Life premiums written by UK mutuals grew 28.2% year-on-year in 2021, according to a joint report by International Cooperative and Mutual Insurance Federation (ICMIF) and the Association of Financial Mutuals (AFM).
The report showed total market life premiums rose 11% last year, based on Swiss Re data, with overall premiums growing 8.9% year-on-year. Total life premiums written by mutuals last year were recorded at £22.8 billion. The mutual market recorded total premium growth of 17.1% year-on-year, with non-life premiums rising 2.6%. The report noted that premium growth in 2021 was the strongest the total UK insurance market has recorded since 2018, before the onset of Covid-19. It also found the UK mutual sector's share of the overall UK insurance market rose to 7.9% in 2021, covering a ...
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