Cirencester friendly increased its net earned premiums by 11.2% to £11.4m last year.
And membership of the mutual society broke through the 30,000 barrier as it grew by 7.4% to 32,209.
The income protection specialist also reported positive net returns on investments of £1.2m for the year ending December 2009, despite what it called, "challenging and volatile market conditions."
Paul Hudson, chief executive of Cirencester friendly, suggested that the society's cautious risk-averse investment strategy had protected its members' capital.
"In these more uncertain and volatile times we focused on Gilts and Government backed bonds instead of equity investments," he says.
"As a mutual, our reason for being is to deliver on our promise to our members in two broad areas; primarily to be there for them when they need us the most, by protecting their income; and secondly to give them the opportunity to share in surpluses.
"In order to deliver on these undertakings we have to be careful guardians of the business in which our members invest," he adds.
The provider paid out 94% of claims eligible for consideration to the value of £2.6 million in sick pay benefit during 2009.
