Scottish Friendly reports record sales

Scottish Friendly said the figures painted "a remarkable picture of growth" for the group

Glasgow-based financial services group Scottish Friendly has reported record sales for 2013.

Like-for-like sales of core life, pensions and protection products soared by 135% to £20m.

The mutual said growth had been fuelled by new protection business distributed by partners, and the success of individual savings accounts.

Partnership deals also enabled it to expand operations, including into the Irish financial services market.

Sales and marketing director Neil Lovatt said: "These figures paint a remarkable picture of growth for the Scottish Friendly group, reflecting our investment in innovation and the benefits of our three-part growth strategy.

"Our approach, consisting of 'simple savings for everyone' and the creation of new life insurance partnerships, has lifted Scottish Friendly to a new record sales level and we expect further developments in 2014."