Sheffield Mutual Friendly Society delivers strong performance is well positioned to deal with volatility Yorkshire News

In 2021, the mutual’s total assets increased by 13% to £206m and premium income received increased by 21% to £21.7m.

During the year, its traditional membership grew 3% to 12,627. Including the Child Trust Fund, the society now has more than 81,000 policies and accounts.

In a statement, the mutual said: “Despite a second year of the pandemic, 2021 was a highly successful year for the partnership. The Sheffield Mutual team continued to provide excellent service, as highlighted by receiving a satisfaction score of 95% and growth in income from membership and premiums.

“The company has retained a strong financial foundation and has maintained a healthy solvency coverage of 165% of the statutory solvency capital requirement. At the end of 2021, Sheffield Mutual has also appointed an outsourced investment manager to improve asset diversification and managers, increase dynamism to manage downside risks and aim to deliver better returns for our members.

Commenting on the results, Jamie Bellamy, Chief Executive Officer, said: “I am extremely proud of the Sheffield Mutual team’s efforts during the various restrictions in 2021 and continuing to provide a world-class service to our members.

“We’re heading into investment uncertainty again, given cost of living increases, base rate increases and the dire events unfolding in Ukraine, but I’m confident we’re well placed to weather any volatility, as outlined.” demonstrated in recent years.”

Sheffield Mutual is a member-owned mutual society that was founded in 1892. It offers a range of mainly tax-exempt life insurance-based savings and investment plans within a traditional benefit-bearing fund, from its base at the society’s head office near Barnsley.