Specialist financial services and advice provider to doctors, dentists, lawyers and teachers – Wesleyan Assurance Society, announced today that its new business sales have jumped by 9% in the first three months till March 31.
Giving out details on the occasion of its AGM today, the specialist insurer said the life and savings product sales grew by 35 percent while unit trust and ISA sales has grown by 20 percent during the period.
The society’s main ‘with profits’ fund gave a gross return of 13.7% during 2010, while the firm’s total asset under management also grew by 10% during the period to £4.6 billion. New business sales for 2010 grew by 14.7 percent to £35.2 million.
Wesleyan’s report claims that the firm’s payout for ‘with profit’ fund is 43 percent higher than the industry average. The firm’s new business have soared by 238 percent between 2006 and 2010, said chairman Bryan Jackson OBE.
“We recognise that many of our clients are facing increasing uncertainty in their work lives, with planned changes to public sector pensions as well as other legislative changes that will affect the way in which they work”, said Mr. Jackson about the indicating government cuts that may stifle growth.
“However we believe 2011 is a year of opportunity in which the customer will remain central to everything we do and we will seek to build further on the successes of recent years”, he added.
Chief executive Craig Errington attributed the new business sales growth to the positive steps taken by the company. “Over the past five years Wesleyan has undergone a good deal of change, some visible to our customers such as the availability of new products, a revitalised customer call centre and the introduction of a state-of-the-art point of sale system”, he said.
“Other changes have happened behind the scenes to improve processes, increase efficiency and strengthen the business.
“During this period of change, we have succeeded in significantly increasing new business sales and been named Life Insurer of the Year at the prestigious British Insurance Awards for two out of three years”, he added.