Police Mutual lays down the law on growth
LICHIELD-based financial group Police Mutual has followed its impressive 2013 trading results with further significant growth in 2014.
A dramatic growth in home and motor insurance new business income of 26% helped deliver an overall growth in new business income of 19% with growth achieved in all product lines.
Total income growth for 2014 was 15%.
The mutual, which has a 140 year history and today helps around 200,000 police officers, staff and their families with their finances, is run on a commercial but not-for-profit basis and provides a range of products and services across regular savings, investments, insurance, mortgages and healthcare.
The group now also includes the Forces Financial business, which was acquired in February 2014 as part of the R3 Group and which delivered an additional £7.5m gross income in 2014.
At the end of 2014, Police Mutual’s funds under management reached £884m, increasing from £840m at the start of the year .
Stephen Mann, chief executive of Police Mutual, said: “2014 was an exceptional year for Police Mutual, with records for new business broken again.
“Our investment in people, capability and in developing our members’ business continues to get results and the level of change successfully delivered last year sets us up well for 2015.”
