Mutual Wesleyan's total operating profit for 2014 was up 32% at £40.3m the mutual has reported.
New business sales on an annual premium value (new annual regular premiums and 10% of single premiums) were up 1.4% to £42.2m.
The mutual also saw an increase in total gross premium income to £316m, an increase of 6.4%.
Wesleyan is a mutual which provides financial services, including protection policies, for doctors, dentists, lawyers and teachers.
Craig Errington, chief executive of Wesleyan, said: "2014 was a challenging year as we began laying the foundations for our growth activity.
"We made a huge investment in our infrastructure and introduced three new IT systems that will result in improved customer service and deliver cost savings in the long term."
Bryan Jackson CBE, chairman of Wesleyan, said: "We remain confident that we can achieve further growth in 2015, both through increased activity within our chosen customer markets and also through strategic acquisition.
"We have recently acquired Syscap Holdings Ltd, a move designed to strengthen our position in the short term loans market and extend the range of commercial services we can offer our customers.
"We are proud of our mutual heritage and believe it will continue to serve our customers well. We are committed to developing our engagement with members and ensuring they continue to benefit from being part of a financially strong mutual."