Wesleyan Group delivers growth in 2024

Wesleyan has announced its results for the year ended 31 December 2024.

2024 results summary

• The Wesleyan Group demonstrated profitable growth on the previous year with an increase in operating profit to £17m (from £12.3m), despite continued economic uncertainty in 2024. 
• There was an increase in Society Premium Income to £469m, compared to £417m in 2023 due to an increase in sales of investment products.
• Group Assets Under Management remain at £7.6bn (2023: £7.6bn) as increased inflows from new business were offset by lapses.
• Wesleyan’s flagship With Profits Fund produced a gross return of 6.2% before smoothing and charges (2023: 9.9%). The 10-year cumulative gross return for the Fund was 83.5%.
• Good progress was made in-year against Wesleyan’s strategic plans to build a stronger, more sustainable business, including extending the reach of the Wesleyan With Profits Growth Fund onto a third adviser platform and delivering a comprehensive programme of initiatives to improve customer experience, enhance efficiency and strengthen operational resilience. 
• Wesleyan subsidiary Practice Plan Group saw continued growth in patient numbers, reaching almost 1.4 million patients on its dental membership plans in 2024.

Further results detail

• The Group remained capitally strong with a Solvency Ratio of 261% (2023: 278% restated). The Solvency ratio decreased in 2024 due primarily to the planned investment in transformation activities that will deliver customer enhancements and member value in the future. 
• Life and Pensions new business income increased to £60.2m (£2023: 52.3m).
• Wesleyan successfully delivered a programme of activity to ensure readiness and compliance with the new Consumer Duty Regulation.
• 97% (2023: 97%) of personal income protection claims were paid compared to an industry average of 81%.
• The Group maintained its status of being operationally carbon neutral in 2024, reducing its footprint by more than 50% on a like-for-like basis from 2019 and offsetting residual emissions through a diverse portfolio of high integrity carbon credits.
• 94% of customers rate their Wesleyan Specialist Financial Adviser as very good or excellent.
• Colleague engagement increased to 8.2 out of 10 (2023: 7.9), which is ahead of industry benchmark and positive in light of the fast-paced transformation activity colleagues are delivering.

Mutuality highlights

Wesleyan remains committed to its mutual status and was able to deliver benefits to members and communities in 2024, despite the challenging operating environment. The Group invested in member benefits including: 

• £3m (2023: £2.7m) financial contribution made to provide discounts to members on selected insurance policies. 
• £0.6m (2023: £0.6m) on a ‘Member Reward’ programme, launched during 2022, offering annual benefits, including retail vouchers and cashback options. 
• £0.9m (2023: £0.9m) donated to good causes through the Wesleyan Foundation, taking the amount donated to over £6.7m since it was launched in 2017.

Mario Mazzocchi, Wesleyan Group Chief Executive said: “Despite the unstable operating environment and challenging economic conditions, Wesleyan demonstrated further profitable growth in 2024.

“The work we have been doing since 2020 to create sustainable efficiencies is putting Wesleyan on a stronger footing. We were able to deliver a 38% growth in operating profit despite inflationary pressures. We believe this is a clear indication that our strategy of growth is working and we are building a stronger, more relevant mutual.

“Having strengthened the foundations of the business, we are moving to the next stage of our strategic plan focused on growth. We plan to increase the number doctors, dentists and teachers who benefit from our specialist financial advice as well as enhance our investments and wealth management proposition. We also intend to reach more IFAs and their clients with our flagship With Profits fund and further grow our position in the dental market through our subsidiary companies Wesleyan Financial Services and Practice Plan Group.

“Core to the delivery of our growth ambitions will be the introduction of a new digital platform that will, when fully developed, transform how we meet the savings, investments and wealth needs of our customers. As we increase our digital capability, our Specialist Financial Advisers will have more time to dedicate to customers at times when trusted advice is critical, such as planning for retirement or passing on wealth.

“We are driven by our purpose to create brighter financial futures for our customers and are committed to delivering the best service and propositions to meet their evolving needs.”

Chair Nathan Moss added: “We remain firmly committed to our mutual model which is an important differentiator for many customers who value the trusted services we offer. The investment we are making in building a stronger, more sustainable business today will benefit members for generations to come. 

“We have been focusing for some time on enhancing the experiences of our customers and welcomed the new Consumer Duty regulations as a means of ensuring the principles are embedded within the fabric of our business and across the industry. We have strengthened reporting processes to ensure clear visibility of progress made in delivering good customer outcomes.

“We regularly review the feedback and experience of our customers and it is pleasing to see that, on both internal and external measures, we continue to score highly. Improving the customer experience is a key area of focus as we progress our transformation plan. We are also building a more diverse, inclusive culture so that we make well-rounded, considered decisions in the best interest of our customer base.

“Wesleyan’s performance in 2024 pays testament to the passion and commitment of our people and the Executive team who lead them. I thank them for their hard work and also our members and customers whom we are proud to serve.”