Sheffield Mutual Friendly Society delivers strong performance is well placed to deal with volatility

In 2021, the mutual's total assets increased by 13% to £206 million and the premium income received rose by 21% to £21.7 million.

During the year, its traditional membership grew by 3% to 12,627. Including the Child Trust Fund the society now has more than 81,000 policies and accounts.

In a statement, the mutual said: "Despite a second year of the pandemic, 2021 was a hugely successful year for the society. The Sheffield Mutual team continued to provide an excellent service, as highlighted by receiving a 95% satisfaction score and growth in membership and premium income.

"The society has retained a strong financial base and maintained healthy solvency coverage at 165% of the regulatory solvency capital requirement. At the end of 2021, Sheffield Mutual also appointed an outsourced chief investment officer to improve asset and manager diversification, increased dynamism to manage the downside risks and the aim of delivering enhanced returns for our members."

Commenting on the results, Jamie Bellamy, chief executive, said: "I’m extremely proud of the Sheffield Mutual team’s efforts during the various restrictions of 2021, and continuing to provide a first-rate service to our members.

"We’re again heading into investment uncertainty, given the cost-of-living increases, base rate increases and the horrific events happening in Ukraine, but I’m confident that we are well placed to deal with any volatility, as demonstrated over recent years.”

Sheffield Mutual is a member-owned mutual friendly society which was founded in 1892. It provides a range of life insurance based, mainly tax exempt, savings and investment plans within a traditional with-profits fund, from its base at the society’s head office near Barnsley.