Reliance Mutual says its business plan of acquiring other firms helped boost assets 30% last year.
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...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes