It has reported an 81% increase in income protection sales; it also saw a 53% increase in accident only income protection in 2024. The provider also reported that new sales across the society's products had more than doubled since 2021.
National Friendly also recorded a 12% increase in new business annual premium equivalent over 2024, alongside a 47% rise in active firms offering its policies.
The society detailed that its Friendly Shield launch, accident only income protection enhancement, reduced income protection questions and value-added benefits were key reasons for its success across 2024.
Friendly Shield launched last year; it offers non-underwritten cover that is "especially important to brokers with mortgage and renter clients", according to Singleton.
Graham Singleton, Chief Executive, National Friendly, said, "2024 has been another exceptional year for National Friendly. Our strong performance reflects the dedication of our teams, the trust placed in us by our members, and our close partnerships with advisers and networks."
When it comes to claims, the friendly society said it paid out 97% of all claims within its three-day published service-level agreement.
Singleton said, "Our purpose has always been to provide peace of mind through the provision of affordable insurance solutions to as many families as we can, and these results affirm that we're delivering on that promise."
Earlier in 2025 it added sickness cover to its Friendly Shield product; it now offers both an income and hospital benefit under the sickness option. There are no medical questions when adding the sickness cover; instead, there will be a ‘yes' or ‘no' option as to whether sickness cover is to be added.
Singleton concluded, "Over the past year, we've also worked hard to broaden our product offering and enhance our service levels, ensuring we continue to meet the evolving needs of those most in need of insurance solutions.”
"The economic uncertainty faced by many UK households highlights the importance of accessible and affordable protection."
First appeared: https://www.covermagazine.co.uk/news/4408820/increase-ip-sales-national-friendly
