Friendly Society doubles assets in five years

Kingston Unity Friendly Society, has announced its 2015 annual results which show a 100 per cent increase in assets over the last five years.

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 organisation has a broad portfolio of assets including numerous commercial properties throughout the Yorkshire region.

The Society’s premium income in 2015 was £9.4m, whilst having slowed from 2014 this shows a formidable five year increase from £1.8m in 2011. Kingston Unity’s assets have also seen a significant increase to £105.2m in 2015, from £51.6m in 2011. The announcement also reports rising membership numbers as the Society continues to grow.

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 176th year and we’re continuing to build on solid foundations.”

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