Wesleyan Assurance Society has revealed a 19 per cent rise in new business sales despite the faltering economy.

The Birmingham-based mutual, which specialises in financial services for doctors, dentists, lawyers and teachers, saw overall new business sales rise to £36.5 million in the nine months to September 30.

Craig Errington, Wesleyan’s chief executive, said the firm had continued to show strong growth since the start of the credit crunch with a 48 per cent growth in total new business sales over the four year period from the end of September 2007 to the same period 2011.

He said: “In the face of continued economic uncertainty our customers are putting away money for a rainy day.

"The increase in sales of savings products indicates that they are looking for a safe place to invest and value Wesleyan’s track record of financial strength and investment performance.

“Many of our customers are also facing uncertainty in their professional life from changes in the NHS through to the Legal Services Act. The public sector pension review will also impact on a significant number of them.

"By ensuring we continue to understand the changes in their world we can provide the best service to support them.

“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.”

As well as the increase in new business, the Wesleyan also revealed a 54 per cent rise in life and savings products and a 23 per cent increase in ISA and unit trust sales.

The Wesleyan was handed the professional services award at the Birmingham Post Business Awards last month and Mr Errington was named the Institute of Directors’ Director of the Year in September.

Its chairman Bryan Jackson said: “Wesleyan has always taken a prudent approach to managing the business and we have grown in an organic way while keeping a close eye on costs.

“We take seriously our commitment to customers and staff and we are benefitting from their loyalty to us.”

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