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September 2010

Association of Financial Mutuals, Sector key statistics-2009

Association of Financial Mutuals, Sector key statistics - 2009

Mutual Insurers grow market share in 2009

Between them, the members of AFM manage the savings, protection and healthcare needs of nearly 20 million customers.

Against a backdrop of tough condition in the UK insurance market, particularly in the life sector, the resilience of the mutual sector is significant.  AFM members’ premiums written grew 7% in 2009, and with falling premium levels across the market as a whole that meant the share of the market within AFM members grew to 5.0%, from 4.2% in 2008[i].

The UK insurance market is the biggest in Europe, and if the UK mutual sector is ranked against European nations, it would be the 17th largest insurance market in Europe, just behind Norway[ii].

The continued growth of the UK mutual insurance sector is all strong evidence that the mutual sector is successfully differentiating itself, provides products people need and getting across messages about the value of mutuality.

Mutual insurance companies firmly believe they are in business to serve customers and to pay their claims.  As a result, AFM members paid out £19 million a day in 2009.

At the end of 2009, key statistics included the following (2008 figure in brackets where available):

Total assets under management

£78.7 billion (£74 billion)

Gross premiums written

£7.5 billion (£7 billion)

Employees

14,300

Policies in force

19,200,000

Claims paid out

£7 billion

 


 

Largest AFM Members at the end of 2009, by asset size

1 Royal London Group £31.4 billion

2 NFU Mutual £11.3 billion

3 Equitable Life £8.8 billion

4 LV= £7.7 billion

5 Wesleyan Assurance £4.2 billion

6 Royal Liver £3.1 billion

7 Ecclesiastical £1.7 billion

8 MGM Advantage £1.7 billion

9 Reliance Mutual £1.6 billion

10 Family Investment £1.2 billion

 


 

Largest AFM Members at the end of 2009, by premiums written

(where necessary, equalised to UK accounting rules)

1 Royal London Group £2,889 million

2 LV= £1,251 million

3 NFU Mutual £1,246 million

4 Ecclesiastical Insurance £448 million

5 MGM Advantage £206 million

6 Royal Liver £192 million

7 Wesleyan Assurance £176 million

8 Police Mutual £113 million

9 Equitable Life £103 million

10 Scottish Friendly £91 million

 

Further information on AFM member statistics is available on the AFM website, with more information on 2009 data available soon: Click here

 


[i] Market data from www.abi.org.uk

[ii] Derived from CEA analysis of its members drawn from 33 EU nations


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