Scottish Pleasant’s standing as a mutual signifies that we aren’t pushed by way of the wishes of shareholders. As an alternative, we’re owned by way of, and run for, the advantage of our individuals and income are reinvested within the hobby of the ones individuals.
Scottish Pleasant firmly believes that saving and making an investment must be for everybody, which is why we’ve a dedication to supply comprehensible and available merchandise, serving to to protected a greater monetary long run for people and their households.
We’re proud to be one of the crucial biggest mutual lifestyles workplaces in the United Kingdom, with a historical past attaining again 160 years.
Our precedence, from the outset of Covid-19 has been on serving and supporting our individuals, colleagues and the broader group. A lot of our colleagues endured to make money working from home right through the 12 months, appearing nice resilience beneath tricky instances that experience lasted longer than any people may have imagined.At Scottish Pleasant, we’re a purpose-led group offering services and products that cater for everybody, without reference to age, source of revenue or earlier monetary enjoy.
Our outlined technique, to Diversify and Develop, is made out of 3 core components:
- Natural expansion via our personal emblem product vary and distribution channels;
- Forming new partnerships and launching new merchandise with present companions: and
- Acquisition and consolidation job.
This endured center of attention ended in record-breaking gross sales totalling £46.9 million APE (2020: £42.0 million). Property beneath control greater to £5.4 billion with our solvency capital ultimate robust at 174% and neatly above regulatory necessities, whilst member numbers greater from 745,000 to 776,000.
Of the overall, coverage gross sales have been £25.0 million (2020: £24.1 million) and financial savings and investments, which contains Scottish Pleasant personal emblem, entire of lifestyles and financial savings companions, amounted to £21.9 million (2020: £17.9 million). Incorporated inside of financial savings and investments, Scottish Pleasant personal emblem gross sales greater in 2021 to £18.4 million (2020: £15.7 million)
Setting, Social & Governance
In 2021 we evolved our personal inside Environmental, Social and Governance framework with a focal point on making sure sound company governance, accountable making an investment, and dealing to strengthen the communities of which we’re section. We additionally made a dedication to attaining web 0 for our personal direct scope 1 and a couple of (those are direct and oblique greenhouse fuel emissions) by way of 2030 and entirely around the trade and our provide chain by way of 2050, in keeping with executive goals.
We intention to take a position our consumers price range in a accountable method and proceed to broaden our features on this house, running with our funding managers to verify the stewardship of our investments is in line with our ESG aspirations.
The Scottish Pleasant Kids’s Ebook Excursion endured to ship a complete programme of ‘digital’ job, lifestyles streaming enticing and academic content material into study rooms and dwelling rooms throughout the United Kingdom, Operating with one of the vital UK’s most well liked authors and illustrators, the manufacturing of amusing and thrilling video content material has been seen 150,000 instances via social media and a objective constructed on call for library hub.
We additionally endured our courting with Motion for Kids, elevating £23,500 which is able to supply improve to one of the vital maximum susceptible youngsters, younger adults and their households throughout Scotland.
The power and versatility of our governance processes lend a hand us to answer regulatory adjustments and tendencies in highest follow. We’re a member of the Affiliation of Monetary Mutuals and improve its governance requirements. We stay dedicated to keeping up highest follow and to compelling endured enhancements in our key processes.
All through 2021, improvements to insurance policies, processes and programs had been made to verify endured compliance with necessities of our regulators the Prudential Legislation Authority (PRA) and the Monetary Habits Authority) (FCA).
Explicit spaces of center of attention have incorporated:
- Operational resilience;
- Local weather trade; and
- The honest remedy and coverage of susceptible consumers
Our achievements have been as soon as once more known with plenty of prestigious trade awards. Those incorporated Best possible UK Mutual Insurer on the Capital Finance Global Awards and Best possible Junior ISA Supplier on the Funding Existence and Pensions Moneyfacts awards, either one of that have been received for the 3rd consecutive 12 months. As well as, Scottish Pleasant received Best possible Junior ISA Supplier UK and Maximum Leading edge Mutual Insurer UK on the International Manufacturers Mag awards and was once extremely counseled for Best possible Monetary Coverage Supplier on the What Loan awards.
Our media protection endured to extend with double the amount of press protection in comparison to the former 12 months throughout nationwide, industry and on-line media shops, along with focused publicity throughout social media channels. This was once completed via a adapted programme of press job, together with company information, shopper concept management analysis, and common observation on trade subjects affecting on a regular basis lives.
Our technique continues to ship for our consumers. We proceed to diversify and innovate our product vary so we will proceed to supply merchandise that our individuals want and worth.
All through the 12 months we’ve labored neatly as a workforce and in a contemporary colleague engagement survey, 86% of associates said that they have been proud to paintings for Scottish Pleasant, with greater than 9 out of 10 pronouncing they revel in running with their workforce. To take care of our center of attention at the wellbeing of our colleagues, we’ve additional reinforced our HR serve as, introduced corporate values and presented a brand new colleague reputation scheme.
All over the 12 months we entered right into a strategic funding courting with each JP Morgan Asset Control and abrdn plc. Those relationships will supply us with get admission to to marketplace perception, improve the supply of funding returns for our consumers and supply further flexibility in a time of unstable funding markets.
We proceed to spend money on our trade, taking a look to strengthen how we perform. We invested in new era to beef up our Chance Control Framework are concerned about turning in additional improvements to our trade operations by way of use of automation, era and chronic value control efficiencies.
Thru innovation, environment friendly buyer services and products and accountable capital control, Scottish Pleasant is definitely positioned to succeed in our purpose to offer long-term sustainable expansion in price for our individuals.