At today’s AGM, Wesleyan Assurance Society, the financial services specialist for doctors, dentists, lawyers and teachers provided a review of 2007 and announced the appointment of two new-non executive directors to its Board – Derek Zissman FCA and Andrew Doman.

The Society also took the opportunity to assure members of its sound investment policy and continuing financial strength.

Chief Executive Craig Errington said, “The Society’s financial strength provides existing and potential customers with the comfort of knowing that even in the most volatile of market conditions, such as those seen in the early 2000s and over the last few months, we have adequate financial resources to maintain the course we have set.

“Our financial strength has allowed us to maintain a high level of equities in our With Profits fund. We believe that this remains the right long-term investment option for our policyholders.”

2007 Overview
Wesleyan reported another year of solid growth, despite the volatile investment conditions of 2007. Some of the highlights noted at the AGM and in the Report and Accounts include:

Market leading payouts for customers. Payouts on 25 year endowments 11% better than the nearest competitor and 43% better than average. The Guaranteed Growth Bond showed a return of 165%;

22% increase in sales of the Society products (excluding annuities);

Five year cumulative investment return of 96.5% on the With Profits fund;

Wesleyan’s continued position as the financially strongest with profits insurer in the UK. For the fourth year running, the Society has been awarded a 10-out-of-10 rating from Cazalet Consulting, the leading independent industry analyst.

Ambitious growth of the Sales Force to meet the demand for products and services;

The introduction of a new state-of-the-art customer service system that uses new technology and will further improve the Society’s ability to provide holistic financial planning;

The extension of Wesleyan’s affinity-based focus to include lawyers. Wesleyan for Lawyers, a new brand launched in the West Midlands in 2007, will extend to other parts of the UK over 2008;

Winner in the category for “Most Effective Customer Segmentation Strategy” at the ifs Financial Innovation awards;

The development of an in-house Self Invested Personal Pension (SIPP) and a new proposition for Inheritance Tax Planning;

The planned extension of the Mutual Rewards Scheme, launched in 2007;

Awarded the exclusive rights to offer personal loans to 200,000 members of the National Association of Schoolmasters Union of Women Teachers (NASUWT) and to offer specific general insurance products to 120,000 members of the Royal Institution of Chartered Surveyors (RICS).

Commenting on the results, Craig Errington, Chief Executive, said, “2007 was a year of advancement and focus for Wesleyan. Given the current state of the world economy it is clear that we will face challenges in the year ahead.

However I am confident that given the depth and strength of the Board and the commitment of our staff, we are well placed to rise to these challenges and build on the hard work put in place last year in the interests of our members and policyholders.”

Board Appointments
Wesleyan announced the appointment of two highly-respected business figures to its non-executive Board of Directors. Derek Zissman FCA who has recently retired from his role as Vice Chairman of KPMG LLP, joins the Board following the Society’s AGM today (9 May). Andrew Doman, Director of McKinsey & Co, in London will take his place on 1 July 2008.

Lowry Maclean, Wesleyan Chairman welcomed the new non-executive directors saying, “It is a tremendous pleasure to have business leaders of Derek and Andrew’s experience and calibre join us at Wesleyan.

Derek brings with him skills and experience that will be of great benefit to us as we aim to become the financial services provider of choice in the professional markets we serve.

Andrew’s vast experience and wide knowledge of our business sector and the challenges it faces, will be very important to us as we further develop and grow our affinity-based strategy.”

Mr Maclean also thanked Michael Christophers FIA, who retired after 10 years on the Board.

A pdf of the full Report and Accounts is available online.

For more information and interviews please contact:

Bernadette Bogan or Navdeep Bhatti 0121 200 9609
Wesleyan Press Office press@wesleyan.co.uk

Sophie Hull 0207 404 9660
Vanbrugh Communications

Notes to Editors:
Wesleyan Assurance Society, founded in 1841, is a mutual organisation. Its core values are Insight, Performance and Trust.

Wesleyan offers specialist financial advice to hospital doctors, GPs, dentists, teachers and lawyers through its principal distribution brands Wesleyan Medical Sickness, Wesleyan for Teachers and Wesleyan for Lawyers.

The Wesleyan Group has in excess of £4 billion of funds under management as at 31 December 2007.

In August 2005 Wesleyan announced that all mortgage endowment policies issued by Wesleyan Assurance Society were guaranteed to pay the original loan in full.

Wesleyan’s pensions With Profits fund was ranked the top with profits performer for single premiums invested over five and ten years in the most recent Money Management Individual Pensions survey (March 2008).

In addition the Wesleyan Pensions Managed Fund appeared in the top five performers for single premiums invested over 10 and 15 year periods in the Balanced Managed Fund category.

Wesleyan came first for realistic free asset ratio (the most significant measure of financial strength for With Profit insurers) in the most recent Ernst & Young review of UK Life Insurance Companies.

Wesleyan is one of only four UK life companies to receive a rating of Excellent for Financial Strength by A.M Best, a global credit rating organisation.