Friendly society rises two places to become sixth biggest income protection provider
Holloway Friendly witnessed an increase of 82% in new business and 40% growth in net membership during 2019, its yearly figures show.
The mutual's annual report shows that it increased its membership to more than 25,000 last year and its new business - based on annual premium income - grew by more than £3.4m.
On top of this, this year's Term and Health Watch (Swiss Re) showed that Holloway Friendly moved two places to reach sixth place in the income protection market, with a market share of 5.5%.
In 2019 the mutual paid out 94% of claims, totalling £2.4m, a 60% increase in benefit. It also issued a 'transparent' claims report in January.
Last year also saw the launch of Kaleidoscope, Holloway Friendly's web-based CPD-accredited income protection learning tool for advisers.
Stuart Tragheim, CEO at Holloway Friendly, said: "2019 was an absolutely fantastic year for our members, colleagues and supporting intermediary partners. Our results truly speak for themselves and I could not be more proud of the team for the hard work they've put in to get us here. We have now completed over three years of our transformation project, which has seen a vast amount of change across the society, particularly in underwriting, claims and servicing and our brand."
He continued: "George Holloway had a vision which was to make sure that people can continue their way of life even if they are too sick to work due to illness or injury. We're very proud of our heritage and know that by continuing to modernise our processes and practices, providing a more efficient, yet personalised, approach for advisers and our members, and an inclusive approach to underwriting, we can keep true to George's vision from 145 years ago. Our journey to modernise our Society and build a strong, recognisable brand is part of our continued commitment to the market and keeping our members lives colourful."
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