Our year in review

Creating brighter financial futures for the professions we all trust

Welcome to our year in review. Here you’ll find key information on our highlights for 2020. For more details on our performance, strategy, governance and remuneration, you can download our Performance Review below. 

Our purpose

Wesleyan Assurance Society has been helping people secure their financial futures for 180 years. Established during the Industrial Revolution, our original purpose was to help Birmingham’s factory workers save so that they had money for sickness and funeral expenses.

Over the years we’ve stood strong in an ever changing and often challenging world. We’ve survived two world wars, global depressions and the financial crisis of 2008. In 2020 we showed our resilience once more as we faced into the challenges arising from the Covid-19 pandemic. 

2020 highlights

Icon illustration value group operating

Group operating profit/loss*

Compared with £8.1m (restated) in 2019

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Total assets**

Actively managed or administered by (or on behalf of) the Group. Compared with £8bn in 2019

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Investment return boost

With Profits open fund boost through our Mutual Bonus payout. Compared with £28m in 2019

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Group Fund

For Future Appropriations, which represents our financial strength. Compared with £598m in 2019

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Sustainable business investment 

Invested in building a stronger business to benefit members and customers. Compared with £24.3m in 2019

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Wesleyan Foundation reward

Awarded by Wesleyan Foundation since its launch in 2017, supporting our customers and communities across the UK

* 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.

Q&A with Nathan Moss

Hear from Nathan, Wesleyan Chair, as he shares his thoughts on the extraordinary year that was 2020, sharing the highs and lows of navigating the Covid-19 pandemic.

See how Wesleyan faced the challenges of operating within a pandemic, providing dedicated support to key worker customers, while continuing to invest for long-term success.

2020 - The year of resilience

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”.

Our Covid-19 statement

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.

Read more

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.

     

  • In retirement

    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

Now more than ever, we’re dedicated to creating brighter financial futures for society’s most trusted professions. Read more about how Wesleyan Financial Services can support doctors, dentists and teachers. So they can focus on the vital work they do.

Doctors

We have a long-standing heritage of providing financial advice for medical professionals, including GPs and Hospital Doctors. We were selected by the Royal College of General Practitioners (RCGP) to be their exclusive financial advice provider. Whether you’re a student, a partner or a consultant, we can help with many areas of specialist planning, such as your NHS Pension Scheme.

Dentists

We have a strong reputation for our  expertise in the dental sector, whether your needs are personal or practice-related. Practice Plan, DPAS and Medenta are part of the Wesleyan Group and are market leaders in providing dental membership plans and business support.

Teachers

Designed to cater for the financial needs of the teaching profession, our expertise and experience, gained from working in conjunction with the NASUWT and other unions, enables us to assist you with everything from the Teachers’ Pension Scheme to retirement planning and investing.

Lawyers

We will no longer have a dedicated team of Financial Advisors supporting the legal profession but have refocused our finite resources where demand is greater. We will continue to support existing legal customers both now and in the future.

The mutual difference

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. 

You can read more about our mutual difference or explore the benefits of being a member.

Our strategy

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. 

See our strategy

Our governance 

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.

Non-financial information

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:

  • Employees
  • Environmental matters
  • Social matters
  • Respect for human rights
  • Anti-corruption and anti-bribery

Key documents