Performance

We've been around for 130 years, and we’re proud of our performance both past and present. Keep reading for more information on our current bonuses, past performance and our highlights for the previous year.

Overview of 2021

Despite a second year of the pandemic, 2021 was a hugely successful year for the Society. The Sheffield Mutual team continued to provide an excellent service, as highlighted by receiving a 95% satisfaction score and growth in membership and premium income.

The Society’s with-profits fund performed strongly throughout 2021, with a strong weighting towards the UK market helping to boost the returns of our listed investments, particularly equity holdings. The Society’s overseas equity holdings also demonstrated value over the year.

The Fidelity Emerging Markets fund, which is heavily weighted towards China, returned almost 4% as China became the first country to return to its pre-pandemic economic growth trajectory. The Fidelity Global Special Situation fund posted a remarkable return of over 17%. The Global Special Situation fund, biased towards North America, saw its main three market indices (S&P 500, Dow Jones, and Nasdaq) all reach all-time highs throughout 2021. The Society’s directly held property portfolio, which now totals around £46m once again returned a very respectable 7.10%, with an average of 5.06% over the last five years which highlights the merits of the diversification in both the sector and geographical area within the directly held properties.  

The Society’s overall assets grew by 13% to a record £206m, highlighting that strong investment performance can be achieved by maintaining a strong level of diversification. 

2021 highlights

  • Total assets increased by 13% to £206 million (2020: £183 million)
  • Premium income received rose by 21% to £21.7 million (2020: 17.8 million)
  • Traditional membership grew by 3% to 12,627 (2020: 12,258)
  • Total number of traditional policies increased by 6% to 18,498 (2020: 17,379)
  • Including the Child Trust Fund the Society now has over 81,000 policies and accounts

More information on how we have performed over the last number of years can be found below.

 

2021

2020

2019

2018

2017

Premium Income £m*

21.7

17.8

20.7

16.8

19.7

Total Assets £m

206.3

183.0

175.0

144.3

138.4

Number Of Members*

12,627

12,258

11,941

11,635

11,294

Number Of Policies*

18,498

17,379

16,518

15,604

14,837

*Excludes Child Trust Funds

Our bonus rates

Unlike banks who add interest to their plans, we aim to add bonuses to our members' policies. An overview of our recent bonus rates can be found in the table below.

Please note, our 2022 interim rate is used for maturities and claims prior to the next declaration and is not a reliable indicator of future bonus rates.

In certain circumstances your capital is at risk, please read the product brochure and Key Information Document for further information.

 

2022 interim rate

2021 

2020

2019

2018

Tax Exempt Savings Plan (Type 43)1

1.00%

0.70%

0.70%

0.95%

1.20%

Tax Exempt Savings Plan with Life Insurance (Type 24)1

0.75%

0.50%

0.50%

0.75%

1.00%

Regular Savings Plan (Type 47)1

0.75%

0.50%

0.50%

0.75%

1.00%

Investment Bond2

1.75%

1.50%

1.50%

2.00%

2.50%

Income Bond2

2.00%

1.75%

1.75%

2.25%

2.75%

Investment ISAs*3

3.75%

3.50%

3.50%

4.00%

4.50%

Investment Junior ISAs*4

4.00%

3.75%

3.75%

4.25%

4.50%


1
A final bonus of 2% is currently being applied to maturing endowment policies.*Before deduction of the 1.50% annual management charge for ISAs/JISAs.

2Final bonuses are being paid on bonds in force more than five years for any investments made in 2014 and onwards at 5%. For any investments made pre 2014 a final bonus of 10% will be paid. 

35% final bonus on ISA subscriptions in qualifying tax years. Types 30 & 31 (Insurance) ISAs issued in 2003 and 2004 and Investment ISA subscriptions in the 2009/10 tax years through to 2016/17 tax years.

45% final bonus on JISA subscriptions which have been in force for five years or more.

Please see bonus rates for our older plans below (please be aware, these are no longer open to new business).

Plan

2022 interim rate

2021

2020 

2019

2018

Regular Savings Plan Old Issue (Type 27)1

0.50%

0.30%

0.30%

0.55%

0.80%

Tax Exempt Savings Plan Old Issue (Type 23)1

0.75%

0.50%

0.50%

0.75%

1.00%

Pension Bond2

2.25%

2.00%

2.00%

2.50%

3.00%


1
A final bonus of 2% is currently being applied to maturing endowment policies.

2Final bonuses are being paid on bonds in force more than 5 years for any investments made in 2014 and onwards at 5%. For any investments made pre 2014 a final bonus of 10% will be paid. This is calculated on the sum assured and previous bonuses.

A full review of our performance highlights for 2021 can be found here.

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