”

Chairman David Huntley added: “The outlook for the next 12 months is difficult to predict but stubbornly high inflation and rising interest rates are going to be a feature. However, record sales last year show that Scottish Friendly remains in a strong position.”

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