Scottish Friendly reaches funds milestone of £1bn
Financial services group Scottish Friendly has reached a milestone of £1bn of funds under management for the first time.
The Glasgow-based mutual said its managed funds climbed by 8% last year to almost £1.08bn.
Total sales in 2014 also rose by 5% to £21.6m.
Scottish Friendly said strong growth from partnerships, such as one with Sun Life Direct, helped to increase sales and membership numbers.
In February this year, the mutual announced a proposed takeover of Marine and General Mutual (M&GM) in a move that will double its assets to more than £2bn.
The transfer is due to complete on 31 May, subject to final approval.
Chief executive Fiona McBain said: "Scottish Friendly has had a great year and we are very pleased with the progress we have made. Significant business growth continues to build the foundations for long-term success.
"The transfer of M&GM to Scottish Friendly will be the biggest in the group's history. When complete, it will be a landmark moment for our business that will bring great opportunities and significant economies of scale.
"The organisation has adopted a long-term three-part strategy of mergers and consolidations, organic growth and business process outsourcing.
"We have shown growth on all fronts over the past year and expect to continue to be well-placed to seek out new opportunities in the future."