AFM reports 7.5% mutual income growth for 2018
Income passed £1bn
'It’s clear evidence that consumers continue to have more trust in mutuals and recognise they offer better value for money,' Martin Shaw, AFM CEO
Most significant rates of growth from The Military Mutual, Shepherds Friendly and Metfriendly
Members of the Association of Financial Mutuals (AFM) saw income reach £1,075m during 2018 - an increase of 7.5%. This is despite the UK insurance sector showing negligible growth overall of less than 1%, according to Swiss Re's sigma report, and government data indicating that UK household spending on insurance fell 9% last year. Between them AFM members now have around 8.3 million policyholders and £687m worth of claims and other benefits were paid out in 2018 - nearly £2m a day. Year-end...
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