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World Business Outlook awards Scottish Friendly three awards for wide range of products and services offered by the group
Scottish Friendly the largest mutual life office in the UK bags three awards at World Business Outlook for exceptional customer services and innovative products
— Stephen McGee, Scottish Friendly’s chief executive
Scottish Friendly, one of the largest mutual life offices in the UK, recently bagged three awards at World Business Outlook, a Singapore-based online Business News portal, and magazine. The award title was announced for the financial services group on the basis of the wide range of products and services it provides. The titles presented to Scottish Friendly under the 2022 World Business Outlook Annual Awards program are ‘Leading Mutual Insurer, UK 2022’, ‘Best Junior ISA Provider, UK 2022’, ‘Best Tax-efficient Products Provider, UK 2022’.
Starting in 1862 as ‘City of Glasgow Friendly Society’, it took up its present name only in 1992 and launched its website 5 years later. It was in 2004 that it underwent a major restructuring of its business, which was followed by the take over of Scottish Legal Life and business partnerships with Royal London, Phoenix, Smart Insurance, and Golden Charter. After several business awards, the financial institute registered its assets under management at over GBP 2.5 billion. Scottish Friendly commenced its smartphone app in 2017, which was followed by the takeover of Canada Life, two years later.
With reports of over GBP 5.4 billion assets under management, Scottish Friendly has won several accolades for its innovative mutual insurer products, smart ISA products, and top-of-the-class Financial Protection Services. The company has reported an 11 percent rise in its sales from 2020 to 2021 rising by GBP 4 million from GBP 42 million to GBP 46.9 million. The revenue from its award-winning ISAs rose 17% YoY to reach a new high of GBP 18.4 million.
Ujal Nair, Editor for World Business Outlook, appreciated the outstanding performance of Scottish Friendly and commented, “With over 776,000 members, Scottish Friendly has earned the respect of its clients for its successful portfolio of Mutual investment products and Investment ISAs. The Tax-friendly Scottish bonds and child bonds is particularly gaining popularity along with tax-efficient investment ISAs. We are eager to witness the new business developments at Scottish Friendly that could make it the best mutual insurance organization across Europe.”
Expressing his delight for the awards, Stephen McGee, Scottish Friendly’s chief executive, said, “These awards from World Business Outlook is further pushing the positive streak we are enjoying since 2021. We are thrilled and excited for these appreciations that have come in these dire situations of economic uncertainty. Our mobile app is already accepted and cherished by thousands of users who are able to efficiently monitor and control their investments and ISA portfolios.”
About Scottish Friendly
Scottish Friendly Assurance Society Limited (Scottish Friendly) is a leading UK mutual life and investments organization. It provides a range of investment and protection products and provides life and investment products and services to other financial organizations. One of the largest life offices in Scotland, Scottish Friendly is based in Glasgow, United Kingdom, and operates throughout the UK and Ireland.
About World Business Outlook
World Business Outlook is a Singapore-based business magazine. The website delivers all the latest global financial news and the latest insights, market views and industry talk from across the sectors. The magazine pages adorn the most innovative companies in its sector and opinions from the world’s top business leaders.