AFM reports 7.5% mutual income growth for 2018

Income passed £1bn

Adam Saville
clock • 1 min read

Most significant rates of growth from The Military Mutual, Shepherds Friendly and Metfriendly

Members of the Association of Financial Mutuals (AFM) saw income reach £1,075m during 2018 - an increase of 7.5%. This is despite the UK insurance sector showing negligible growth overall of less than 1%, according to Swiss Re's sigma report, and government data indicating that UK household spending on insurance fell 9% last year. Between them AFM members now have around 8.3 million policyholders and £687m worth of claims and other benefits were paid out in 2018 - nearly £2m a day. Year-end results show that general insurance premiums grew most rapidly for AFM members, up to £261, ...

To continue reading this article...

Join COVER for free

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

More on Individual Protection

Half of men uninformed on prostate cancer symptoms

Half of men uninformed on prostate cancer symptoms

45-54-year-olds had the greatest lack of awareness

Jaskeet Briah
clock 28 October 2024 • 3 min read
The COVER Review 2024: New partnerships, products and consumer trends

The COVER Review 2024: New partnerships, products and consumer trends

Episode four

COVER
clock 25 October 2024 • 1 min read
Half of drinkers to reduce their alcohol intake

Half of drinkers to reduce their alcohol intake

Aviva research finds

Jaskeet Briah
clock 23 October 2024 • 2 min read