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OneFamily eyes the future after transformational 2015 results

Posted in: Corporate Last updated: 18 May 2016

OneFamily, created out of last year’s successful merger between Family Investments and Engage Mutual, has posted transformational Annual Results for 2015 ahead of its AGM this week.  CEO Simon Markey says it marks an important step in the financial mutual’s journey towards creating a truly unique consumer offer.

With more than a quarter of the UK population feeling that plc banks and other larger players in the market simply do not provide the products and services they need1, OneFamily has set out its mission to provide the products and services to enable families to work together to meet the financial demands of modern life.

OneFamily entered the growing lifetime mortgage market earlier this month, with two new products extending consumer choice and bringing renewed competition to the equity release market, the first step in its goal to bring a wider range of customer-led products to the market.

Commenting on the 2015 results, Simon Markey said:

“The financial results we’ve announced for year-ending 2015 show that we have already taken significant strides on our journey towards creating a Modern Mutual, delivering a substantial increase in financial strength and retained earnings per member, as well as improved operating efficiency and new business sales.

“The financial results we’ve announced for year-ending 2015 show that we have already taken significant strides on our journey towards creating a Modern Mutual."

“This model of the Modern Mutual is our ultimate goal, enabling us to realise our ambition to shake up the financial services sector with a truly unique consumer offer.  Our Lifetime Mortgage product suite is an important marker in this journey, having already been rightly recognised by industry commentators for their innovative features and competitive pricing.  But it is just one of a number of strategic initiatives set to come from OneFamily over the next few years”.

Highlights of the OneFamily 2015 Annual Results:

  • Nearly two million members
  • Funds under management significantly increased to more than £7bn representing 37% growth
  • Retained earnings increased threefold from £46m to £151m, now equivalent to £77 per member
  • 182,000 new products sold represents an increase of 60% on total sales achieved by the two pre-merged Societies in 2014
  • Operating efficiency ratio improved from 0.38% in 2014 to 0.36% in 2015

Simon Markey added: “Despite difficult economic circumstances and a complex regulatory environment, our results show that putting our customers first and building a business around their needs, not those of shareholders, can deliver both happier customers and commercial success.”

In addition to increased sales and growth over the past 12 months, the company has also set up the OneFamily Foundation, where members along with their families, friends and local communities have already benefited from more than half a million pounds paid to them through Personal Grants and Community Awards.  OneFamily aspires to make £5 million available to members through the OneFamily Foundation over five years.

1 Research by YouGov Plc. Sample size 2,218 GB adults. Research undertaken between 20-21 January 2015.