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Wesleyan Assets Under Management continue to grow to record levels

Wesleyan, the mutual financial services provider for doctors, dentists, lawyers and teachers today announced its 2014 results.

Performance Overview
  • Society total operating profit of £40.3m (2013: £30.5m) +32%
  • Society new business sales on an APV basis of £42.2m (2013: £41.6m) +1.4%
  • £316m total gross premium income (2013: £297m) +6.4%
  • Assets under management now stand at a record £6bn (2013: £5.6bn) +6.5%
  • 6.0% gross return on main with profits fund (2013: 15.7%)
  • 110.3% cumulative investment return on main with profits fund over 10 years
  • +59 net promoter score (2013: +53)

Craig Errington, Wesleyan's Chief Executive said: "We are pleased to report that 2014 was a year of growth for Wesleyan. Like many others in the industry we saw a change to anticipated product sales as a result of the Chancellor's 2014 budget. ISA premiums increased by over 60% as people sought to take advantage of the increase in the allowance. 

"Sales of annuities on the other hand dropped by almost one third as people delayed purchase while waiting to learn more about the new pension regulations.

"It was pleasing to see an increase in income of 8% from our General Insurance business, while the Bank grew its commercial loan book by 16% as these were areas where we are looking for growth.  Practice Plan, which we acquired in 2013 has also performed above expectation since joining the Group and was 10% ahead of its profit target at year end.

"Clearly we are in business to serve our customers and we were particularly pleased to see an increase in our net promoter score to +59. This represents the likelihood of people to recommend Wesleyan and it is higher than that of many others in our industry.

"2014 was a challenging year as we began laying the foundations for our growth activity.  We made a huge investment in our infrastructure and introduced three new IT systems that will result in improved customer service and deliver cost savings in the long term."

Wesleyan Chairman Bryan Jackson CBE said: "We remain confident that we can achieve further growth in 2015, both through increased activity within our chosen customer markets and also through strategic acquisition. We have recently acquired Syscap Holdings Ltd, a move designed to strengthen our position in the short term loans market and extend the range of commercial services we can offer our customers.

"We are proud of our mutual heritage and believe it will continue to serve our customers well.

We are committed to developing our engagement with members and ensuring they continue to benefit from being part of a financially strong mutual."

Other highlights for 2014 included:
  • Wesleyan's with profits fund was awarded 10/10 in an independent survey by Cazalet Consulting - the only life office to have achieved this rating for ten consecutive years
  • 88% of customers rated Wesleyan 8, 9 or 10/10 for a positive customer experience
  • Awards included Quality Service Provider (Institute of Customer Services Awards); UK Insurance Company of the Year (ACQ awards) and an Employer Star Award for the apprenticeship scheme (Birmingham Metropolitan College)
  • Over £165,000 was raised for Birmingham Children's Hospital, Wesleyan's staff charity bringing the total to over £250,000 over two years
  • 12 new apprentices hired bringing the total number of apprentices since 2010 to 46
  • Wesleyan was awarded the Birmingham Business Charter for Social Responsibility in recognition of its work boosting the local economy through support to the local supply chain, creation of job opportunities and ensuring employees are paid a fair wage.

'WESLEYAN’ is a trading name of the Wesleyan Group of companies.

Wesleyan Assurance Society and Wesleyan Bank Ltd are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Wesleyan Financial Services Ltd, Wesleyan Unit Trust Managers Ltd, Practice Plan Ltd and DPAS Ltd are authorised and regulated by the Financial Conduct Authority.  Advice about investments, insurance and mortgages is provided by Wesleyan Financial Services Ltd.

Click for more information about the Wesleyan group of companies.

© 2018 Wesleyan Assurance Society