AFM reports 7.5% mutual income growth for 2018

Income passed £1bn

Adam Saville
clock • 1 min read

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 results show that general insurance premiums grew most rapidly for AFM members, up to £261, ...

To continue reading this article...

Join COVER for free

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

More on Individual Protection

Females hit harder on mortgage payments: LifeSearch

Females hit harder on mortgage payments: LifeSearch

Around 55% had protection cover

Jaskeet Briah
clock 08 July 2025 • 2 min read
Young workers desire protection against job loss to AI

Young workers desire protection against job loss to AI

Gen Z most likely to purchase this cover

Jaskeet Briah
clock 04 July 2025 • 1 min read
Parents at financial risk due to childcare

Parents at financial risk due to childcare

MetLife research findings

Jaskeet Briah
clock 01 July 2025 • 1 min read