ICMIF member Sheffield Mutual Friendly Society (UK) has declared its results for 2023, showing a positive investment return on its with-profits fund of 9.0% and paying out a record profit share of over GBP 5.1m to members.
2023 business & financial highlights:
- Asset base increased to a record GBP 215 million
- Total number of traditional policies increased to 19,002
- 94% of members are likely to recommend us to a friend or relative
Sheffield Mutual says it has continued to differentiate itself from banks and building societies by providing a friendly, personalised service, as highlighted by receiving a 95% satisfaction score, based on member satisfaction surveys which get sent with new policies.
The Society aims to offer a stable bonus rate year on year, aiming for better returns than variable and fixed rate cash products over the longer term by smoothing out investment performance.
The Society was able to offer a record payout to members and declare competitive rates across its product range.
Commenting on the results, Jamie Bellamy (pictured), Chief Executive, said: “The steadily rising Bank of England base rate understandably increased competitive pressure within the sector to raise savings rates. Indeed, we have been monitoring market rates and seen some providers use aggressive strategies to bring in new business. We also raised our bonus rates during the year, but our ultimate aim is to ensure that our members receive 100% of their fair share of the pooled with-profits fund boosted by final bonuses.”
