Our mutuality

We're a longstanding mutual and a proud member of this select group of insurers, with a history of always having the best interests of our customers at heart.

From the early days of insurance, where people collected payments in person, we've had a personal connection with our members - the people who place their trust in us to help build resilience and provide financial protection when they need it most.

As a mutual, we believe companies should put the needs of their customers first, not the desires of shareholders or investors.
In short, we work for you and we're proud of it - after all, it's everyone's business.

What is a mutual?

All financial organisations in the UK fall into two main groups - public limited companies (PLCs) and mutuals. 

A PLC is owned by and must answer to external shareholders, but mutual organisations are owned by their members. This means that rather than paying out money to shareholders through dividends, our profits are reinvested into our company, products and services for the the benefit of our customers and members.

Mutuals began as Friendly Societies - named because the members of these voluntary groups would often enjoy a social gathering when meeting to make their payments. Over time, the introduction of modern insurance and government regulation meant Friendly Societies grew into the mutuals we have today.

We were founded as a Friendly Society in 1861 before becoming a mutual in 1908 and, today, we're just as proud to be one of the remaining mutuals as we are to be one of the first.

Perks of being with a mutual

We know that consumers are demanding more from their financial providers than ever before. We're committed to mutuality and looking after your interests. Through things like our AGM, ProfitShare and open lines of communication, we're always on the lookout for ways we can provide a higher level of service to customers, as well as more accountability to our 1.8 million members. 

So what does this mean? 

Having your voice heard

Through interacting with our AGM, you can have a say in how our business is run.

Sharing our profits

When we do well, we'll aim to boost your pension savings by adding Profitshare to your plan each year.

Higher satisfaction levels

Independent surveys indicate that members of mutual organisations enjoy higher levels of satisfaction.

A sense of belonging

Joining a mutual is a bit like entering a club, in the sense that we're all in it together.