Ipswich-based Forces Mutual brand contributes to strong year for Police Mutual Group
PUBLISHED: 14:24 17 February 2017 | UPDATED: 14:24 17 February 2017
A specialist financial services provider for the police and armed forces communities, which has offices in Ipswich, has reported a year of strong growth.
Police Mutual Group, which includes the Police Mutual and Forces Mutual brands, said its total income grew by 27% during 2016, with new business up by 22%.
Besides year-on-year organic growth of 18%, new business also benefited from the enlarged Forces Mutual business resulting from the group’s acquisition of the Abacus Group in April 2016.
Abacus has now been combined with the Ipswich-based Forces Financial business, which Police Mutual acquired in 2014, and the Forces Insurance brand under a single identity as Forces Mutual.
Chief executive Stephen Mann said that, with member numbers now at a record level and strong growth being seens across all product lines, the group’s performance was benefitting from a “virtuous circle”.
“The stronger our financial performance, the more that can be given back in improving lives for our police and military affinities which in turn is leading to higher levels of advocacy which is leading to this strong performance,” he said.
“These are challenging times and supporting our members and customers remains at the heart of everything we do. Our results prove that you can both do the right thing and be a strong performing business.
“We recognise that it’s a tight environment for our members so our Regular Savings Plans (RSPs), which have no minimum, make saving accessible pretty much to everyone.”
More than 3,800 new members started the savings habit during 2016 and in total Police Mutual paid out £63.7m on maturing plans.
“Our focus in 2017 will be to continue this momentum,” added Mr Mann. “The group is now a very different business to seven or eight years ago.
“We have strengthened our operation for the next phase of growth, growth that will continue to enable us to focus on the wellbeing of our police and military affinities.”