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News Release - Mutuality Benefits Wesleyan Members in 2018

News Release - Mutuality Benefits Wesleyan Members in 2018

Wesleyan, the financial services specialist for doctors, dentists, teachers and lawyers has released its Annual Report and Accounts giving details of 2018 performance.

The mutual Society declared it a good year for members as they shared in the organisation's success. This included:

  • A 6.6%¹ increase in gross annual payouts to With Profits investors, outperforming equity and bond markets in 2018
  • £28m additional payment into the With Profits Open Fund to boost investment returns
  • £1.6m financial contribution to provide member discounts on selected insurance policies.

Wesleyan also retained its position as one of the financially strongest financial services organisations with £651m in the Group Fund for Future Appropriations, representing the excess of assets over liabilities and therefore the financial strength of the organisation.

In-year performance was mixed as the Society delivered a £10.6m operating profit (up from £8.0m for 2017) but saw a 12% fall in total premium income.

This was largely due to our financial advisers seeing fewer new customers than planned following the delayed implementation of a new internal IT system.

Wesleyan subsidiaries had a good year as Practice Plan and DPAS, the dental membership arms of the business, delivered £5.5m operating profit. Wesleyan Bank grew the assets on its balance sheet by 29%.

Wesleyan ended the year with £7.2bn* assets under management, reduced from £7.6bn in 2017 due to poor stock market performance.

Against this backdrop, Wesleyan's investment funds outperformed when compared to its benchmarks through a strategy of asset diversification and active management from the Society's Birmingham based team of investment experts.

Other highlights in 2018 included:

  • 97% of personal income protection claims were paid compared to an industry average of 87%**
  • +46 Net Promoter Score, representing how likely customers are to recommend an organisation, compared to the insurance sector average score of +13***
  • Hitting a major milestone with the Wesleyan Foundation, reaching £1million of grants awarded since its launch in May 2017, supporting over 300 projects UK wide
  • Launch of a children's book with all profits going to Partnership for Children, Wesleyan's chosen charity for 2017/18
  • Major steps taken towards creating a more inclusive and diverse culture

Craig Errington, Wesleyan's Group Chief Executive said: "2018 was a significant year for Wesleyan as we laid strong foundations for our future growth. We made important strides forward with some key strategic initiatives, although not everything went according to plan.

"We remain one of the financially strongest businesses in the industry and this has allowed us to provide additional financial benefits to our members as we have no shareholders to consider.

"As a business that keeps our customers at the fore of all we do, we were pleased to retain our customer satisfaction scores which reflect the reputation we have within our trusted professions.

"Having completed a full strategic review in 2018, we are confident in the strength and viability of our business model and know that there is ongoing demand for the products and services we provide. We therefore have good cause to face the future with confidence.

"We remain fully committed to our mutual status and will continue to work tirelessly to deliver the best long-term outcomes for members and customers whatever happens in the world around us."

To access Wesleyan's Year in Review website which includes full details of the Society's 2018 performance and video interviews with Chair Nathan Moss and Chief Financial Officer Ahmed Farooq, please visit

1This represents the change in cash-in value based on growth in investment from 1 January to 31 December 2018
*Group assets under management includes the assets of the pension scheme of £0.5bn (2017: £0.5bn) and WUTM assets under management of £0.1bn (2017: £0.2bn).**Association of British Insurers 2017 - figures published in 2018
***UKCSI Report January 2019

Past performance of investments is not an indication of future performance and the value of any investments can go down as well as up, meaning you could get back less than you put in.

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'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.

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© 2019 Wesleyan Assurance Society