Leading UK Income Protection Insurance Provider’s Record Results Show People are Seeing the Benefit
Leading UK income protection insurance provider’s record results show people are seeing the benefit of protecting their income…
Income protection insurance specialists, PG Mutual, are once again pleased to announce another year of record results for the mutual Society. The results highlight that people are thinking seriously and strategically about their financial situation and the impact a loss of income could have on their family and lifestyle. PG Mutual’s growth is impressive with increases in new members, premiums and the Society’s balance sheet.
2014 saw premiums increase by 3.8% and total policies increase by 3% compared with 2013. The Society also saw a 4.7% increase in their balance sheet, bringing it to a new record of almost £37m. The strong performance of the Society enabled it to declare a 3% interest rate to its members and a 25% terminal bonus. The Society is also pleased to report that over the past three years they have maintained a high level of claims payments at 97%.
PG Mutual’s Chief Executive Officer, Mike Perry, said, “As with every year, the PG Mutual team has worked really hard to improve on the previous year’s performance, and once again I am delighted we have achieved it. We have spent the past year concentrating on improving processes and services. We are especially proud of our new member benefits scheme, giving our members best value deals and discounts on a wide range of products and services from well-known high street brands.
“What is most satisfying is seeing the growth in our membership and realising our message is getting through, that income protection is not an afterthought, it is an essential part of all of our personal financial budgeting. It is scary to think what might happen to us and our families if we were to lose our income due to illness or injury – our growth this year shows that people are no longer adopting the ‘it won’t happen to me’ attitude and are taking positive steps to protect their financial security and lifestyle.“
For PG Mutual’s full financial statements, reports and accounts, please visit the Corporate page of our website.