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, ...

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