Reliance Mutual thanks acquisitions for 30% assets boost

The value of assets at the firm, which made two acquisitions in 2007, grew from £1.3bn in 2006 to £1.7bn last year and is up three-fold since the start of its acquisition programme in 2003, when assets were £491m. In 2007 Reliance Mutual bought University Life, a subsidiary of Equitable Life Assurance Society, and Hearts of Oak Insurance Company, formerly Hearts of Oak Friendly Society. In addition, Reliance Mutual says new business premiums are marginally up but adds this is not the “prime financial indicator” of the Group’s performance. Mark Goodale, chief executive, says: “Our strateg...