Kingston Unity Friendly Society, which marks its 175th anniversary in 2015, has reported an increase in both premium income and assets for the fourth year running.
The Friendly Society was set up in 1840 in Hull to help working class Yorkshire people avoid poverty and the threat of the workhouse. Members paid a small amount regularly and the kitty would pay out in the event of sickness or death.
Kingston Unity expanded throughout the UK in the 20th century and still provides financial services such as Investment NISAs, Investment Bonds and regular savings plans.
The Society, which has just announced its 2014 financial results, has seen a leap in premium income to £17.7m, a formidable increase from £1.8m in 2011. Kingston Unity’s assets have also seen a significant increase to £97.79m in 2014, from £51.6m in 2011. Net membership numbers are up by 601 year on year.
Andrew Townsley, chief executive of Kingston Unity, said “More people are now moving away from instant access options for their savings, which generally offer woefully low interest rates, and are instead seeing the benefits of taking a more long term approach.
“With a range that is dedicated to offering returns over the medium and long term we have very much benefited from this change in attitudes.
“Kingston Unity continues to attract new members who have become disillusioned with the high street names thanks to our strong reputation for offering both savings growth and security since 1840.
“It’s a great achievement for a financial organisation to reach its 175th anniversary, and we’re extremely proud that our most recent results mark the best year in our history.”