The mutual insurer said sales of income protection and accident only income protection increased by 81% and 53% in the year ending 31 December 2024.
It added that new sales across all the friendly society’s products have more than doubled since 2021.
National Friendly also reported a 12% increase in new business annual premium equivalent over the year, reflecting its continued success in delivering valuable protection solutions.
The trading update, published today (18 February), showed that the mutual society has strengthened its distribution network, reporting a 47% rise in active firms offering its policies.
This is driven by deeper engagement with advisers and networks, it said.
The firm said it has maintained, as part of its growth strategy, an impressive record of claims and service excellence in 2024.
It noted that 97% of all claims were paid out within its three-day published service-level agreement last year.
It added that it’s committed to protecting members during life’s most challenging moments.
Graham Singleton, Chief Executive of 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.”
“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.”
“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.”
First appeared: https://www.moneymarketing.co.uk/news/national-friendly-reports-rise-in-income-protection-sales/
