Scottish Friendly reports sales 'momentum'

Scottish Friendly said new partnerships had boosted its sales performance

Financial services group Scottish Friendly has reported that sales are showing "no signs of losing momentum", following a strong year in 2012.

The mutual society said core life and pension sales to 1 April were up by 106% on the same period last year.

In 2012, sales rose by 35% to £8.5m, while funds under management also climbed by £27m to £924m.

The group attributed its success to alliances which had helped it diversify product range and distribution routes.

Last year Glasgow-based Friendly secured new partnerships with Beagle Street - part of the group behind comparethemarket.com - and Neilson Financial Services, under its Smart Insurance brand.

Both companies offer a range of life assurance and critical illness products.

Chief executive Fiona McBain said: "Scottish Friendly's 2012 results and our excellent start to 2013 demonstrate that innovative organisations such as ours can continue to build a competitive edge despite an extended period of exceptionally difficult economic circumstances."