The UK mutual insurance sector posted broad asset and premium recovery in 2025, according to Broadstone’s analysis of Solvency and Financial Condition Reports filed by the Association of Financial Mutuals members and comparable firms.
The four largest participants, LV=, Wesleyan Assurance Society, Foresters Financial and Scottish Friendly, reported an average asset increase of 5%. This marks a significant improvement on last year, when the same group recorded an average decrease of 2%.
The remaining group averaged a 5% gain (excluding OneFamily), up from 1% the prior year.
The largest reported increase was 52% reported by OneFamily, driven by internal restructuring.
Sheffield Mutual, Healthy Investment, Shepherds Friendly and National Friendly, also performed strongly, with asset growth of more than 10%.
Overall, fewer firms reported declining assets this year: total assets fell for five participants, compared with twelve participants last year.
Most participants continue to show considerable investment in collective investment undertakings (CIUs) overall. This aligns with their strategy to achieve diversification whilst holding relatively smaller asset portfolios, which is typical for this sector.
The average gross written premium (GWP) rose by 6% for the top 4, and by 13% across the other participants.
The majority of participants reported an increase in GWP compared to last year with the median increasing from £37m to £39m. 11 participants recorded growth of more than 10%.
This year’s review covered 27 firms with total assets of £35.9bn, most of which are members
of the Association of Financial Mutuals.
