OneFamily has reported its 2015 annual results.
The business was created out of last year’s merger between Family Investments and Engage Mutual.
182,000 new products were sold, representing an increase of 60% on total sales achieved by the two pre-merged mutuals in 2014.
Funds under management increased to more than £7bn representing 37% growth
CEO Simon Markey (pictured) said: “The financial results we’ve announced for year-ending 2015 show that we have already taken significant strides on our journey towards creating a Modern Mutual, delivering a substantial increase in financial strength and retained earnings per member, as well as improved operating efficiency and new business sales.
“This model of the Modern Mutual is our ultimate goal, enabling us to realise our ambition to shake up the financial services sector with a truly unique consumer offer. Our lifetime mortgage product suite is an important marker in this journey, having already been rightly recognised by industry commentators for their innovative features and competitive pricing. But it is just one of a number of strategic initiatives set to come from OneFamily over the next few years.
“Despite difficult economic circumstances and a complex regulatory environment, our results show that putting our customers first and building a business around their needs, not those of shareholders, can deliver both happier customers and commercial success.”