- gross new business premiums for life funds increased by 41%
- gross premiums written for life funds increased by nearly 11% to more than £38million
- customer base increased by 9% to more than 380,000 through new business growth
- total funds managed increased to more than £678m (total assets under management for life funds and our Open Ended Investment Company (OEIC) subsidiary via Engage Mutual Funds Limited (EMFL).
engage Mutual Assurance has announced gross new business life premiums growth of 41% in its year end results for 2007, reporting an increase in both customers and funds under management, whilst still maintaining a tight control over expenses.
In addition, over the past 12 months engage has again paid out more than £73m to its existing customers through life cover claims and investment maturities.
Growth in the Child Trust Fund (through EMFL) has continued and engage has maintained a strong share of the Over 50s guaranteed acceptance life cover market.
The business saw a substantial increase in with profit sales in 2007 and intends to invest further in the growth and development of the with profits fund in 2008.
Andrew Haigh, Chief Executive of engage Mutual Assurance said:
“2007 was our third year of trading as engage Mutual Assurance and we are pleased to announce continued business growth, with an increase in both our customer base and new business premiums during what has been a volatile year for the financial services sector.
Our investment in brand, product and distribution is already realising returns in the shape of new customers, growing new business premiums and sustained cost efficiency. Our focus continues to be to provide simple, value for money products and services that families can trust and our results show that we are doing just that.”
Engage Mutual Assurance can be contacted on 0800 169 4321 or by visitingwww.engagemutual.com
notes to Editors:
1. engage Mutual Assurance is a trading style of Homeowners Friendly Society (HFSL) and it’s wholly-owned subsidiary engageMutual Funds Limited (EMFL).
2. engage Mutual Funds Limited (EMFL) is the provider of the engage Child Trust Fund
3. engage supports mutuality, friendly societies and the regional financial services industry through links with the Association of Mutual Insurers, the Association of Friendly Societies, Mutuo and Leeds Financial Services Initiative.
4. Established in 1980, Homeowners Friendly Society Limited (HFSL) is Registered and Incorporated under the Friendly Societies Act 1992, Reg.No.964F, it’s wholly owned subsidiary engage Mutual Funds Limited (eMFL) is Registered in England No 3224780. Both are authorised and regulated by the Financial Services Authority (FSA).
5. Homeowners Friendly Society Limited’s FSA Register number is 110072 and engage Mutual Funds Limited’s FSA Register number is 181487. You can check this on the FSA’s Register by visiting the FSA’s website www.fsa.gov.uk/register or by contacting the FSA on 0845 606 1234