Wesleyan Assurance Society, the financial services specialists for the medical, dental, legal and teaching professions, announced a 76% increase in sales of with-profits bonds during 2007.
The Society also achieved a 24.9% increase in new annualised premiums (new annual premiums plus 10% of single premiums) after allowing for exceptional items.
Craig Errington, Wesleyan’s chief executive, says: “2007 has been a year of steady and successful growth for Wesleyan. As the general economic outlook remains uncertain, people will want to think carefully about where to invest their cash.
“Wesleyan’s financial strength underpins our success in the with-profits market; also as a mutual we are able to pass on any profits directly to our customers as there are no shareholders to consider.”
Other highlights of 2007 included the launch of Wesleyan for Lawyers, the development of an in-house SIPP and the introduction of a mutual rewards scheme with 86,000 members receiving a £100 cash voucher.
Errington comments: “The launch of a new distribution brand, Wesleyan for Lawyers, has opened up a new market for us and we are extremely pleased with the response from the Midlands legal community to the service.
“The response to the new SIPP has been promising and we have set ambitious targets for this product in 2008, which we feel confident that we can meet.”
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