Both Sesame and PMS businesses had a strong performance in relation to mortgage, protection and general insurance growth. In fact, lending was at its highest for nearly a decade at £37.5 billion - a £2.9 billion increase on last year.
Protection annual premium income (API) through PMS and Sesame rose by 15% last year to £63.7 million in 2017, an increase of £8.1 million from 2016.
Our focus has been to help our members recruit new advisers and grow their businesses. This strategy has paid off, with strong growth in many firms across the network and mortgage club.
The second half of 2017 was particularly busy for members, with product transfers entering the intermediary market more strongly. This trend combined with continuing high levels of remortgages led to a surge of business activity. As more 2017 industry data emerges, we anticipate that intermediary versus direct market share of product transfer business will have shifted more towards advisers, and we expect to see further growth for advisers in 2018.
We have been working with firms to help adapt their business models and free up time to service their mortgage customers’ needs more widely and consistently, with protection and general insurance advice.
We will continue to focus on supporting you to grow and develop, through the services and support we provide to you as our valued members.
Congratulations on your performance throughout 2017 and we look forward to supporting your continued success in 2018.