The mutual and cooperative business model emphasises shared prosperity, measuring success through the collective well-being of customers and stakeholders rather than solely financial gains. A key principle is profit sharing, where mutual/cooperative insurers distribute financial successes to members/policyholders, contrasting with stock-owned insurers who share profits with external shareholders. ICMIF members demonstrate their commitment through various profit-sharing initiatives, fostering ownership and belonging among policyholders. Examples include cashback days, with-profits funds, dividend payments, policy enhancements, refunds, special discounts, loyalty bonuses, and boosts to retirement savings, highlighting the sector’s values of cooperation, transparency, and inclusivity.

One key principle of the mutual and cooperative business model exemplifies the ethos of shared prosperity, where success is not measured solely by financial gains but also by the collective well-being of customers and stakeholders.

At the heart of this commitment for many mutual/cooperative insurers lies the practice of profit sharing, where financial successes of the business are shared with members/policyholders. This provides a clear example of mutual differentiation and contrasts with stock-owned insurers who instead share any annual profits with external shareholders…