ENGAGE Mutual has recorded its best ever year end results, finishing 2010 with a surplus of £36 million.
The Harrogate-based friendly society, which provides life insurance, savings and health cash plan products, said it had grown customers by 7 per cent to nearly 470,000, mainly by two acquisitions, which accounted to three quarters of this growth.
The acquisition of healthcare provider, PHSA nearly doubled the premium income of Engage Mutual’s health business, adding £1.5 million a year, and 7,000 new customers.
And buying part of the long term insurance business of Ecclesiastical Life Limited (ELL) added more than 15,000 new customers and £270 million of assets.
Its health business, launched in 2008, also achieved its first operating profit.
Gross premiums for the year were £61 million, a 15 per cent rise on 2009, net of reinsurance.
Its assets under management increased by 52 per cent to £946 million.
The mutual said it had also increased capital to more than three times the regulatory capital requirement.
Chief executive, Andrew Haigh, said: “Solid growth, backed by two successful transactions meant that, despite wider economic uncertainties, we concluded the year in a position of significant financial strength.”
The mutual paid out more than £75 million in life insurance claims, healthcare benefits and maturing savings and investments to its customers.
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules here