Record membership benefitting from Mutual growth

Policing’s specialist financial services provider is doing “more than ever” for the police family, its latest year-end figures reveal. Police Mutual Group, which includes the Police Mutual and Forces Mutual brands, has seen another 12 months of “very strong growth” – with record membership levels. The group, with offices in Lichfield, Liverpool and Ipswich, saw total income increase by 27 per cent during 2016, with new business up by 22 per cent. Besides year-on-year organic growth of 18 per cent, new business also benefited from the enlarged Forces Mutual business resulting from the acquisition of the Abacus Group last April. Abacus has now been combined with the Forces Financial business, which Police Mutual acquired in 2014, and the Forces Insurance brand under a single identity as Forces Mutual. Chief Executive Stephen Mann said that, with member numbers now at a record level and strong growth being seen across all product lines, the group’s performance was benefitting from a “virtuous circle”. “The stronger our financial performance, the more that can be given back in improving lives for our police and military affinities which in turn is leading to higher levels of advocacy which is leading to this strong performance,” he said. “These are challenging times and supporting our members and customers remains at the heart of everything we do. Our results prove that you can both do the right thing and be a strong performing business. “We recognise that it is a tight environment for our members so our Regular Savings Plans, which have no minimum, make saving accessible pretty much to everyone.” More than 3,800 new members started the savings habit during 2016 and in total Police Mutual paid out £63.7 million on maturing plans. 2016 saw the launch of Police Mutual’s new stocks and shares Options ISA with over £43 million invested, including eight fixed-term ISA offers. “Our focus in 2017 will be to continue this momentum,” added Mr Mann. “The group is now a very different business to seven or eight years ago. “We have strengthened our operation for the next phase of growth, growth that will continue to enable us to focus on the wellbeing of our police and military affinities.” Police Mutual’s products and services for the police family include savings and investment products with built-in guarantees, value-for-money insurance, first-class healthcare and advice on finding a mortgage. Today, more than 210,000 members trust Police Mutual with their finances. With no shareholders, the group is run commercially, yet not-for-profit, for the benefit of its members and the police service.