Friendly societies report 20% fall in net income

However, mutual organisations’ premium income of around £1.4bn in 2007 was little changed from the previous year

The annual report by the Association of Friendly Societies (AFS), representing 46 of the larger societies operating in the UK, shows a mixed picture of the movement, with growing policy numbers, but lower incomes in 2007 against 2006. Many of the smaller societies numbering over 100 outside the membership of AFS no longer write new business. AFS said that these mutual organisations, the origins of many of which go back to the 19th century, “encourage self-help personal responsibility and enable people with limited financial resources to improve their economic status”.