Financial mutual Scottish Friendly has reported record sales of £47.7m - in terms of annual premium equivalent - for 2022.
Total sales increased from £46.9m in 2021 to £47.7m in 2022. Although sales of its own-brand investment ISAs decreased by 22% to £14.3m, protection insurance sales rose by 16% to £29.6m.
Overall assets under management decreased from £5.4bn to £4.5bn, reflecting the "challenging investment market during the year" and the combined impact of premiums received from policyholders and claims paid out.
Scottish Friendly members (customers with a qualifying policy) increased by 38,000 to 814,000 - with more than one million policies administered.
Chief executive Stephen McGee said: “As I celebrate my first anniversary, I want to thank my colleagues for the support I have received from across the business.
“Our ambition for Scottish Friendly is to be the UK’s leading mutual insurer, an ambition which is based around how it feels to work at Scottish Friendly, how we serve our purpose and the products and services we provide for our customers.
“We continue to live in uncertain times, with ongoing challenges facing the economy and the rising cost of living continuing to affect households and our customers, but as the economy begins to recover, we would expect both our new customer numbers and the amounts saved to grow.”
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