Investment return boost
Sustainable business investment
Wesleyan Foundation reward
* The definition of Operating Profit has been revised at full year 2020 to exclude the impact of long-term actuarial experience assumptions. The revised definition reflects the profits generated from the core business. It is aligned to the way management measures performance of the business and is therefore consistent with staff incentive schemes. The 2019 KPI has been restated on this basis for comparison.
** The total assets actively managed or administered by, or on behalf of, the Group.
In 2020 we showed our resilience once more as we faced into the challenges arising from the Covid-19 pandemic. We’ve remained a financially strong business over the years and this has allowed us to take a long-term view. We don’t let short-term events derail our plans; instead, we stay focused on what will deliver the best outcomes for our members and customers in the future.
Our mutual status is as important to us today as it was to our founders. As a mutual, we don’t have shareholders to satisfy so we can work to benefit those who invest in our business - our customers and members. That is why we say, “we are all about you”.
As Covid-19 spread across the world, we took steps to prepare for any impact on our business. In early February 2020, we set up a Silver Command Team, mirroring the approach taken by the emergency services in major event planning.
Our team of key people from around the business met twice a week initially, to lead us through the fast-paced events as they unfolded. They made sure we could continue to provide key services to our customers, many of whom were playing an active role in managing the impact of Covid-19, while also protecting the health and wellbeing of our colleagues and their families.
Supporting you whatever stage you’re at in life
Starting your career
Through university, graduation and transitioning into working life:
- Financial education programme: The Next Step
- Student income protection
- Savings options
Buying a home and starting a family
Putting down roots, stepping on the property ladder and growing your family:
- Saving for a deposit
- Mortgage advice
- Saving for you and your family’s future
- Protecting your income and home
Starting and growing a business
Whether you’re starting your own business, becoming a partner or buying a practice:
- Commercial funding range including loans and asset finance
- Commercial protection and insurance options
Building your wealth
Save and plan for your family’s future:
- Range of saving and investment products
- Buy to let mortgage advice* and landlord insurance
- Starting a pension
- Retirement planning advice support by our specialist knowledge of occupational pension schemes
* Most buy to let mortgages are not regulated by the Financial Conduct Authority.
Make sure you have a comfortable retirement and that inheritance affairs are in order:
- A range of retirement options including flexible access drawdown and annuities
- Inheritance tax planning and capital gains tax planning
Inheritance tax planning is not regulated by the Financial Conduct Authority.
We’re all about you
Wesleyan Assurance Society have shareholders. As a mutual, we work only to benefit those who invest in our business – our customers and members.
As we celebrate 180 years of Wesleyan, we remain committed to our mutual status. It sets us apart from other financial services companies. It also shapes the way we operate as a business, putting members first while caring for our people and our communities.
In 2020, the impact of the coronavirus pandemic was felt by both the business and our customers.
To make sure we continued to serve our customers the best we can, we reviewed our strategy, business model, customer segmentation and future direction. Considering the impact of the pandemic on our customers’ personal and professional lives, we looked at how our business needed to evolve.
The Society aims to meet the highest standards of corporate governance. For all our customers and policyholders, the Board has chosen to adopt the UK Corporate Governance Code.
To learn more about our Senior Leadership Team, the Board of Directors and the Directors’ Remuneration Report, see our Governance Report.
We comply with the non-financial reporting requirements contained in sections 414CA and 414CB of the Companies Act 2006.
Read more about the initiatives we’ve taken in these key areas:
- Environmental matters
- Social matters
- Respect for human rights
- Anti-corruption and anti-bribery