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About Reliance Mutual
Reliance Mutual are committed to the mutual approach to Life and Pensions provision. Their society is owned by its members and their profits are distributed to them through bonuses on policies.
They 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.
Reliance Mutual is one of the larger UK mutual insurance societies with funds under management of over £1.7bn.
They are rated "B" for company profile and financial strength by the actuarial consultancy and ratings agency, AKG. All functions were rated "Good" or "Adequate". Full AKG report.
Mission and Strategy
Their 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 they actively pursue two sources of business:
- They acquire portfolios of business from other life assurers
- They offer niche products to the Financial Services market
They administer over 200,000 policies.
Because they are a Life and Pensions company our focus is on insurance products. They closely match our investments to meet theiir obligations to policyholders. A guide to how they run their 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.