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26 May 2021

Cirencester Friendly has published their 2020 Annual Report and Accounts. Under the difficult trading conditions of last year, the Society recorded continued growth, with premium income, membership and funds under management all increasing in an exceptionally challenging year for many businesses. 

Membership increased to over 43,000 and premium income rose from £19.9m in 2019 to £21.4m in 2020, an increase of 7.5%. Being a member owned mutual organisation, where Members are at the HEART of everything the Society does, in excess of 45% of premium income was returned to Members through claims, bonuses, interest, and other benefits. Total funds reached £159.9m, a 4% increase on 2019.

Demonstrating Cirencester Friendly’s commitment to being there for their Members when they need them most, 94% of clams were paid, amounting to £7.8m in benefit payments. 2020 also saw the launch of GP24, a 24/7 virtual GP service adding to the range of Member Services and Benefits available and providing further reassurance and support in very uncertain times.

Paul Hudson, Chief Executive at Cirencester Friendly said: “I am absolutely delighted to report strong financial performance and membership growth in an unprecedented year in our 130 year history. As a result of very careful business continuity planning and preparation, we were able to continue operating without interruption and maintain great levels of service to our Members and supporters.

We are proud to provide exceptional support to our Members and Financial Advisers, through our high claims paid ratio, bonuses and further enhancing Member additional benefits with the addition of GP24.

The excellent results are a testament to the hard-working staff and the Financial Advisers we work alongside. The Society remains in a very strong position both financially and operationally to support our Members when they need us most”.

View Cirencester Friendly's full 131st Annual Report and Accounts