AFM’s income increased by 7.5%.
Members of the Association of Financial Mutuals (AFM) saw both their income and general insurance premiums rise in 2018.
AFM’s income increased by 7.5% to reach £1,075m.
By comparison, the UK insurance sector saw negligible growth overall of less than 1% according to Swiss Re’s sigma report.
General insurance premiums grew most rapidly for AFM members, up 17% to £261m.
Martin Shaw, chief executive of the Association of Financial Mutuals, said:“The encouraging performance of AFM members in 2018 contrasts with a relatively stagnant UK market.
“Despite falling equity markets, Brexit uncertainty and lack of consumer confidence, AFM members continued to grow and to take market share from bigger, shareholder-owned insurers.
“It’s a trend we’ve seen since the beginning of the financial crisis and it’s clear evidence that consumers continue to have more trust in mutuals and recognise they offer better value for money.”