Wesleyan Assurance has announced 29 per cent increase in annual premium income for 1998 in its annual review.
In the review, the mutual life office details how the total value of life and pension funds rose by £227m to exceed £2,800. Investment income also grew by £16m to £123m for the year.
Its home loan mortgage book grew by 4 per cent to exceed £175m. Its unit trust arm received an inflow of business increasing funds under management by 140 per cent to £29.6m. While policyholders received £13.2m reward for their loyalty.
This years annual general meeting in April was also marked by the accession of Lowry Maclean to chairman. Maclean the current vice chairman and managing director succeeds Sir Timothy Harford.
The deputy managing director should have succeeded Maclean as MD, but unfortunately died this month following a short illness. As such Maclean will continue in the role until a replacement is found.