Specialist mutual income protection insurance provider Cirencester Friendly said that membership numbers have inreased to over 42,000 and premium income rose from £18.2m in 2018 to £19.9m in 2019.
The increase of 9.1% – detailed in its annual accounts – meant that 49% of the premium income was returned to members through claims, bonuses, interest and other benefits.
Total funds reached £153.8m, a 6.3% increase on 2018, while 2019 saw 95.7% of all claims paid.
Last year also saw the introduction of Children’s Critical Illness Support, a new member benefit which provides a lump sum of £2,500 if a member’s child is diagnosed with one of ten listed critical illnesses.
A spokesman for Cirencester Friendly said that the organisation is monitoring the impact of coronavirus “carefully” and has conducted a post balance sheet review, including running stressed scenarios that has shown solvency and liquidity remain “strong” and “within board risk tolerances”.
Paul Hudson, Chief Executive at Cirencester Friendly, added: “I am pleased to report that premium income, membership and funds under management have all increased in what was a very successful year for Cirencester Friendly, a year in which we also relocated to a new purpose-built head office.
“We are proud to provide exceptional support to our members and advisers, through our high claims paid ratio, bonuses and growing additional benefits including Children’s Critical Illness Support.
“The excellent results are a testament to the exceptional support from financial advisers, backed by the hard work of the society’s employees.”