A YORKSHIRE-BASED mutual is on course for another record-breaking year, with income from customers’ premiums topping £10m in just seven months.
Friendly Society Kingston Unity was already celebrating a record period from 2011 to 2013, which saw a leap in premium income from £1.8m in 2011 to £10.63m.
But last year’s total premium income figure has already been overtaken in just seven months of 2014.
Kingston Unity, which will celebrate its 175th anniversary next year, has seen the greatest growth in its With Profits Investment NISA product.
Chief executive Andrew Townsley said: “Many customers are moving their savings from low rate cash NISAs with high street providers to Kingston Unity’s With Profits Investment NISA.
“The rates we’re offering are head and shoulders above high street banks and building societies. Our With Profits NISAs are investment NISAs with tax advantages which smooth out the worst of stock market volatility. Customers are seeing our rates and taking notice.”
He said he is confident that in the next few years, as the economy continues to recover, that more people will start to question how their savings are performing and whether they really are accessing the best financial products and services.
In addition to the increase in premium income, Kingston Unity’s total assets have also increased from £79 million at the end of 2013 to £90 million after the first half of 2014.
Kingston Unity, which has about 100,000 members across the UK, doesn’t have shareholders and any surplus is re-invested for the benefit of members.
With Profits NISAs and other With Profits products are invested in a mixture of shares, property, gilts, bonds and cash.