Wesleyan Assurance Society has announced record new business sales after bringing in an extra £24 million in the first half of the year.
The Birmingham-based mutual reported a 12 per cent increase in new business sales in the six months to the end of June, including a 39 per cent increase in pension product sales and an 18 per cent rise in life and savings product revenue.
These come on the back of strong year-on-year growth and new business sales have increased by 75 per cent since the same period in 2007 – the start of the financial crisis.
Wesleyan chief executive Craig Errington said: “Despite the ongoing economic uncertainty Wesleyan has continued to perform well. We have seen a significant increase in sales of pension products driven by the continuing focus and ongoing debate on public sector pension reforms and changes to pensions’ tax legislation.
“In addition customers also recognise us as a safe home for their long term savings. We have proven financial strength, a track record of strong investment performance and as a mutual we put our customers at the heart of everything we do.”
Wesleyan provides specialist financial services and products for professional customers, primarily doctors, dentists, teachers and lawyers.
Wesleyan’s Chairman Bryan Jackson CBE added: “Our aim is to continue driving the business forward in a prudent and sustainable way to benefit our customers and staff.
“We believe that our business model, offering tailored financial services and products supported by sales teams who have a real understanding of their customers’ professional lives, has put us in strong position especially compared to many other providers.”
The Wesleyan has posted rising sales for the last seven years, including a 21 per cent increase in the 2011 calendar year which saw £42.5 million worth of new business sales.
The rise meant the mutual took on an additional 130 members of staff last year, largely in Birmingham.
It now employs nearly 1,100 people, which represents the most since it was restructured in 2005 to concentrate on key professional groups.
It has total assets of £4.8 billion at the end of the last financial year.
