Wesleyan targets growth after another strong year

BIRMINGHAM-based Wesleyan Assurance Society has announced another year of strong growth.

The financial services firm has seen a 13% increase in new business sales to £47.9m, plus a 39% increase in pension product sales, a 25% increase in life and savings product sales and a 16% increase in profits product sales.

Income was boosted with a 16% increase in total premium income to £387m. There was also a 6% increase in General Insurance business.

Assets grew 8% to £5.2bn, while there was an 11.1% annual return on the main with profits fund and a 134.9% 10-year cumulative return on main with profits fund.

Craig Errington, Wesleyan’s Chief Executive, said: “I’m pleased to report another year of growth for Wesleyan as we reached record sales and income figures as well as assets under management. There was growth in each of our customer segments and within our General Insurance business and Bank.  

“2012 continues a trend of sustained growth for Wesleyan with new business sales showing a 74% increase since 2008, despite the faltering economy.  It was also a year of intense planning as we prepared for the introduction of the Retail Distribution Review (RDR).  In addition to delivering increased sales, our financial consultants also achieved pass rates that were 30% higher than the industry standard for the CII Level 4 exam, the required qualification under the RDR.  

“We have continued to invest in our workforce and increased the number of staff by 11% during the year.”

Bryan Jackson, Wesleyan’s chairman, said the firm was now focused on ambitious plans which would further grow the society.

“2013 will be an exciting year as we define the extent of that growth which will have at its root an unerring commitment to quality in everything we do,” he said.  

The firm said other highlights for 2012 included:
•    Continued development of Wesleyan’s product range with the launch of an enhanced investment service, a flexible drawdown option on pensions and a new Professional Indemnity Insurance broking service for solicitors
•    Continued expansion of Wesleyan for Lawyers’ sales force into Scotland and Northern Ireland as national roll-out is completed
•    Recruitment in to the Sales Relationship Centre completed with over 100 new jobs created over a two-year period