2021 Annual Results

We are pleased to be able to report a strong set of financial results which is a testament to the strength of our mutual business model, to the hard work of our colleagues and to the value we provide to our members.

We continue to focus on providing the personal service expected of us which has been rewarded by a 78% increase in new business over the previous year. We know that our members value high quality service and this has been recognised by the number and quality of reviews received on almost a daily basis, the overwhelming majority of which rank us in the highest five star category.

We saw a significant rise in premium income compared with 2020 as new business recovered strongly from pandemic levels. The number of new members attracted to our ethical savings and investment products increased, as did the size of the average investment.

Financial highlights

£14.1 million premium income, 33% increase on 2020
£9.2 million invested in our Ethical ISAs and Investment Bonds, 61% increase
£186.5 million total assets, 8% increase
Management expenses 1.16% of mean assets (2020 1.06%)
155% capital cover ratio

The benefits of asset diversification achieved through a multi asset fund have again proved to be very important in 2021 and provided steady growth in fast moving and volatile markets.

We continue to focus on efficiency and our costs remained within budget even as we invested in the growth of our business. This will continue to be a key objective and our balance sheet strength and capital position means we are well positioned for the years ahead.

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