Sheffield Mutual declares bonus rates

Sheffield Mutual Friendly Society today announced its financial results for 2020, showing growth largely due to the continued popularity of its Investment ISA and regular savings products.

2020 business & financial highlights:

• Total assets increased by 5% to £183 million (2019: £175 million)
• Traditional membership grew by 3% to 12,258 (2019: 11,941)
• Total number of traditional policies increased by 5% to 17,379 (2019: 16,518)
• Including the Child Trust Fund the Society now has over 80,000 policies and accounts

Despite the difficulties of 2020, owing to a strategy of investment diversification, Sheffield Mutual has been able to declare competitive annual bonus rates for all policies.  The Society continued to increase overseas investment, therefore taking advantage of the attractive returns seen in the US and emerging markets.  The property portfolio continues to provide a stable backing for the overall fund.

The Society has retained a strong financial base and maintained healthy solvency coverage at 161% of the regulatory solvency capital requirement.  Member feedback was again very positive, with the Society achieving a 95% satisfaction score.

Commenting on the results, Jamie Bellamy, Chief Executive, said: "The Sheffield Mutual team continued to work extremely hard and provide a first-rate service throughout the pandemic, as demonstrated by the excellent reviews we’ve recently received.  At a time when customer service seemed to be less of a priority for some organisations, we thought it essential to be available to our members.”

For more information on our 2020 bonus results, as well as the interim rates for 2021, head over to our performance page.