About Us
Mutuality
We are committed to the mutual approach to Life and Pensions provision. Our Society is owned by its members and our profits are distributed to them through bonuses on their policies.
We are a member of the Association of Financial Mutuals (AFM) which aims to further the mutual savings and insurance industry in the UK. You will find a lot of useful information about financial mutual organisations on their website, including a page highlighting "the mutual advantage" and a page showing the comparative performance of with profits mutual insurers' products against non-mutual insurers.
Financial Strength
Reliance Mutual is one of the larger UK mutual insurance societies with funds under management of £1.59bn (source: 2009 financial statements).
We are rated "B" for company profile and financial strength by the actuarial consultancy and ratings agency, AKG. All functions were rated "Good" (3 stars). Full AKG report.
Mission and Strategy
"To offer fair value life insurance and investment products to individuals, and to provide fair treatment, security and cost effective service to all policyholders, including those acquired from other companies."
Our strategy has the following aims:
- Providing value to members
- Keeping unit costs down in real terms
- Ensuring members benefit from being in a mutual
To achieve these aims we actively pursue two sources of business:
- We acquire portfolios of business from other life assurers
- We offer niche products to the Financial Services market
We administer nearly 280,000 policies (as at the end of 2009).
Because we are a Life and Pensions company our focus is on insurance products. We closely match our investments to meet our obligations to policyholders. A guide to how we run our unit linked funds can be found on the page for funds and the performance of the unit linked funds can be found on the performance page. A guide to With Profits funds and bonus declarations can be found on the with profits page.