Wesleyan members set to share £36m bonus

Wesleyan, the specialist financial mutual for doctors, dentists and teachers, has distributed its largest mutual bonus.

The announcement comes as it publishes its financial results for the year ending 31 December 2021.

Strong financial results mean the Society is able to distribute the mutual bonus of £36m among investors in its flagship With Profits Open Fund, representing a one per cent uplift on investments.

The Fund delivered a competitive 12.7 per cent return in 2021.

The Group delivered a £6.1m operating profit as a result of new business volumes and a managed reduction in expenses.

This comes on the back of a £18.6m operating loss in 2020 due to the difficult trading conditions caused by the Covid-19 pandemic.

Assets under management rose by eight per cent to £8.5bn from £7.9bn benefitting from new business income and improved investment returns.

The Wesleyan Foundation donated £1m to good causes linked to its professional customers and the UK 's recovery from Covid-19.

Mario Mazzocchi (pictured), Wesleyan Group chief executive said: “2021 was a landmark year for Wesleyan as we celebrated our 180th anniversary. We were pleased to get the business back to profitability after the difficult trading conditions caused by the Covid-19 pandemic.

“We increased our capital strength and shared the benefits of this by distributing excess surplus through a mutual bonus of £36m to Wesleyan investors in our With Profits Open Fund. We also delivered a number of key strategic initiatives that have helped to strengthen our business and should deliver greater value to members.

“We will continue to implement our strategy of sustainable growth over the coming years. As a mutual, with high levels of financial strength, we can continue to take a long-term approach that ensures we deliver the right outcomes for members and customers both today and in the future. ”