FCA and PRA release mutual landscape report

The report recognises the importance of financial mutuals in the market and splits its focus among building societies, credit unions and mutual insurers. The report highlights that, whilst the mutual insurance sector has been stable at 5%-6% of total premiums over the last decade, the number of mutual insurers has declined from 154 in 2025 to 100 in 2024. The three largest insurance mutuals accounted for 84% of the sector's assets. Ewen Tweedie, actuarial director, Broadstone, said: "The FCA's proposals to galvanise and support the growth of mutuals are aimed at achieving the Gover...