25 March 2022
We have announced our bonus rates
We have declared our results for 2021, displaying strong growth in key areas, largely due to the continued popularity of our Investment ISA, Bonds, and regular savings products.
2021 business & financial highlights:
- Total assets increased by 13% to £206 million (2020: £183 million)
- Premium income received rose by 22% 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
Despite a second year of the pandemic, 2021 was a hugely successful year for us. 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 has retained a strong financial base and maintained healthy solvency coverage at 165% of the regulatory solvency capital requirement. At the end of 2021, we also appointed an Outsourced Chief Investment Officer to improve asset and manager diversification, increased dynamism to manage the downside risks and the aim of delivering enhanced returns for our members.
Commenting on the results, Jamie Bellamy, Chief Executive, said: "I’m extremely proud of the Sheffield Mutual team’s efforts during the various restrictions of 2021, and continuing to provide a first-rate service to our members. We’re again heading into investment uncertainty, given the cost-of-living increases, base rate increases and the horrific events happening in Ukraine, but I’m confident that we are well placed to deal with any volatility, as demonstrated over recent years.”