Income protection provider PG Mutual has reported a ‘record increase' in new business for 2013, as the mutual sector has experienced growth during the recession.
New business applications were up by 209% and new members up by 220% compared to the first half of 2012.
An increase of 179% in new business enquiries has also been reported, compared to last year where the company increased new business enquiries by 126%, and new members by 62%.
Mike Perry, chief executive of PG Mutual said: "We are delighted that our Society keeps on growing, especially given the current climate and the situation many of our larger, commercial competitors find themselves in.
"We are also pleased to see the sector growing as a whole - the more awareness that can be generated around the benefits of mutuality, the better for everyone."