South west insurer Cornish Mutual has released its annual results, showing a 9% rise in gross written premiums.
Gross written premiums lifted to £19.2M, while other headlines included after tax profit increasing from £336.2k to £2.01M.
The report also shows that the number of Cornish Mutual members grew to 24,352 compared to 23,447 the previous year. The number of staff employed by Cornish Mutual has also grown – to 94, an increase of 11 from 2011.
Ian Pawley, Cornish Mutual’s chairman, said: “The figures going before our AGM show that despite unparalleled and continuing uncertainty in the financial markets and elsewhere our strategy to develop the company seems to be working. We can report growth in our membership as well as increased turnover.
”The increase in Gross Written Premiums in the 12 months to September 2012 reflects a successful year of sustainable growth for Cornish Mutual which is in line with our targets and which positions us well to continue to develop the business as well as celebrate 110 years of serving communities in the south west.”