ENGAGE Mutual, the Harrogate-based mutual friendly society, has announced its best year-end results.

A year of sustained growth across key business areas, underpinned by a number of highly successful acquisitions for the customer-owned business, meant group assets soared by 52 per cent to £946 million; the mutual’s capital strength swelled threefold; and its health business start-up, launched in 2008, recorded its first operating profit Andrew Haigh, chief executive of the mutual, which helps families provide for their financial needs with life insurance, savings and health cash plan products, 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.”

Customers increased by seven per cent to nearly 470,000 for 2010. Contributing to the growth were acquisitions of healthcare provider, PHSA and part of the long-term insurance business of Ecclesiastical Life Limited.

The mutual also paid out more than £75 million in life insurance claims, health-care benefits and maturing savings and investments to its customers.