Scotland business

Scottish Friendly reports record sales

Scottish Friendly chief executive Jim Galbraith Image copyright Scottish Friendly
Image caption Chief executive Jim Galbraith said 2016 had been "another fantastic year" for Scottish Friendly

Financial services group Scottish Friendly has reported a record year for sales.

The Glasgow-based financial mutual said sales rose by 33% to £33.9m in 2016.

It attributed the increase to improved sales of protection products and greater demand for investment ISAs.

Scottish Friendly said protection sales jumped by 54%, thanks to partnerships with brands such as Beagle Street, Sun Life, Smart Insurance and British Seniors Insurance Agency.

Meanwhile, investment sales rose by 15%.

'Fantastic year'

Scottish Friendly's new chief executive, Jim Galbraith, said: "2016 has been another fantastic year for Scottish Friendly, demonstrating the progress that a well-run mutual can make.

"Our strong sales have largely been led by white label outsourcing to key business partners and this is likely to continue as a growth area for us.

"The My ISA platform proposition developed in 2012 for our customers and business partners has also attracted healthy sales growth and we will add to this product suite in 2017 with our own approach to the Lifetime ISA being introduced from April."

He added: "Whilst Brexit has resulted in considerable volatility it has, of late, resulted in a strong surge in the UK stock market which has been great news for investors.

"Nonetheless, there is considerable uncertainty ahead as we approach notification of Article 50 and the US adjusts to a new presidency.

"While we are cautious about the prospects for 2017, we will carry on seeking out opportunities that will benefit our members and our partners and continue offering quality products and services."

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