Mutuality – People and purpose ahead of profit

Whitecap Consulting, in partnership with the Association of Financial Mutuals (AFM) and a number of sponsoring organisations, recently published a report analysing the strategic landscape for financial mutual organisations in the UK. The Whitecap team is summarising the key findings of the report in a series of blogs.

In the first of these articles, Richard Coates and Chloe Thompson of Whitecap Consulting examine what impact mutuality has on the culture, behaviours and decision-making that are evidenced across the AFM membership. They also discuss the future opportunities for mutuality in light of the increased focus on social purpose, purpose-driven organisations and associated trends including conscious consumerism. In doing so, they pose several key questions for CEOs of AFM member organisations.

Click here to read the blog

New report outlines plan to ‘future proof’ financial mutuals

18 November, 2021

A report published today by the Association of Financial Mutuals and Whitecap Consulting highlights the key areas of current and future focus for mutual insurers and friendly societies, and provides a set of strategic considerations for the CEOs and boards of these organisations.

Read more

AFM CEO comments on the deal offered to LV= members from its sale to Bain Capital

4 November, 2021

If members feel aggrieved that the sale to Bain Capital for £530 million means that only £111 million will be paid to members in 2022 in return for their vote, with a 0.1% top up to with-profits policies for each year it was held, then that’s something they may have to get used to. Read more

Mutual providers of Child Trust Funds confirm commitment to support young people with a learning difficulty

20 October, 2021

The government has announced it will shortly be issuing a consultation designed to streamline the process by which children with learning difficulties can access their Child Trust Fund (CTF) when it matures. Read more

One year on: more than £600 million of Child Trust Funds remain unclaimed

1 September, 2021

It’s been a year (1 September 2020)  since the first Child Trust Funds matured, but Britain’s youngsters are sitting on a goldmine of unclaimed cash. Read more

AFM confirmed as a Supporting Institution of the UN Environment Programme’s Principles for Sustainable Insurance

8 July, 2021

Later this year, COP26 in Glasgow will be a vital opportunity to re-focus attention on climate change.  It feels in the UK like we no longer need the prompt, though the Government needs to command astonishing changes to the economy to achieve our goals. Insurance is- and will continue to- play a vital part in that change.  Read more

Analysis of the strategic landscape for mutual insurers and friendly societies

July, 2021

AFM is delighted to be working in partnership with Whitecap Consulting and key industry partners to conduct an analysis of the strategic landscape for financial mutual organisations in the UK, which will culminate in a report later this year, with the findings to be presented at the AFM annual conference in October. Read more

AFM Comments on the report of the APPG for Mutuals’ on its Inquiry into the proposed sale of LV=

8 April, 2021

As a trade body supporting the mutual sector, the Association of Financial Mutuals is very grateful for the attention paid by the All-Party Parliamentary Group for Mutuals to the planned demutualisation of LV=. The decision to demutualise is a one-time, irreversible one, and cannot be taken lightly.   The management of LV= has decided the business will be in a better position competitively under the protection of a private equity owner, Bain Capital.  However, it has yet to put the case to its members, who will ultimately decide on whether the deal goes ahead. Read more

AFM announces new partnership project with Whitecap Consulting

8 April, 2021

The Association of Financial Mutuals is undertaking a strategic review of the future of the sector, in association with Whitecap Consulting.  We are inviting potential sponsors to contribute to this important new project. Read more

AFM’s CEO comments on the demise of a stalwart of member-ownership

25 March, 2021 – Read more


Mutuals paid out £36m in IP claims in 2020

17 March, 2021

Research from Association of Financial Mutuals (AFM) shows paid claims volume increased 38% compared to last year. Read more

What is financial mutual and why should you consider joining one?

In an article published in the i on 11 January 2021, AFM CEO provides expert advice on businesses owned by customers: Read more

Sign-up for Mutually Yours Newsletter